Concentric Capital Strategies LP Takes $2.71 Million Position in The Middleby Co. (NASDAQ:MIDD)

Concentric Capital Strategies LP bought a new stake in The Middleby Co. (NASDAQ:MIDD) in the 3rd quarter, Holdings Channel reports. The fund bought 19,450 shares of the industrial products company’s stock, valued at approximately $2,706,000.

A number of other large investors have also added to or reduced their stakes in the company. Cetera Advisors LLC grew its stake in Middleby by 13.7% during the 1st quarter. Cetera Advisors LLC now owns 1,560 shares of the industrial products company’s stock valued at $251,000 after purchasing an additional 188 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after buying an additional 126 shares in the last quarter. First Hawaiian Bank increased its stake in shares of Middleby by 8.8% in the second quarter. First Hawaiian Bank now owns 3,530 shares of the industrial products company’s stock worth $433,000 after buying an additional 285 shares during the last quarter. Olstein Capital Management L.P. raised its holdings in Middleby by 75.0% in the second quarter. Olstein Capital Management L.P. now owns 66,500 shares of the industrial products company’s stock valued at $8,154,000 after acquiring an additional 28,500 shares in the last quarter. Finally, Mendota Financial Group LLC boosted its stake in Middleby by 10.0% during the 2nd quarter. Mendota Financial Group LLC now owns 1,150 shares of the industrial products company’s stock valued at $141,000 after acquiring an additional 105 shares during the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MIDD has been the subject of several research analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Canaccord Genuity Group reduced their target price on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, November 1st. 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $154.67.

Middleby Stock Performance

Shares of NASDAQ MIDD opened at $142.06 on Tuesday. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average price is $138.04 and its two-hundred day moving average price is $133.54. The Middleby Co. has a 52-week low of $118.41 and a 52-week high of $161.01. The stock has a market capitalization of $7.64 billion, a P/E ratio of 19.59 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last announced 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). The company had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period last year, the business posted $2.35 EPS. As a group, sell-side analysts forecast that The Middleby Co. will post 9.12 earnings per share for the current year.

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.