24,491 Shares in The Middleby Co. (NASDAQ:MIDD) Acquired by Roubaix Capital LLC

Roubaix Capital LLC acquired a new stake in The Middleby Co. (NASDAQ:MIDD - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 24,491 shares of the industrial products company's stock, valued at approximately $3,407,000. Middleby makes up about 1.9% of Roubaix Capital LLC's portfolio, making the stock its 27th largest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MIDD. Allspring Global Investments Holdings LLC raised its holdings in Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. State of Michigan Retirement System increased its stake in shares of Middleby by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 13,120 shares of the industrial products company's stock valued at $2,110,000 after purchasing an additional 300 shares during the last quarter. Norden Group LLC bought a new position in shares of Middleby in the 1st quarter valued at $362,000. Retirement Systems of Alabama increased its stake in shares of Middleby by 10.1% in the 1st quarter. Retirement Systems of Alabama now owns 73,925 shares of the industrial products company's stock valued at $11,886,000 after purchasing an additional 6,789 shares during the last quarter. Finally, Fidelis Capital Partners LLC bought a new position in shares of Middleby in the 1st quarter valued at $63,000. 98.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MIDD. Canaccord Genuity Group reiterated a "buy" rating and issued a $164.00 price target on shares of Middleby in a research note on Saturday, September 14th. Robert W. Baird boosted their price objective on Middleby from $155.00 to $169.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. KeyCorp reduced their price objective on Middleby from $175.00 to $160.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. JPMorgan Chase & Co. boosted their price objective on Middleby from $118.00 to $120.00 and gave the stock an "underweight" rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group restated a "buy" rating and set a $164.00 price objective on shares of Middleby in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Middleby presently has an average rating of "Moderate Buy" and a consensus price target of $156.17.

Middleby Trading Down 7.6 %

MIDD traded down $10.68 during midday trading on Thursday, hitting $129.70. 2,537,438 shares of the company were exchanged, compared to its average volume of 495,600. The firm has a market capitalization of $6.97 billion, a P/E ratio of 18.14 and a beta of 1.58. The Middleby Co. has a 1-year low of $109.59 and a 1-year high of $161.01. The firm's 50 day moving average price is $137.39 and its 200-day moving average price is $133.86. 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 earnings results on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.31 by $0.08. The firm had revenue of $991.55 million for the quarter, compared to the consensus estimate of $994.05 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The business's quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.47 EPS. As a group, equities analysts forecast that The Middleby Co. will post 9.61 EPS for the current fiscal year.

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.