Oak Ridge Investments LLC Has $2.82 Million Stock Holdings in The Middleby Corporation $MIDD

Oak Ridge Investments LLC decreased its holdings in shares of The Middleby Corporation (NASDAQ:MIDD) by 3.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,555 shares of the industrial products company’s stock after selling 770 shares during the quarter. Oak Ridge Investments LLC’s holdings in Middleby were worth $2,816,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MIDD. Price T Rowe Associates Inc. MD lifted its holdings in Middleby by 59.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,029,484 shares of the industrial products company’s stock valued at $460,422,000 after purchasing an additional 1,133,931 shares during the last quarter. Nuveen LLC bought a new position in Middleby during the 1st quarter worth $29,733,000. Epoch Investment Partners Inc. increased its position in Middleby by 32.5% during the 1st quarter. Epoch Investment Partners Inc. now owns 578,496 shares of the industrial products company’s stock worth $87,920,000 after buying an additional 141,769 shares during the period. Amundi increased its position in Middleby by 34.9% during the 1st quarter. Amundi now owns 501,718 shares of the industrial products company’s stock worth $71,329,000 after buying an additional 129,864 shares during the period. Finally, Lord Abbett & CO. LLC bought a new position in Middleby during the 1st quarter worth $19,651,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Stock Down 2.7%

Shares of NASDAQ MIDD opened at $129.12 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.56 and a current ratio of 2.57. The Middleby Corporation has a 52 week low of $118.09 and a 52 week high of $182.73. The stock has a market capitalization of $6.54 billion, a P/E ratio of 16.43 and a beta of 1.52. The stock’s fifty day moving average is $134.49 and its 200 day moving average is $139.84.

Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.15. The firm had revenue of $977.86 million for the quarter, compared to analysts’ expectations of $979.59 million. Middleby had a return on equity of 14.14% and a net margin of 11.06%.The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.39 earnings per share. Sell-side analysts forecast that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MIDD has been the topic of several recent research reports. Wolfe Research set a $163.00 price objective on Middleby and gave the stock an “outperform” rating in a research report on Thursday, September 4th. Barclays lowered their price objective on Middleby from $180.00 to $165.00 and set an “overweight” rating on the stock in a research report on Monday, July 21st. JPMorgan Chase & Co. lowered their price objective on Middleby from $145.00 to $125.00 and set an “underweight” rating on the stock in a research report on Thursday, August 7th. Zacks Research upgraded Middleby to a “strong sell” rating in a research report on Monday, August 11th. Finally, Canaccord Genuity Group raised their price target on Middleby from $162.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, September 2nd. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $160.71.

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.