Inspire Investing LLC Cuts Stock Position in The Middleby Co. (NASDAQ:MIDD)

Inspire Investing LLC decreased its stake in shares of The Middleby Co. (NASDAQ:MIDD) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,968 shares of the industrial products company’s stock after selling 89 shares during the quarter. Inspire Investing LLC’s holdings in Middleby were worth $944,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. 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 worth $779,835,000 after purchasing an additional 846,884 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Middleby by 4,494.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company’s stock valued at $171,524,000 after purchasing an additional 1,238,767 shares in the last quarter. Pacer Advisors Inc. increased its stake in Middleby by 17.7% during the 3rd quarter. Pacer Advisors Inc. now owns 1,138,999 shares of the industrial products company’s stock valued at $158,469,000 after purchasing an additional 171,634 shares in the last quarter. Geode Capital Management LLC raised its holdings in Middleby by 1.0% in the third quarter. Geode Capital Management LLC now owns 936,596 shares of the industrial products company’s stock worth $130,341,000 after buying an additional 8,926 shares during the last quarter. Finally, Ariel Investments LLC lifted its stake in shares of Middleby by 58.0% in the second quarter. Ariel Investments LLC now owns 510,127 shares of the industrial products company’s stock worth $62,547,000 after buying an additional 187,304 shares in the last quarter. 98.55% of the stock is owned by institutional investors.

Middleby Price Performance

NASDAQ MIDD opened at $145.65 on Friday. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of 20.09 and a beta of 1.61. The Middleby Co. has a 1-year low of $118.41 and a 1-year high of $161.01. 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 business’s fifty day moving average price is $138.89 and its 200-day moving average price is $136.88.

Middleby (NASDAQ:MIDD) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The firm had revenue of $942.81 million during 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%. The firm’s revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.35 EPS. On average, equities analysts predict that The Middleby Co. will post 9.12 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $155.00 price target on shares of Middleby in a research report on Friday, December 20th. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $160.00 price target (down from $170.00) on shares of Middleby in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Middleby has a consensus rating of “Hold” and a consensus target price of $154.67.

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.