Atom Investors LP Invests $1.66 Million in The Middleby Co. (NASDAQ:MIDD)

Atom Investors LP purchased a new stake in The Middleby Co. (NASDAQ:MIDD) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 11,959 shares of the industrial products company’s stock, valued at approximately $1,664,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Quarry LP increased its holdings in shares of Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 132 shares during the period. GAMMA Investing LLC grew its position in Middleby by 97.7% in the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after buying an additional 126 shares during the last quarter. Covestor Ltd increased its stake in Middleby by 306.5% in the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after buying an additional 190 shares during the period. UMB Bank n.a. raised its position in 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 buying an additional 136 shares during the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in shares of Middleby in the 2nd quarter worth $45,000. 98.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Middleby Stock Performance

Shares of MIDD stock opened at $142.06 on Tuesday. The stock has a fifty day moving average price of $138.04 and a 200 day moving average price of $133.54. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The stock has a market cap of $7.64 billion, a PE ratio of 19.59 and a beta of 1.60. The Middleby Co. has a 1 year low of $118.41 and a 1 year high of $161.01.

Middleby (NASDAQ:MIDD) last released 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). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. During the same period last year, the firm earned $2.35 EPS. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. Sell-side analysts forecast 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.