State of Alaska Department of Revenue Reduces Stake in The Middleby Co. (NASDAQ:MIDD)

State of Alaska Department of Revenue trimmed its stake in The Middleby Co. (NASDAQ:MIDD) by 9.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,792 shares of the industrial products company’s stock after selling 580 shares during the quarter. State of Alaska Department of Revenue’s holdings in Middleby were worth $852,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its stake in Middleby by 218.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 21,842 shares of the industrial products company’s stock valued at $3,214,000 after acquiring an additional 14,991 shares during the last quarter. Nordea Investment Management AB boosted its stake in Middleby by 13.3% in the fourth quarter. Nordea Investment Management AB now owns 1,696,476 shares of the industrial products company’s stock valued at $251,621,000 after acquiring an additional 198,859 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Middleby by 54.3% in the third quarter. Envestnet Asset Management Inc. now owns 38,356 shares of the industrial products company’s stock valued at $4,910,000 after acquiring an additional 13,493 shares during the last quarter. Hudson Bay Capital Management LP boosted its stake in Middleby by 28.5% in the third quarter. Hudson Bay Capital Management LP now owns 56,712 shares of the industrial products company’s stock valued at $7,259,000 after acquiring an additional 12,589 shares during the last quarter. Finally, Trillium Asset Management LLC boosted its stake in Middleby by 16.0% in the third quarter. Trillium Asset Management LLC now owns 49,494 shares of the industrial products company’s stock valued at $6,335,000 after acquiring an additional 6,843 shares during the last quarter. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Middleby

In other news, Director Chapin Sarah Palisi sold 350 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total value of $53,014.50. Following the transaction, the director now owns 6,306 shares of the company’s stock, valued at approximately $955,169.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Chapin Sarah Palisi sold 350 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total value of $53,014.50. Following the transaction, the director now owns 6,306 shares of the company’s stock, valued at approximately $955,169.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Cathy L. Mccarthy sold 1,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $153.12, for a total transaction of $153,120.00. Following the completion of the transaction, the director now directly owns 7,971 shares in the company, valued at approximately $1,220,519.52. The disclosure for this sale can be found here. Insiders own 1.17% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Canaccord Genuity Group boosted their price target on shares of Middleby from $164.00 to $166.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. TheStreet raised shares of Middleby from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Finally, Jefferies Financial Group boosted their price target on shares of Middleby from $140.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $159.38.

Middleby Stock Performance

Middleby stock opened at $147.39 on Thursday. The firm’s 50 day simple moving average is $151.21 and its 200 day simple moving average is $137.87. The company has a current ratio of 2.31, a quick ratio of 1.21 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $7.90 billion, a PE ratio of 19.89 and a beta of 1.56. The Middleby Co. has a 1-year low of $109.59 and a 1-year high of $161.01.

Middleby (NASDAQ:MIDD) last posted its earnings results on Tuesday, February 20th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.21. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.02 billion. Middleby had a net margin of 9.93% and a return on equity of 16.99%. Middleby’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.57 EPS. As a group, analysts expect that The Middleby Co. will post 10.31 earnings per share for the current fiscal year.

Middleby Profile

The Middleby Corporation designs, markets, manufactures, 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, IoT solutions, and controls development and manufacturing.