Bank of America Corp DE Reduces Stake in The Middleby Corporation $MIDD

Bank of America Corp DE cut its stake in The Middleby Corporation (NASDAQ:MIDD – Free Report) by 1.1% in the 1st quarter, Holdings Channel reports. The firm owned 852,666 shares of the industrial products company’s stock after selling 9,309 shares during the period. Bank of America Corp DE’s holdings in Middleby were worth $113,046,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MIDD. Price T Rowe Associates Inc. MD lifted its holdings in Middleby by 49.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,772,249 shares of the industrial products company’s stock worth $858,161,000 after buying an additional 1,902,957 shares during the period. Invesco Ltd. increased its holdings in shares of Middleby by 1,046.4% in the 3rd quarter. Invesco Ltd. now owns 1,018,536 shares of the industrial products company’s stock worth $135,394,000 after purchasing an additional 929,688 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Middleby by 4,256.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 722,137 shares of the industrial products company’s stock worth $107,361,000 after purchasing an additional 705,560 shares in the last quarter. Cooke & Bieler LP purchased a new position in shares of Middleby in the fourth quarter worth $48,113,000. Finally, Marshall Wace LLP lifted its holdings in shares of Middleby by 260.0% during the third quarter. Marshall Wace LLP now owns 419,936 shares of the industrial products company’s stock valued at $55,822,000 after purchasing an additional 303,293 shares in the last quarter. 98.55% of the stock is owned by hedge funds and other institutional investors.

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Middleby Stock Performance

NASDAQ MIDD opened at $134.50 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.96 and a quick ratio of 1.10. The Middleby Corporation has a 1-year low of $110.82 and a 1-year high of $180.13. The business has a 50 day simple moving average of $150.35 and a two-hundred day simple moving average of $149.05. The stock has a market capitalization of $6.08 billion, a PE ratio of -15.86 and a beta of 1.32.

Middleby (NASDAQ:MIDD – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The industrial products company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.22. The company had revenue of $839.91 million for the quarter, compared to analysts’ expectations of $777.19 million. Middleby had a positive return on equity of 15.94% and a negative net margin of 11.46%.The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.08 earnings per share. On average, research analysts predict that The Middleby Corporation will post 9.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Middleby in a research note on Wednesday, July 29th. Jefferies Financial Group decreased their price objective on shares of Middleby from $200.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Barclays set a $155.00 price objective on shares of Middleby and gave the company an “overweight” rating in a research report on Monday, July 20th. Oppenheimer started coverage on shares of Middleby in a research report on Wednesday, June 17th. They issued an “outperform” rating and a $205.00 target price for the company. Finally, Robert W. Baird cut Middleby from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $169.50.

Check Out Our Latest Stock Report on Middleby

About Middleby

(Free Report)

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby’s products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company’s portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.

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