The Middleby Co. (NASDAQ:MIDD) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its position in The Middleby Co. (NASDAQ:MIDD – Get Rating) by 72.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,665 shares of the industrial products company’s stock after selling 30,968 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Middleby were worth $1,562,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Retirement Systems of Alabama boosted its position in shares of Middleby by 0.7% in the 4th quarter. Retirement Systems of Alabama now owns 71,021 shares of the industrial products company’s stock valued at $9,510,000 after purchasing an additional 477 shares during the period. Pacer Advisors Inc. purchased a new stake in Middleby during the 4th quarter valued at approximately $1,383,000. U.S. Capital Wealth Advisors LLC purchased a new stake in Middleby during the 4th quarter valued at approximately $49,000. Ellevest Inc. raised its stake in Middleby by 104.3% during the 4th quarter. Ellevest Inc. now owns 913 shares of the industrial products company’s stock valued at $122,000 after acquiring an additional 466 shares during the last quarter. Finally, Securian Asset Management Inc. raised its stake in Middleby by 2.0% during the 4th quarter. Securian Asset Management Inc. now owns 4,989 shares of the industrial products company’s stock valued at $668,000 after acquiring an additional 100 shares during the last quarter. 98.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on MIDD. StockNews.com began coverage on Middleby in a research note on Thursday. They set a “hold” rating for the company. Canaccord Genuity Group upped their price objective on Middleby from $162.00 to $176.00 and gave the company a “buy” rating in a research note on Thursday, February 16th. BMO Capital Markets increased their target price on Middleby from $170.00 to $175.00 in a research note on Monday, May 15th. KeyCorp increased their target price on Middleby from $175.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 22nd. Finally, Benchmark increased their target price on Middleby from $175.00 to $180.00 in a research note on Monday, May 15th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $169.63.

Insider Transactions at Middleby

In related news, Director Chapin Sarah Palisi sold 300 shares of the stock in a transaction on Monday, March 6th. The stock was sold at an average price of $157.39, for a total value of $47,217.00. Following the transaction, the director now directly owns 7,506 shares of the company’s stock, valued at approximately $1,181,369.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.16% of the company’s stock.

Middleby Price Performance

Shares of NASDAQ:MIDD opened at $140.70 on Monday. The business’s fifty day moving average price is $140.53 and its two-hundred day moving average price is $143.28. The stock has a market cap of $7.53 billion, a PE ratio of 17.03 and a beta of 1.52. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 2.08. The Middleby Co. has a one year low of $120.30 and a one year high of $162.02.

Middleby (NASDAQ:MIDD – Get Rating) last posted its quarterly earnings data on Tuesday, February 21st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.11. Middleby had a return on equity of 18.71% and a net margin of 11.12%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the firm earned $2.11 earnings per share. The business’s revenue was up 19.0% on a year-over-year basis. On average, analysts forecast that The Middleby Co. will post 9.92 EPS for the current fiscal year.

Middleby Company Profile

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The Middleby Corp. engages in the design, manufacture, marketing, and distribution of foodservice equipment. It operates through the following segments: Commercial Foodservice Equipment Group, Food Processing Equipment Group, Residential Kitchen Equipment Group, and Corporate and Other. The Commercial Foodservice Equipment Group segment manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry.