Point72 Asset Management L.P. Buys Shares of 32,242 The Middleby Co. (NASDAQ:MIDD)

Point72 Asset Management L.P. bought a new position in shares of The Middleby Co. (NASDAQ:MIDD - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 32,242 shares of the industrial products company's stock, valued at approximately $4,486,000. Point72 Asset Management L.P. owned about 0.06% of Middleby as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Pacer Advisors Inc. increased its holdings in Middleby by 11,853.1% in the second quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company's stock valued at $118,609,000 after buying an additional 959,272 shares during the last quarter. Select Equity Group L.P. boosted its stake in Middleby by 15.4% in the second quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company's stock valued at $779,835,000 after acquiring an additional 846,884 shares during the period. Dimensional Fund Advisors LP boosted its stake in Middleby by 43.7% in the second quarter. Dimensional Fund Advisors LP now owns 903,346 shares of the industrial products company's stock valued at $110,768,000 after acquiring an additional 274,513 shares during the period. Ariel Investments LLC boosted its stake in Middleby by 58.0% in the second quarter. Ariel Investments LLC now owns 510,127 shares of the industrial products company's stock valued at $62,547,000 after acquiring an additional 187,304 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Middleby by 30.6% in the second quarter. Principal Financial Group Inc. now owns 713,618 shares of the industrial products company's stock valued at $87,497,000 after acquiring an additional 167,298 shares during the period. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Price Performance

Shares of NASDAQ MIDD traded up $0.30 during trading on Monday, hitting $142.30. The company had a trading volume of 250,188 shares, compared to its average volume of 503,100. The company has a market cap of $7.65 billion, a P/E ratio of 19.59 and a beta of 1.60. The Middleby Co. has a 52 week low of $118.41 and a 52 week high of $161.01. The business's 50-day moving average is $138.05 and its 200 day moving average is $133.89. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). The company had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. Middleby's quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.35 EPS. Equities research analysts predict that The Middleby Co. will post 9.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MIDD shares. Canaccord Genuity Group decreased their target price on Middleby from $164.00 to $155.00 and set a "buy" rating for the company in a research note on Friday, November 1st. StockNews.com upgraded Middleby from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Middleby has a consensus rating of "Moderate Buy" and an average target price of $154.67.

Middleby Profile

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.