TCTC Holdings LLC Has $26,000 Stock Position in The Middleby Corporation (NASDAQ:MIDD)

TCTC Holdings LLC lifted its position in shares of The Middleby Corporation (NASDAQ:MIDD) by 116.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 169 shares of the industrial products company’s stock after buying an additional 91 shares during the quarter. TCTC Holdings LLC’s holdings in Middleby were worth $26,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Garden Investment Management L.P. bought a new stake in Middleby during the fourth quarter worth about $101,958,000. Clarkston Capital Partners LLC bought a new stake in Middleby during the fourth quarter worth about $91,869,000. Ameriprise Financial Inc. lifted its position in Middleby by 237.2% during the fourth quarter. Ameriprise Financial Inc. now owns 366,293 shares of the industrial products company’s stock worth $49,614,000 after purchasing an additional 257,669 shares during the period. Dimensional Fund Advisors LP lifted its position in Middleby by 13.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,247,671 shares of the industrial products company’s stock worth $169,000,000 after purchasing an additional 150,709 shares during the period. Finally, Norges Bank bought a new stake in Middleby during the fourth quarter worth about $20,189,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MIDD shares. KeyCorp decreased their price target on Middleby from $185.00 to $175.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Barclays lowered their target price on Middleby from $180.00 to $165.00 and set an “overweight” rating for the company in a research note on Monday, July 21st. Robert W. Baird lowered their target price on Middleby from $188.00 to $162.00 and set an “outperform” rating for the company in a research note on Thursday, May 8th. Wall Street Zen downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. Finally, Canaccord Genuity Group lowered their target price on Middleby from $200.00 to $186.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $166.00.

Middleby Stock Performance

NASDAQ:MIDD opened at $144.68 on Thursday. The stock has a market cap of $7.76 billion, a P/E ratio of 18.09 and a beta of 1.57. The company has a current ratio of 2.72, a quick ratio of 1.73 and a debt-to-equity ratio of 0.63. The stock’s 50-day moving average is $146.32 and its 200-day moving average is $148.84. The Middleby Corporation has a 1-year low of $121.70 and a 1-year high of $182.73.

Middleby (NASDAQ:MIDD) last released its quarterly earnings results 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. The company had revenue of $906.63 million for the quarter, compared to analysts’ expectations of $941.46 million. Middleby had a return on equity of 14.47% and a net margin of 11.26%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.89 earnings per share. Equities research analysts anticipate that The Middleby Corporation will post 9.11 earnings per share for the current year.

Insider Buying and Selling at Middleby

In other news, Director Edward P. Garden purchased 137,000 shares of Middleby stock in a transaction dated Wednesday, May 21st. The shares were bought at an average cost of $148.03 per share, for a total transaction of $20,280,110.00. Following the completion of the acquisition, the director owned 3,276,834 shares in the company, valued at approximately $485,069,737.02. This trade represents a 4.36% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 640,968 shares of company stock worth $93,495,270 in the last quarter. Insiders own 6.18% of the company’s stock.

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.