Entropy Technologies LP Buys New Position in The Middleby Co. (NASDAQ:MIDD)

Entropy Technologies LP purchased a new position in The Middleby Co. (NASDAQ:MIDD) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,800 shares of the industrial products company’s stock, valued at approximately $250,000.

Several other institutional investors have also added to or reduced their stakes in the business. Select Equity Group L.P. raised its position in shares of Middleby by 15.4% in the 2nd quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company’s stock valued at $779,835,000 after purchasing an additional 846,884 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Middleby by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock worth $822,165,000 after buying an additional 15,798 shares during the period. EdgePoint Investment Group Inc. grew its holdings in shares of Middleby by 1.0% during the first quarter. EdgePoint Investment Group Inc. now owns 1,998,522 shares of the industrial products company’s stock valued at $321,342,000 after buying an additional 20,511 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Middleby by 0.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,221 shares of the industrial products company’s stock valued at $233,182,000 after acquiring an additional 11,552 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Middleby by 11,853.1% in the 2nd quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company’s stock worth $118,609,000 after acquiring an additional 959,272 shares during the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MIDD. JPMorgan Chase & Co. increased their price objective on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group decreased their price objective on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Robert W. Baird upped their price target on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $154.67.

Middleby Stock Up 0.2 %

MIDD opened at $136.00 on Friday. The company has a fifty day moving average of $136.95 and a two-hundred day moving average of $133.41. The stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of 18.76 and a beta of 1.58. The Middleby Co. has a fifty-two week low of $118.41 and a fifty-two week high of $161.01. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business had revenue of $942.81 million during the quarter, compared to analysts’ expectations of $996.60 million. During the same quarter in the prior year, the firm earned $2.35 EPS. Middleby’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, research analysts expect that The Middleby Co. will post 9.2 earnings per share for the current year.

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.