Great Lakes Advisors LLC raised its stake in The Middleby Co. (NASDAQ:MIDD – Free Report) by 0.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 122,732 shares of the industrial products company’s stock after acquiring an additional 319 shares during the period. Great Lakes Advisors LLC’s holdings in Middleby were worth $18,143,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of MIDD. Bank of Montreal Can acquired a new position in shares of Middleby during the second quarter worth approximately $85,831,000. Select Equity Group L.P. boosted its position in shares of Middleby by 13.6% during the fourth quarter. Select Equity Group L.P. now owns 4,536,791 shares of the industrial products company’s stock worth $607,476,000 after buying an additional 541,956 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Middleby by 23.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,171,437 shares of the industrial products company’s stock worth $290,756,000 after buying an additional 407,150 shares during the period. Balyasny Asset Management L.P. lifted its position in Middleby by 192.8% in the first quarter. Balyasny Asset Management L.P. now owns 532,784 shares of the industrial products company’s stock worth $78,111,000 after purchasing an additional 350,793 shares during the period. Finally, Polar Asset Management Partners Inc. acquired a new stake in Middleby in the first quarter worth approximately $31,419,000. 96.66% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Middleby
In other news, Director Robert A. Nerbonne bought 720 shares of the business’s stock in a transaction on Monday, August 21st. The shares were bought at an average cost of $139.32 per share, with a total value of $100,310.40. Following the purchase, the director now directly owns 17,996 shares in the company, valued at $2,507,202.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Robert A. Nerbonne purchased 720 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were acquired at an average cost of $139.32 per share, with a total value of $100,310.40. Following the completion of the purchase, the director now owns 17,996 shares of the company’s stock, valued at approximately $2,507,202.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Chapin Sarah Palisi sold 450 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $142.00, for a total transaction of $63,900.00. Following the completion of the transaction, the director now directly owns 6,806 shares in the company, valued at $966,452. The disclosure for this sale can be found here. Insiders have sold a total of 2,200 shares of company stock valued at $320,660 in the last three months. 1.16% of the stock is currently owned by company insiders.
Middleby Price Performance
Middleby (NASDAQ:MIDD – Get Free Report) last announced its earnings results on Wednesday, November 8th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.06. Middleby had a net margin of 11.28% and a return on equity of 17.52%. The company had revenue of $980.65 million for the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the business earned $2.18 EPS. The company’s revenue was down 1.2% on a year-over-year basis. On average, research analysts forecast that The Middleby Co. will post 9.5 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on MIDD shares. StockNews.com started coverage on Middleby in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Canaccord Genuity Group restated a “buy” rating and issued a $173.00 target price on shares of Middleby in a research report on Wednesday, September 6th. Citigroup cut their target price on Middleby from $160.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, October 13th. KeyCorp cut their target price on Middleby from $160.00 to $152.00 and set an “overweight” rating for the company in a research report on Thursday, November 9th. Finally, TheStreet cut Middleby from a “b-” rating to a “c+” rating in a report on Thursday, November 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Middleby currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.00.
Middleby Company Profile
The Middleby Corporation designs, manufactures, markets, 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, and IoT solutions.
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