Cornercap Investment Counsel Inc. Has $273,000 Position in The Middleby Co. (NASDAQ:MIDD)

Cornercap Investment Counsel Inc. reduced its stake in The Middleby Co. (NASDAQ:MIDD) by 51.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,964 shares of the industrial products company’s stock after selling 2,114 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Middleby were worth $273,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Verdence Capital Advisors LLC increased its holdings in shares of Middleby by 4.0% in the third quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock valued at $317,000 after purchasing an additional 88 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Middleby by 4.8% in the second quarter. Blue Trust Inc. now owns 2,022 shares of the industrial products company’s stock valued at $248,000 after acquiring an additional 93 shares during the period. Assetmark Inc. boosted its position in shares of Middleby by 5.2% in the third quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock valued at $260,000 after acquiring an additional 93 shares during the period. Mendota Financial Group LLC boosted its position in shares of Middleby by 10.0% in the second quarter. Mendota Financial Group LLC now owns 1,150 shares of the industrial products company’s stock valued at $141,000 after acquiring an additional 105 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 126 shares during the period. 98.55% of the stock is currently owned by institutional investors and hedge funds.

Middleby Stock Up 0.2 %

Shares of NASDAQ MIDD opened at $136.00 on Monday. 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 market cap of $7.32 billion, a price-to-earnings ratio of 18.76 and a beta of 1.58. The Middleby Co. has a 12 month low of $118.41 and a 12 month high of $161.01. The stock has a 50-day moving average price of $136.95 and a two-hundred day moving average price of $133.38.

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). The business had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm’s revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.35 EPS. As a group, analysts forecast that The Middleby Co. will post 9.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MIDD shares. JPMorgan Chase & Co. boosted 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. Canaccord Genuity Group reduced their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, November 1st. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Robert W. Baird upped their price objective on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.67.

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.