The Middleby Co. (NASDAQ:MIDD) Stake Boosted by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D increased its stake in The Middleby Co. (NASDAQ:MIDD) by 3.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,364 shares of the industrial products company’s stock after purchasing an additional 570 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Middleby were worth $2,416,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MIDD. Crossmark Global Holdings Inc. boosted its stake in Middleby by 17.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 3,725 shares of the industrial products company’s stock valued at $518,000 after purchasing an additional 554 shares during the period. 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 buying an additional 190 shares during the last quarter. Atria Investments Inc boosted its position in shares of Middleby by 533.3% during the third quarter. Atria Investments Inc now owns 10,348 shares of the industrial products company’s stock worth $1,440,000 after buying an additional 8,714 shares during the period. Assetmark Inc. grew its holdings in Middleby by 5.2% in the 3rd quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock worth $260,000 after buying an additional 93 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its position in Middleby by 4.0% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock valued at $317,000 after acquiring an additional 88 shares during the period. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Stock Up 0.5 %

MIDD opened at $138.05 on Thursday. The business has a 50 day moving average of $136.84 and a 200-day moving average of $133.48. The stock has a market capitalization of $7.43 billion, a price-to-earnings ratio of 19.04 and a beta of 1.58. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The Middleby Co. has a 1-year low of $118.33 and a 1-year high of $161.01.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The firm had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. During the same quarter in the prior year, the firm earned $2.35 earnings per share. The company’s revenue was down 3.9% on a year-over-year basis. As a group, sell-side analysts anticipate that The Middleby Co. will post 9.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MIDD. Robert W. Baird lifted their price objective on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Canaccord Genuity Group decreased their price objective on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday, November 1st. JPMorgan Chase & Co. boosted their target price on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. Finally, StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Company 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.