UMB Bank n.a. Raises Stake in The Middleby Co. (NASDAQ:MIDD)

UMB Bank n.a. raised its position in shares of The Middleby Co. (NASDAQ:MIDD) by 60.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 638 shares of the industrial products company’s stock after purchasing an additional 240 shares during the period. UMB Bank n.a.’s holdings in Middleby were worth $97,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Middleby by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 5,260,935 shares of the industrial products company’s stock worth $712,594,000 after acquiring an additional 21,771 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Middleby by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,895,553 shares of the industrial products company’s stock worth $256,753,000 after purchasing an additional 35,449 shares in the last quarter. Turtle Creek Asset Management Inc. raised its position in shares of Middleby by 2.9% in the fourth quarter. Turtle Creek Asset Management Inc. now owns 1,866,359 shares of the industrial products company’s stock valued at $252,798,000 after purchasing an additional 53,276 shares during the period. Earnest Partners LLC lifted its stake in shares of Middleby by 3.8% during the 4th quarter. Earnest Partners LLC now owns 1,311,966 shares of the industrial products company’s stock valued at $177,706,000 after buying an additional 47,443 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Middleby by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,247,671 shares of the industrial products company’s stock worth $169,000,000 after buying an additional 150,709 shares during the period. 98.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Wall Street Zen downgraded Middleby from a “buy” rating to a “hold” rating in a research report on Thursday, April 10th. Canaccord Genuity Group decreased their price objective on Middleby from $200.00 to $186.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised their target price on Middleby from $145.00 to $150.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 26th. KeyCorp reduced their target price on Middleby from $185.00 to $175.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, Robert W. Baird lowered their price target on shares of Middleby from $188.00 to $162.00 and set an “outperform” rating on the stock in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $168.14.

Middleby Stock Performance

Shares of MIDD opened at $143.88 on Friday. 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 stock has a 50-day moving average price of $139.78 and a 200-day moving average price of $147.01. The company has a market cap of $7.72 billion, a PE ratio of 19.85 and a beta of 1.61. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $182.73.

Middleby (NASDAQ:MIDD) last released its quarterly earnings results on Wednesday, May 7th. The industrial products company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.14. The business had revenue of $906.63 million during the quarter, compared to analysts’ expectations of $941.46 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.89 EPS. As a group, equities analysts forecast that The Middleby Co. will post 9.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Edward P. Garden bought 203,058 shares of the business’s stock in a transaction on Friday, May 9th. The stock was acquired at an average price of $139.13 per share, with a total value of $28,251,459.54. Following the completion of the purchase, the director now directly owns 2,838,924 shares in the company, valued at $394,979,496.12. This represents a 7.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders purchased 640,968 shares of company stock worth $93,495,270. Corporate insiders own 6.18% of the company’s stock.

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.