Coastline Trust Co Purchases New Position in The Middleby Co. (NASDAQ:MIDD)

Coastline Trust Co acquired a new position in The Middleby Co. (NASDAQ:MIDD) during the third quarter, according to its most recent filing with the SEC. The firm acquired 750 shares of the industrial products company’s stock, valued at approximately $104,000.

Other hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in Middleby by 1,246.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. Quarry LP raised its stake 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 lifted its holdings 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 during the period. Covestor Ltd boosted its position in Middleby by 306.5% during the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 190 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Middleby by 93.2% during the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 136 shares during the period. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Stock Performance

MIDD stock opened at $136.00 on Friday. The stock’s 50 day simple moving average is $136.95 and its 200 day simple moving average is $133.41. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $161.01. The stock has a market capitalization of $7.32 billion, a PE ratio of 18.76 and a beta of 1.58.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 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 period last year, the business earned $2.35 earnings per share. The company’s quarterly revenue was down 3.9% on a year-over-year basis. As a group, research analysts forecast that The Middleby Co. will post 9.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MIDD shares. JPMorgan Chase & Co. raised their target price on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Robert W. Baird upped their target price on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group lowered their price target on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, November 1st. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $164.00 target price on shares of Middleby in a report on Saturday, September 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Middleby has a consensus rating of “Moderate Buy” and an average price target 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.