Canoe Financial LP Sells 39,595 Shares of The Middleby Co. (NASDAQ:MIDD)

Canoe Financial LP trimmed its position in The Middleby Co. (NASDAQ:MIDD - Free Report) by 59.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,444 shares of the industrial products company's stock after selling 39,595 shares during the quarter. Canoe Financial LP owned 0.05% of Middleby worth $3,889,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Select Equity Group L.P. raised its holdings in shares of Middleby by 15.4% in the 2nd quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company's stock worth $779,835,000 after buying an additional 846,884 shares in the last quarter. Vanguard Group Inc. grew its position in Middleby by 0.3% in the first quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company's stock valued at $822,165,000 after acquiring an additional 15,798 shares during the period. EdgePoint Investment Group Inc. raised its stake in Middleby by 1.0% during the first quarter. EdgePoint Investment Group Inc. now owns 1,998,522 shares of the industrial products company's stock worth $321,342,000 after acquiring an additional 20,511 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Middleby by 0.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,221 shares of the industrial products company's stock valued at $233,182,000 after acquiring an additional 11,552 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in shares of Middleby by 11,853.1% in the 2nd quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company's stock valued at $118,609,000 after purchasing an additional 959,272 shares in the last quarter. 98.55% of the stock is owned by institutional investors.

Middleby Trading Up 1.9 %

Middleby stock traded up $2.62 during mid-day trading on Monday, hitting $140.27. The stock had a trading volume of 456,524 shares, compared to its average volume of 485,175. The stock has a 50-day simple moving average of $137.38 and a two-hundred day simple moving average of $133.92. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $7.54 billion, a PE ratio of 19.17 and a beta of 1.58. The Middleby Co. has a 12 month low of $109.59 and a 12 month high of $161.01.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Middleby from $118.00 to $120.00 and gave the company an "underweight" rating in a report on Friday, August 2nd. KeyCorp decreased their price target on Middleby from $175.00 to $160.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. Canaccord Genuity Group reiterated a "buy" rating and issued a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. Canaccord Genuity Group restated a "buy" rating and set a $164.00 target price on shares of Middleby in a report on Friday, September 13th. Finally, Robert W. Baird lifted their price target on Middleby from $155.00 to $169.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.