Oppenheimer Asset Management Inc. Takes $2.22 Million Position in The Middleby Co. (NASDAQ:MIDD)

Oppenheimer Asset Management Inc. bought a new position in The Middleby Co. (NASDAQ:MIDD) during the third quarter, Holdings Channel reports. The fund bought 15,957 shares of the industrial products company’s stock, valued at approximately $2,220,000.

A number of other institutional investors and hedge funds also recently modified their holdings of MIDD. Allspring Global Investments Holdings LLC increased its stake in Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 162 shares in the last quarter. Quarry LP boosted its holdings in shares of Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after buying an additional 132 shares during the period. GAMMA Investing LLC increased its position in shares of Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 126 shares in the last quarter. Covestor Ltd raised its holdings in shares of Middleby by 306.5% during the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 190 shares during the period. Finally, UMB Bank n.a. lifted its position in shares of Middleby by 93.2% in the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 136 shares in the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Stock Up 0.2 %

MIDD opened at $136.00 on Friday. The company has a market capitalization of $7.32 billion, a PE ratio of 18.76 and a beta of 1.58. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. The Middleby Co. has a fifty-two week low of $118.41 and a fifty-two week high of $161.01. The business has a 50-day moving average of $136.95 and a 200-day moving average of $133.41.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data 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). The business had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. Middleby’s revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.35 EPS. Equities research analysts forecast that The Middleby Co. will post 9.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MIDD has been the topic of several research analyst reports. Robert W. Baird lifted their price objective on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Canaccord Genuity Group decreased their price objective on Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 target price on shares of Middleby in a report on Saturday, September 14th. Finally, StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.67.

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.