RMG Wealth Management LLC Makes New $237,000 Investment in The Middleby Corporation $MIDD

RMG Wealth Management LLC bought a new stake in shares of The Middleby Corporation (NASDAQ:MIDD) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,618 shares of the industrial products company’s stock, valued at approximately $237,000.

A number of other hedge funds have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Middleby by 59.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,029,484 shares of the industrial products company’s stock worth $460,422,000 after purchasing an additional 1,133,931 shares during the period. Earnest Partners LLC lifted its position in Middleby by 0.6% in the 1st quarter. Earnest Partners LLC now owns 1,319,757 shares of the industrial products company’s stock worth $200,577,000 after buying an additional 7,791 shares in the last quarter. Clarkston Capital Partners LLC boosted its stake in shares of Middleby by 1.5% during the 1st quarter. Clarkston Capital Partners LLC now owns 688,560 shares of the industrial products company’s stock valued at $104,647,000 after buying an additional 10,310 shares during the period. Epoch Investment Partners Inc. grew its holdings in shares of Middleby by 32.5% during the 1st quarter. Epoch Investment Partners Inc. now owns 578,496 shares of the industrial products company’s stock valued at $87,920,000 after acquiring an additional 141,769 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Middleby by 2.2% in the first quarter. Northern Trust Corp now owns 503,045 shares of the industrial products company’s stock worth $76,453,000 after acquiring an additional 10,780 shares during the last quarter. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Stock Up 0.9%

MIDD opened at $139.82 on Tuesday. The firm has a market cap of $7.09 billion, a P/E ratio of 17.79 and a beta of 1.52. 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 business has a 50 day moving average price of $135.37 and a 200 day moving average price of $140.38. The Middleby Corporation has a twelve month low of $118.09 and a twelve month high of $182.73.

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

Analysts Set New Price Targets

MIDD has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Middleby in a research report on Saturday, September 27th. Wall Street Zen downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. Wolfe Research set a $163.00 price target on Middleby and gave the company an “outperform” rating in a research note on Thursday, September 4th. Canaccord Genuity Group raised their price objective on shares of Middleby from $162.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, September 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Middleby from $145.00 to $125.00 and set an “underweight” rating for the company in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.