Pacer Advisors Inc. increased its holdings in The Middleby Corporation (NASDAQ:MIDD) by 15.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 10,654 shares of the industrial products company’s stock after buying an additional 1,419 shares during the period. Pacer Advisors Inc.’s holdings in The Middleby were worth $1,366,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Koch Industries Inc. boosted its stake in The Middleby by 58,978.1% during the 2nd quarter. Koch Industries Inc. now owns 884,399 shares of the industrial products company’s stock valued at $877,000 after purchasing an additional 882,902 shares during the period. Janus Henderson Group PLC boosted its stake in The Middleby by 144.9% during the 2nd quarter. Janus Henderson Group PLC now owns 1,352,865 shares of the industrial products company’s stock valued at $164,386,000 after purchasing an additional 800,527 shares during the period. CI Global Investments Inc. boosted its stake in The Middleby by 42.4% during the 3rd quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock valued at $271,980,000 after purchasing an additional 631,770 shares during the period. William Blair Investment Management LLC raised its position in shares of The Middleby by 40.4% during the 2nd quarter. William Blair Investment Management LLC now owns 1,809,903 shares of the industrial products company’s stock worth $219,921,000 after buying an additional 520,906 shares in the last quarter. Finally, FMR LLC raised its position in shares of The Middleby by 509.6% during the 2nd quarter. FMR LLC now owns 582,538 shares of the industrial products company’s stock worth $70,784,000 after buying an additional 486,978 shares in the last quarter. 99.95% of the stock is owned by institutional investors and hedge funds.
Shares of The Middleby Corporation (NASDAQ:MIDD) traded down $0.63 on Thursday, reaching $125.36. 358,723 shares of the company were exchanged, compared to its average volume of 460,864. The Middleby Corporation has a 52-week low of $107.53 and a 52-week high of $150.87. The stock has a market capitalization of $6,939.91, a P/E ratio of 22.90 and a beta of 1.89. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.93 and a quick ratio of 1.02.
The Middleby announced that its Board of Directors has authorized a share buyback program on Tuesday, November 14th that permits the company to repurchase 2,500,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In other The Middleby news, Director Gordon Obrien sold 5,600 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $121.41, for a total value of $679,896.00. Following the completion of the sale, the director now directly owns 11,050 shares of the company’s stock, valued at $1,341,580.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.
A number of analysts have commented on MIDD shares. BMO Capital Markets restated a “buy” rating and set a $150.00 price target on shares of The Middleby in a research report on Friday, August 11th. BidaskClub downgraded shares of The Middleby from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Robert W. Baird dropped their target price on shares of The Middleby from $145.00 to $142.00 and set an “outperform” rating on the stock in a report on Friday, August 11th. Macquarie upgraded shares of The Middleby from a “neutral” rating to an “outperform” rating and set a $150.00 target price on the stock in a report on Tuesday, August 15th. Finally, Citigroup reiterated a “neutral” rating and issued a $130.00 target price on shares of The Middleby in a report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $137.22.
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The Middleby Profile
The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.
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