Glenmede Trust Co. NA Cuts Stock Holdings in The Middleby Co. (NASDAQ:MIDD)

Glenmede Trust Co. NA trimmed its holdings in shares of The Middleby Co. (NASDAQ:MIDD) by 4.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,685 shares of the industrial products company’s stock after selling 324 shares during the quarter. Glenmede Trust Co. NA’s holdings in Middleby were worth $1,069,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC lifted its stake in shares of Middleby by 4.0% in the third quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock worth $317,000 after buying an additional 88 shares in the last quarter. Townsquare Capital LLC boosted its position in shares of Middleby by 1.4% during the 3rd quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company’s stock worth $871,000 after purchasing an additional 89 shares during the period. Blue Trust Inc. grew its stake in shares of Middleby by 4.8% in the second quarter. Blue Trust Inc. now owns 2,022 shares of the industrial products company’s stock valued at $248,000 after buying an additional 93 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Middleby by 5.2% in the third quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock valued at $260,000 after purchasing an additional 93 shares during the period. Finally, Mendota Financial Group LLC grew its stake in shares of Middleby by 10.0% in the second quarter. Mendota Financial Group LLC now owns 1,150 shares of the industrial products company’s stock worth $141,000 after acquiring an additional 105 shares in the last quarter. 98.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MIDD. Canaccord Genuity Group cut their price target on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Canaccord Genuity Group reaffirmed 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 research note 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 given a buy rating to the company. According to data from MarketBeat.com, Middleby presently has an average rating of “Moderate Buy” and an average target price of $154.67.

Middleby Trading Down 0.9 %

Shares of Middleby stock opened at $142.06 on Tuesday. 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 company has a fifty day simple moving average of $138.04 and a 200-day simple moving average of $133.54. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 19.59 and a beta of 1.58. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $161.01.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data 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 company had revenue of $942.81 million during the quarter, compared to analyst estimates of $996.60 million. During the same quarter in the prior year, the company earned $2.35 EPS. The business’s revenue was down 3.9% on a year-over-year basis. On average, equities analysts forecast that The Middleby Co. will post 9.12 EPS for the current fiscal year.

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.