Ridgewood Investments LLC reduced its stake in shares of The Middleby Corporation (NASDAQ:MIDD) by 0.5% during the second quarter, Holdings Channel reports. The firm owned 8,334 shares of the industrial products company’s stock after selling 40 shares during the period. The Middleby Corporation comprises approximately 1.0% of Ridgewood Investments LLC’s portfolio, making the stock its 19th largest position. Ridgewood Investments LLC’s holdings in The Middleby Corporation were worth $1,013,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MIDD. Guggenheim Capital LLC increased its stake in The Middleby Corporation by 11.9% in the fourth quarter. Guggenheim Capital LLC now owns 4,006 shares of the industrial products company’s stock valued at $516,000 after buying an additional 426 shares during the period. Teachers Advisors LLC increased its stake in The Middleby Corporation by 1.8% in the fourth quarter. Teachers Advisors LLC now owns 179,050 shares of the industrial products company’s stock valued at $23,063,000 after buying an additional 3,180 shares during the period. Macquarie Group Ltd. increased its stake in The Middleby Corporation by 0.8% in the fourth quarter. Macquarie Group Ltd. now owns 35,700 shares of the industrial products company’s stock valued at $4,598,000 after buying an additional 300 shares during the period. Creative Planning increased its stake in The Middleby Corporation by 1.6% in the first quarter. Creative Planning now owns 4,742 shares of the industrial products company’s stock valued at $647,000 after buying an additional 76 shares during the period. Finally, Gulf International Bank UK Ltd increased its stake in The Middleby Corporation by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 17,850 shares of the industrial products company’s stock valued at $2,435,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 95.63% of the company’s stock.

The Middleby Corporation (NASDAQ MIDD) opened at 122.53 on Friday. The stock has a market cap of $7.02 billion, a P/E ratio of 22.95 and a beta of 1.82. The Middleby Corporation has a 12 month low of $108.45 and a 12 month high of $150.87. The firm’s 50-day moving average is $125.63 and its 200-day moving average is $132.64.

The Middleby Corporation (NASDAQ:MIDD) last posted its earnings results on Wednesday, August 9th. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The company had revenue of $579.34 million for the quarter, compared to analysts’ expectations of $587.49 million. The Middleby Corporation had a return on equity of 23.56% and a net margin of 13.38%. On average, equities analysts forecast that The Middleby Corporation will post $5.67 earnings per share for the current fiscal year.

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MIDD has been the subject of several research reports. Zacks Investment Research downgraded shares of The Middleby Corporation from a “buy” rating to a “hold” rating in a research report on Friday, May 12th. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 price target (down previously from $160.00) on shares of The Middleby Corporation in a research report on Wednesday, May 17th. BidaskClub downgraded shares of The Middleby Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Seaport Global Securities initiated coverage on shares of The Middleby Corporation in a research report on Thursday, June 29th. They issued a “neutral” rating and a $128.00 price target for the company. Finally, Wellington Shields upgraded shares of The Middleby Corporation from a “hold” rating to a “gradually accumulate” rating in a research report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $141.71.

About The Middleby Corporation

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.

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Institutional Ownership by Quarter for The Middleby Corporation (NASDAQ:MIDD)

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