GHP Investment Advisors Inc. Raises Position in The Middleby Co. (NASDAQ:MIDD)

GHP Investment Advisors Inc. grew its stake in The Middleby Co. (NASDAQ:MIDD - Free Report) by 25.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,166 shares of the industrial products company's stock after buying an additional 4,067 shares during the quarter. GHP Investment Advisors Inc.'s holdings in Middleby were worth $2,806,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MIDD. Allspring Global Investments Holdings LLC increased its position in Middleby by 1,246.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company's stock worth $28,000 after buying an additional 162 shares in the last quarter. Quarry LP increased its position in Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company's stock worth $28,000 after buying an additional 132 shares in the last quarter. GAMMA Investing LLC increased its position in Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company's stock worth $31,000 after buying an additional 126 shares in the last quarter. UMB Bank n.a. increased its position in Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company's stock worth $39,000 after buying an additional 136 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Middleby in the second quarter worth about $45,000. Hedge funds and other institutional investors own 98.55% of the company's stock.

Middleby Price Performance

Middleby stock traded down $0.43 during midday trading on Friday, reaching $137.65. 386,338 shares of the stock traded hands, compared to its average volume of 485,313. The stock's fifty day moving average is $137.38 and its 200-day moving average is $133.92. The Middleby Co. has a 12 month low of $109.59 and a 12 month high of $161.01. The stock has a market cap of $7.40 billion, a P/E ratio of 19.17 and a beta of 1.58. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.08. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The company had revenue of $991.55 million during the quarter, compared to analyst estimates of $994.05 million. During the same period in the prior year, the company earned $2.47 earnings per share. The firm's revenue was down 4.7% on a year-over-year basis. As a group, equities research analysts anticipate that The Middleby Co. will post 9.61 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Middleby from $118.00 to $120.00 and gave the stock an "underweight" rating in a research note on Friday, August 2nd. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $164.00 price objective on shares of Middleby in a research note on Friday, September 13th. KeyCorp dropped their price objective on Middleby from $175.00 to $160.00 and set an "overweight" rating for the company in a research note on Monday, July 15th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. Finally, Robert W. Baird upped their price objective on Middleby from $155.00 to $169.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $156.17.

About Middleby

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.