RMG Wealth Management LLC Buys Shares of 1,618 The Middleby Corporation $MIDD

RMG Wealth Management LLC purchased a new position in The Middleby Corporation (NASDAQ:MIDD) during the 2nd quarter, HoldingsChannel reports. The firm purchased 1,618 shares of the industrial products company’s stock, valued at approximately $237,000.

Several other hedge funds also recently modified their holdings of the business. TCTC Holdings LLC increased its position in Middleby by 116.7% during the first quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 91 shares during the period. Abound Wealth Management grew its position in Middleby by 157.5% in the 2nd quarter. Abound Wealth Management now owns 309 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 189 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Middleby by 23.7% during the 2nd quarter. Signaturefd LLC now owns 418 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 80 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Middleby by 90.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 432 shares of the industrial products company’s stock valued at $66,000 after buying an additional 205 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of Middleby by 60.3% in the first quarter. UMB Bank n.a. now owns 638 shares of the industrial products company’s stock valued at $97,000 after buying an additional 240 shares during the period. 98.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Zacks Research upgraded Middleby to a “strong sell” rating in a research note on Monday, August 11th. Wall Street Zen lowered Middleby from a “buy” rating to a “hold” rating in a report on Sunday, July 20th. Canaccord Genuity Group upped their target price on Middleby from $162.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, September 2nd. Wolfe Research set a $163.00 price target on shares of Middleby and gave the stock an “outperform” rating in a research note on Thursday, September 4th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Middleby in a research note on Saturday, September 27th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $160.71.

Middleby Price Performance

Middleby stock opened at $139.82 on Tuesday. The business has a 50 day simple moving average of $135.37 and a 200 day simple moving average of $140.38. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56. The company has a market capitalization of $7.09 billion, a PE ratio of 17.79 and a beta of 1.52. The Middleby Corporation has a one year low of $118.09 and a one year high of $182.73.

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

About Middleby

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.