Canoe Financial LP Sells 39,595 Shares of The Middleby Co. (NASDAQ:MIDD)

Canoe Financial LP decreased its holdings in The Middleby Co. (NASDAQ:MIDD) by 59.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,444 shares of the industrial products company’s stock after selling 39,595 shares during the quarter. Canoe Financial LP owned approximately 0.05% of Middleby worth $3,889,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Middleby by 1,246.2% during the first 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 last quarter. Quarry LP increased its stake in shares of Middleby by 133.3% in the 2nd 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 raised its position 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 acquiring an additional 126 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Middleby by 93.2% during the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 136 shares during the period. Finally, Strategic Financial Concepts LLC bought a new position in Middleby in the second quarter valued at about $45,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Stock Down 0.3 %

Shares of MIDD stock opened at $137.65 on Monday. The firm’s fifty day moving average price is $137.38 and its two-hundred day moving average price is $133.92. 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 Middleby Co. has a 1 year low of $109.59 and a 1 year high of $161.01. The firm has a market capitalization of $7.40 billion, a P/E ratio of 19.17 and a beta of 1.58.

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 the consensus estimate of $2.31 by $0.08. The business had revenue of $991.55 million for the quarter, compared to analyst estimates of $994.05 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. Middleby’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.47 earnings per share. On average, equities analysts predict that The Middleby Co. will post 9.61 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Canaccord Genuity Group restated a “buy” rating and set a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. Robert W. Baird upped their target price on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their price objective 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. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 price target on shares of Middleby in a report on Friday, September 13th. Finally, KeyCorp reduced their price target 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Middleby presently has a consensus rating of “Moderate Buy” and an average price target of $156.17.

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.