The Middleby Co. (NASDAQ:MIDD) Short Interest Down 10.8% in August

The Middleby Co. (NASDAQ:MIDDGet Rating) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 4,230,000 shares, a decline of 10.8% from the August 15th total of 4,740,000 shares. Currently, 8.3% of the shares of the company are sold short. Based on an average daily volume of 447,100 shares, the short-interest ratio is presently 9.5 days.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MIDD. KeyCorp lowered their target price on Middleby from $182.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, July 22nd. Benchmark initiated coverage on shares of Middleby in a research report on Thursday, August 25th. They issued a “buy” rating and a $190.00 price target for the company. Citigroup dropped their price objective on Middleby from $180.00 to $160.00 in a research report on Thursday, July 7th. Finally, JPMorgan Chase & Co. lowered their target price on Middleby from $160.00 to $135.00 and set a “neutral” rating for the company in a report on Tuesday, July 12th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Middleby has an average rating of “Moderate Buy” and a consensus price target of $179.67.

Insider Transactions at Middleby

In related news, Director Cathy L. Mccarthy sold 500 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $157.06, for a total value of $78,530.00. Following the completion of the sale, the director now directly owns 7,925 shares in the company, valued at approximately $1,244,700.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Cathy L. Mccarthy sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $157.06, for a total transaction of $78,530.00. Following the transaction, the director now directly owns 7,925 shares of the company’s stock, valued at approximately $1,244,700.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chapin Sarah Palisi sold 225 shares of Middleby stock in a transaction on Friday, September 9th. The stock was sold at an average price of $148.00, for a total transaction of $33,300.00. Following the transaction, the director now directly owns 7,235 shares of the company’s stock, valued at $1,070,780. The disclosure for this sale can be found here. Insiders have sold 975 shares of company stock worth $148,963 in the last ninety days. Insiders own 1.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MIDD. Comerica Bank grew its stake in shares of Middleby by 1.3% in the first quarter. Comerica Bank now owns 26,503 shares of the industrial products company’s stock worth $4,084,000 after purchasing an additional 347 shares during the last quarter. Shell Asset Management Co. lifted its holdings in shares of Middleby by 14.7% during the first quarter. Shell Asset Management Co. now owns 4,313 shares of the industrial products company’s stock valued at $707,000 after purchasing an additional 554 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Middleby during the first quarter valued at approximately $568,000. Treasurer of the State of North Carolina lifted its holdings in shares of Middleby by 1.6% during the first quarter. Treasurer of the State of North Carolina now owns 20,292 shares of the industrial products company’s stock valued at $3,327,000 after purchasing an additional 320 shares during the last quarter. Finally, West Coast Financial LLC raised its holdings in Middleby by 0.6% in the 1st quarter. West Coast Financial LLC now owns 36,312 shares of the industrial products company’s stock worth $5,953,000 after acquiring an additional 221 shares during the last quarter. 98.55% of the stock is owned by institutional investors.

Middleby Price Performance

Shares of NASDAQ MIDD opened at $134.24 on Monday. The stock has a fifty day simple moving average of $143.78 and a two-hundred day simple moving average of $146.99. Middleby has a 1-year low of $120.30 and a 1-year high of $201.34. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of 15.83 and a beta of 1.56. The company has a current ratio of 1.98, a quick ratio of 0.95 and a debt-to-equity ratio of 1.09.

Middleby (NASDAQ:MIDDGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The industrial products company reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.16 by $0.07. Middleby had a return on equity of 19.11% and a net margin of 12.94%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $995.84 million. During the same period last year, the company earned $2.11 earnings per share. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. Analysts anticipate that Middleby will post 9.52 earnings per share for the current year.

Middleby Company Profile

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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.

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