Beacon Investment Advisory Services Inc. Buys Shares of 1,463 The Middleby Co. (NASDAQ:MIDD)

Beacon Investment Advisory Services Inc. bought a new stake in shares of The Middleby Co. (NASDAQ:MIDD) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,463 shares of the industrial products company’s stock, valued at approximately $204,000.

A number of other hedge funds have also recently made changes to their positions in MIDD. Quarry LP boosted its stake in Middleby by 133.3% during the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after buying an additional 132 shares during the period. GAMMA Investing LLC grew its holdings in shares of Middleby by 97.7% during 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 in the last quarter. Covestor Ltd increased its position 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. raised its stake in Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 136 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Middleby in the second quarter valued at approximately $45,000. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Middleby Stock Down 0.9 %

Shares of NASDAQ MIDD opened at $142.06 on Tuesday. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The Middleby Co. has a 52 week low of $118.41 and a 52 week high of $161.01. The firm’s fifty day moving average is $138.04 and its 200 day moving average is $133.54. The company has a market cap of $7.64 billion, a price-to-earnings ratio of 19.59 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last issued its earnings results 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 return on equity of 14.66% and a net margin of 10.14%. The firm had revenue of $942.81 million during the quarter, compared to analysts’ expectations of $996.60 million. During the same period in the previous year, the firm earned $2.35 earnings per share. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts expect that The Middleby Co. will post 9.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MIDD. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 target price on shares of Middleby in a research note on Saturday, September 14th. Canaccord Genuity Group lowered their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $154.67.

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.