Bronfman E.L. Rothschild L.P. increased its stake in shares of Middleby Corp (NASDAQ:MIDD) by 83.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,961 shares of the industrial products company’s stock after purchasing an additional 892 shares during the quarter. Bronfman E.L. Rothschild L.P.’s holdings in Middleby were worth $265,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of MIDD. Dimensional Fund Advisors LP lifted its holdings in shares of Middleby by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 220,550 shares of the industrial products company’s stock worth $26,797,000 after purchasing an additional 6,218 shares during the period. Stifel Financial Corp lifted its holdings in Middleby by 15.3% in the second quarter. Stifel Financial Corp now owns 8,402 shares of the industrial products company’s stock valued at $1,017,000 after acquiring an additional 1,113 shares during the period. State Street Corp lifted its holdings in Middleby by 0.7% in the second quarter. State Street Corp now owns 1,018,670 shares of the industrial products company’s stock valued at $123,773,000 after acquiring an additional 7,283 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Middleby in the second quarter valued at $154,000. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in Middleby by 24.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 10,487 shares of the industrial products company’s stock valued at $1,274,000 after acquiring an additional 2,038 shares during the period.
In other news, Treasurer Martin M. Lindsay sold 10,000 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $129.50, for a total value of $1,295,000.00. Following the completion of the transaction, the treasurer now owns 61,726 shares in the company, valued at $7,993,517. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.00% of the company’s stock.
MIDD has been the subject of a number of recent analyst reports. Citigroup reduced their target price on Middleby from $132.00 to $120.00 and set a “neutral” rating for the company in a report on Friday, November 10th. Zacks Investment Research raised Middleby from a “hold” rating to a “buy” rating and set a $151.00 target price for the company in a report on Wednesday, January 17th. BidaskClub downgraded Middleby from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Finally, BMO Capital Markets reduced their target price on Middleby from $150.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Middleby has a consensus rating of “Hold” and a consensus target price of $139.63.
Shares of Middleby Corp (NASDAQ:MIDD) opened at $133.46 on Thursday. Middleby Corp has a fifty-two week low of $107.53 and a fifty-two week high of $150.87. 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 company has a market capitalization of $7,293.83, a price-to-earnings ratio of 24.07 and a beta of 1.78.
Middleby declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 14th that permits the company to repurchase 2,500,000 shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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