Peregrine Capital Management LLC raised its position in Middleby Corp (NASDAQ:MIDD) by 47.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 71,319 shares of the industrial products company’s stock after buying an additional 23,095 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.13% of Middleby worth $5,630,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. EdgePoint Investment Group Inc. lifted its stake in Middleby by 9.9% in the first quarter. EdgePoint Investment Group Inc. now owns 5,681,970 shares of the industrial products company’s stock valued at $323,190,000 after buying an additional 514,180 shares during the last quarter. Fiera Capital Corp raised its stake in shares of Middleby by 4.1% during the first quarter. Fiera Capital Corp now owns 3,500,742 shares of the industrial products company’s stock worth $199,124,000 after purchasing an additional 137,524 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Middleby by 30.5% during the first quarter. JPMorgan Chase & Co. now owns 3,015,242 shares of the industrial products company’s stock worth $171,507,000 after purchasing an additional 704,112 shares during the last quarter. Rothschild & Co Wealth Management UK Ltd raised its stake in shares of Middleby by 1.6% during the first quarter. Rothschild & Co Wealth Management UK Ltd now owns 1,882,151 shares of the industrial products company’s stock worth $107,057,000 after purchasing an additional 29,767 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its stake in shares of Middleby by 34.2% during the first quarter. ArrowMark Colorado Holdings LLC now owns 1,434,904 shares of the industrial products company’s stock worth $81,617,000 after purchasing an additional 365,896 shares during the last quarter. Institutional investors own 95.66% of the company’s stock.
Shares of MIDD stock opened at $83.06 on Friday. The business’s fifty day moving average price is $78.89 and its 200 day moving average price is $80.40. Middleby Corp has a 1-year low of $41.73 and a 1-year high of $136.20. The firm has a market capitalization of $4.62 billion, a PE ratio of 12.94 and a beta of 1.64. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.48 and a quick ratio of 1.46.
Middleby (NASDAQ:MIDD) last posted its earnings results on Thursday, May 7th. The industrial products company reported $1.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.07. The company had revenue of $677.50 million for the quarter, compared to analyst estimates of $677.37 million. Middleby had a return on equity of 20.40% and a net margin of 12.10%. Middleby’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.24 earnings per share. Equities research analysts expect that Middleby Corp will post 4.02 earnings per share for the current fiscal year.
Several equities research analysts have recently commented on the company. Citigroup upped their price target on Middleby from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, July 17th. ValuEngine upgraded Middleby from a “sell” rating to a “hold” rating in a research note on Monday, June 1st. CL King began coverage on Middleby in a research note on Tuesday, June 2nd. They set a “buy” rating and a $86.00 price target for the company. Zacks Investment Research lowered Middleby from a “hold” rating to a “sell” rating and set a $57.00 price objective on the stock. in a report on Tuesday, May 5th. Finally, BidaskClub raised Middleby from a “sell” rating to a “hold” rating in a report on Friday, July 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $95.20.
In other news, Director Robert A. Nerbonne bought 2,700 shares of the stock in a transaction on Friday, May 29th. The shares were bought at an average price of $72.73 per share, with a total value of $196,371.00. Following the completion of the acquisition, the director now owns 2,443 shares of the company’s stock, valued at $177,679.39. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert A. Nerbonne bought 1,750 shares of the stock in a transaction on Wednesday, May 13th. The stock was purchased at an average cost of $56.76 per share, for a total transaction of $99,330.00. Insiders acquired 7,660 shares of company stock worth $495,723 in the last three months. 2.41% of the stock is owned by corporate insiders.
Middleby Company Profile
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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