Geode Capital Management LLC Lowers Stock Holdings in The Middleby Corporation $MIDD

Geode Capital Management LLC lessened its holdings in shares of The Middleby Corporation (NASDAQ:MIDD) by 1.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 974,967 shares of the industrial products company’s stock after selling 14,687 shares during the quarter. Geode Capital Management LLC’s holdings in Middleby were worth $140,418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bryce Point Capital LLC purchased a new stake in shares of Middleby during the 2nd quarter valued at $883,000. Versor Investments LP purchased a new stake in Middleby during the second quarter valued at about $893,000. Dynamic Technology Lab Private Ltd acquired a new stake in Middleby during the first quarter worth about $819,000. Integrity Alliance LLC. acquired a new stake in Middleby during the first quarter worth about $365,000. Finally, Teacher Retirement System of Texas raised its holdings in shares of Middleby by 24.0% in the 2nd quarter. Teacher Retirement System of Texas now owns 16,591 shares of the industrial products company’s stock worth $2,389,000 after purchasing an additional 3,211 shares during the period. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on MIDD. Weiss Ratings reissued a “sell (d)” rating on shares of Middleby in a research report on Monday. Canaccord Genuity Group decreased their price objective on shares of Middleby from $175.00 to $171.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Barclays set a $168.00 price objective on shares of Middleby and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Wall Street Zen upgraded shares of Middleby from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Zacks Research upgraded Middleby from a “strong sell” rating to a “hold” rating in a report on Monday, October 27th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $160.57.

Middleby Trading Down 0.7%

MIDD opened at $113.60 on Wednesday. The firm’s 50 day moving average is $130.40 and its 200-day moving average is $138.18. The Middleby Corporation has a 52-week low of $112.61 and a 52-week high of $182.73. The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $5.72 billion, a P/E ratio of 14.45 and a beta of 1.57.

Middleby (NASDAQ:MIDD) last released its quarterly earnings results on Thursday, November 6th. The industrial products company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.34. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The business had revenue of $982.13 million during the quarter, compared to analyst estimates of $961.21 million. During the same period last year, the business earned $2.33 EPS. The business’s revenue was up 4.2% on a year-over-year basis. Middleby has set its FY 2025 guidance at 8.990-9.140 EPS. Q4 2025 guidance at 2.190-2.340 EPS. Analysts expect that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

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.