Envestnet Asset Management Inc. Raises Position in The Middleby Corporation (NASDAQ:MIDD)

Envestnet Asset Management Inc. raised its position in shares of The Middleby Corporation (NASDAQ:MIDD) by 21.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 125,752 shares of the industrial products company’s stock after buying an additional 21,786 shares during the quarter. Envestnet Asset Management Inc. owned about 0.23% of Middleby worth $19,112,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in Middleby by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 123,761 shares of the industrial products company’s stock worth $18,809,000 after buying an additional 402 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in Middleby by 0.9% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 11,020 shares of the industrial products company’s stock worth $1,675,000 after purchasing an additional 100 shares during the period. Teacher Retirement System of Texas lifted its stake in Middleby by 30.3% in the 1st quarter. Teacher Retirement System of Texas now owns 13,380 shares of the industrial products company’s stock worth $2,033,000 after acquiring an additional 3,111 shares in the last quarter. GHP Investment Advisors Inc. increased its stake in shares of Middleby by 3.9% in the first quarter. GHP Investment Advisors Inc. now owns 23,832 shares of the industrial products company’s stock worth $3,622,000 after acquiring an additional 903 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Middleby by 11.2% in the first quarter. Oppenheimer Asset Management Inc. now owns 17,665 shares of the industrial products company’s stock worth $2,685,000 after acquiring an additional 1,785 shares during the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Insider Activity

In other Middleby news, Director Edward P. Garden bought 249,339 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were purchased at an average price of $149.59 per share, for a total transaction of $37,298,621.01. Following the transaction, the director directly owned 3,088,263 shares in the company, valued at approximately $461,973,262.17. This trade represents a 8.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have purchased 640,968 shares of company stock worth $93,495,270. Corporate insiders own 6.18% of the company’s stock.

Middleby Trading Down 0.5%

Shares of NASDAQ:MIDD opened at $143.12 on Thursday. The company’s 50-day moving average price is $146.28 and its two-hundred day moving average price is $147.95. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.72 and a quick ratio of 1.73. The Middleby Corporation has a one year low of $121.70 and a one year high of $182.73. The stock has a market capitalization of $7.68 billion, a PE ratio of 17.89 and a beta of 1.57.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.14. Middleby had a net margin of 11.26% and a return on equity of 14.47%. The company had revenue of $906.63 million for the quarter, compared to analyst estimates of $941.46 million. During the same period in the previous year, the business earned $1.89 EPS. Middleby’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities analysts forecast that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MIDD shares. Canaccord Genuity Group decreased their price objective on shares of Middleby from $200.00 to $186.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Wall Street Zen raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Saturday, July 12th. KeyCorp lowered their target price on shares of 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 decreased their price target on shares of Middleby from $188.00 to $162.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $168.14.

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.