Chartwell Investment Partners LLC Has $3.96 Million Holdings in The Middleby Co. (NASDAQ:MIDD)

Chartwell Investment Partners LLC cut its position in The Middleby Co. (NASDAQ:MIDD) by 8.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,433 shares of the industrial products company’s stock after selling 2,523 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Middleby were worth $3,957,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 162 shares during the last quarter. SG Americas Securities LLC grew its position in Middleby by 62.7% in the 1st quarter. SG Americas Securities LLC now owns 2,616 shares of the industrial products company’s stock worth $421,000 after purchasing an additional 1,008 shares during the last quarter. Sei Investments Co. grew its position in Middleby by 11.7% in the 1st quarter. Sei Investments Co. now owns 59,913 shares of the industrial products company’s stock worth $9,634,000 after purchasing an additional 6,262 shares during the last quarter. Russell Investments Group Ltd. grew its position in Middleby by 3.5% in the 1st quarter. Russell Investments Group Ltd. now owns 13,409 shares of the industrial products company’s stock worth $2,156,000 after purchasing an additional 455 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in Middleby in the 1st quarter worth $489,000. 98.55% of the stock is currently owned by institutional investors and hedge funds.

Middleby Trading Down 0.5 %

Shares of NASDAQ MIDD opened at $139.64 on Tuesday. The Middleby Co. has a 1-year low of $118.32 and a 1-year high of $161.01. The company has a market cap of $7.51 billion, a PE ratio of 19.26 and a beta of 1.58. 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 company has a 50-day moving average of $136.83 and a two-hundred day moving average of $133.47.

Middleby (NASDAQ:MIDD) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The company had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. During the same period in the prior year, the firm posted $2.35 earnings per share. The company’s revenue was down 3.9% on a year-over-year basis. As a group, equities analysts expect that The Middleby Co. will post 9.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MIDD. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 price target on shares of Middleby in a research report on Saturday, September 14th. KeyCorp decreased their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. JPMorgan Chase & Co. lifted their target price on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Robert W. Baird lifted their target price on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group decreased their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.