Roubaix Capital LLC Takes $3.41 Million Position in The Middleby Co. (NASDAQ:MIDD)

Roubaix Capital LLC bought a new stake in shares of The Middleby Co. (NASDAQ:MIDD) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 24,491 shares of the industrial products company’s stock, valued at approximately $3,407,000. Middleby makes up about 1.9% of Roubaix Capital LLC’s portfolio, making the stock its 27th largest position.

Other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue boosted its stake in Middleby by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 6,212 shares of the industrial products company’s stock valued at $864,000 after acquiring an additional 420 shares during the last quarter. GHP Investment Advisors Inc. grew its stake in Middleby by 25.3% in the third quarter. GHP Investment Advisors Inc. now owns 20,166 shares of the industrial products company’s stock worth $2,806,000 after purchasing an additional 4,067 shares in the last quarter. PFG Investments LLC acquired a new position in Middleby in the third quarter worth about $213,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Middleby in the third quarter valued at about $72,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Middleby during the third quarter valued at approximately $3,834,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MIDD shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. KeyCorp decreased their price objective on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Robert W. Baird increased their target price on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $164.00 price objective on shares of Middleby in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.17.

Middleby Stock Up 1.7 %

MIDD stock opened at $140.38 on Thursday. The firm’s 50-day moving average is $137.39 and its two-hundred day moving average is $133.86. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $7.55 billion, a price-to-earnings ratio of 19.55 and a beta of 1.58. The Middleby Co. has a 52 week low of $109.59 and a 52 week high of $161.01.

Middleby (NASDAQ:MIDD) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.08. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The firm had revenue of $991.55 million for the quarter, compared to analyst estimates of $994.05 million. During the same period in the previous year, the company earned $2.47 earnings per share. Middleby’s revenue was down 4.7% compared to the same quarter last year. On average, analysts forecast that The Middleby Co. will post 9.61 earnings per share for the current fiscal year.

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.