The Middleby Co. (NASDAQ:MIDD) Shares Bought by Shell Asset Management Co.

Posted by MarketBeat News on Aug 1st, 2022

Shell Asset Management Co. boosted its position in shares of The Middleby Co. (NASDAQ:MIDD – Get Rating) by 14.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 4,313 shares of the industrial products company’s stock after acquiring an additional 554 shares during the quarter. Shell Asset Management Co.’s holdings in Middleby were worth $707,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of Middleby by 22.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,731,799 shares of the industrial products company’s stock valued at $340,748,000 after buying an additional 313,301 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Middleby by 9.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,515,971 shares of the industrial products company’s stock valued at $298,282,000 after buying an additional 125,714 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Middleby by 6.2% in the 1st quarter. Nordea Investment Management AB now owns 1,405,602 shares of the industrial products company’s stock valued at $235,242,000 after buying an additional 81,692 shares during the period. Turtle Creek Asset Management Inc. lifted its holdings in shares of Middleby by 1.0% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 1,121,023 shares of the industrial products company’s stock valued at $220,572,000 after buying an additional 10,850 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Middleby by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 731,793 shares of the industrial products company’s stock valued at $143,987,000 after buying an additional 14,099 shares during the period. Institutional investors and hedge funds own 99.88% of the company’s stock.

Insider Activity

In related news, CEO Timothy John Fitzgerald purchased 7,500 shares of the company’s stock in a transaction dated Thursday, May 12th. The stock was acquired at an average cost of $132.29 per share, for a total transaction of $992,175.00. Following the completion of the transaction, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at $2,645,800. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Middleby news, Director Robert A. Nerbonne acquired 1,450 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The shares were purchased at an average cost of $139.57 per share, for a total transaction of $202,376.50. Following the completion of the acquisition, the director now owns 17,276 shares of the company’s stock, valued at approximately $2,411,211.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy John Fitzgerald acquired 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 12th. The stock was acquired at an average price of $132.29 per share, for a total transaction of $992,175.00. Following the completion of the acquisition, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at approximately $2,645,800. The disclosure for this purchase can be found here. Insiders purchased 10,985 shares of company stock worth $1,470,966 over the last ninety days. Corporate insiders own 1.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MIDD shares. KeyCorp reduced their price target on Middleby from $182.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, July 22nd. Robert W. Baird reduced their price target on Middleby from $211.00 to $201.00 in a report on Wednesday, May 11th. Citigroup reduced their price target on Middleby from $180.00 to $160.00 in a report on Thursday, July 7th. JPMorgan Chase & Co. cut their price objective on Middleby from $160.00 to $135.00 and set a “neutral” rating for the company in a research note on Tuesday, July 12th. Finally, TheStreet lowered Middleby from a “b-” rating to a “c+” rating in a research note on Wednesday, May 11th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $177.60.

Middleby Price Performance

NASDAQ:MIDD opened at $144.69 on Monday. The company has a current ratio of 1.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.06. The stock has a 50 day moving average of $135.03 and a two-hundred day moving average of $156.50. The firm has a market cap of $7.87 billion, a P/E ratio of 16.94 and a beta of 1.58. The Middleby Co. has a 12 month low of $120.30 and a 12 month high of $201.34.

Middleby (NASDAQ:MIDD – Get Rating) last posted its quarterly earnings results on Tuesday, May 10th. The industrial products company reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.01. The business had revenue of $994.68 million during the quarter, compared to analyst estimates of $934.97 million. Middleby had a return on equity of 19.53% and a net margin of 13.91%. The business’s revenue was up 31.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.79 earnings per share. On average, analysts expect that The Middleby Co. will post 9.49 earnings per share for the current fiscal year.

About Middleby

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The Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, 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; and soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions.