Point72 Asset Management L.P. Invests $4.49 Million in The Middleby Co. (NASDAQ:MIDD)

Point72 Asset Management L.P. bought a new position in The Middleby Co. (NASDAQ:MIDD) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 32,242 shares of the industrial products company’s stock, valued at approximately $4,486,000.

Several other large investors also recently modified their holdings of MIDD. Quarry LP grew its stake in shares of 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 purchasing an additional 132 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of 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 purchasing an additional 126 shares during the last quarter. Covestor Ltd grew its stake in shares of Middleby by 306.5% in the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 190 shares during the last quarter. UMB Bank n.a. grew its stake in shares of 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 purchasing an additional 136 shares during the last quarter. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Middleby in the second quarter worth about $45,000. 98.55% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Canaccord Genuity Group cut their target price on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Stock Performance

Middleby stock opened at $142.00 on Monday. The stock’s 50 day simple moving average is $138.05 and its two-hundred day simple moving average is $133.89. The Middleby Co. has a fifty-two week low of $118.41 and a fifty-two week high of $161.01. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 19.59 and a beta of 1.60. 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) last released its 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). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business had revenue of $942.81 million for the quarter, compared to analysts’ expectations of $996.60 million. During the same quarter in the previous year, the business posted $2.35 earnings per share. Middleby’s revenue for the quarter was down 3.9% on a year-over-year basis. As a group, analysts expect that The Middleby Co. will post 9.12 earnings per share for the current fiscal year.

Middleby Company 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.