Carnegie Capital Asset Management LLC raised its position in shares of Middleby Corp (NASDAQ:MIDD) by 10.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,331 shares of the industrial products company’s stock after buying an additional 395 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Middleby were worth $246,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of MIDD. Assenagon Asset Management S.A. purchased a new stake in Middleby during the first quarter valued at about $31,954,000. EdgePoint Investment Group Inc. lifted its stake in Middleby by 9.9% during the first quarter. EdgePoint Investment Group Inc. now owns 5,681,970 shares of the industrial products company’s stock valued at $323,190,000 after buying an additional 514,180 shares in the last quarter. Norges Bank purchased a new stake in Middleby during the fourth quarter valued at about $49,617,000. Capital World Investors lifted its stake in Middleby by 28.9% during the fourth quarter. Capital World Investors now owns 1,610,758 shares of the industrial products company’s stock valued at $176,410,000 after buying an additional 360,679 shares in the last quarter. Finally, Fiera Capital Corp lifted its stake in Middleby by 11.3% during the fourth quarter. Fiera Capital Corp now owns 3,363,218 shares of the industrial products company’s stock valued at $368,340,000 after buying an additional 340,141 shares in the last quarter. 98.27% of the stock is owned by institutional investors.
A number of analysts have commented on MIDD shares. Citigroup upped their price objective on shares of Middleby from $54.00 to $64.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. ValuEngine lowered shares of Middleby from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. Zacks Investment Research lowered shares of Middleby from a “hold” rating to a “sell” rating and set a $57.00 price target for the company. in a research report on Tuesday, May 5th. Finally, BidaskClub raised shares of Middleby from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $91.33.
NASDAQ MIDD opened at $63.11 on Friday. The company has a 50 day simple moving average of $55.59 and a 200-day simple moving average of $92.85. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.48 and a quick ratio of 1.46. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 9.25 and a beta of 1.55. Middleby Corp has a 52-week low of $41.73 and a 52-week high of $142.98.
Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Thursday, May 7th. The industrial products company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.07. The firm had revenue of $677.50 million for the quarter, compared to analyst estimates of $677.37 million. Middleby had a net margin of 12.10% and a return on equity of 20.40%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.24 earnings per share. On average, analysts predict that Middleby Corp will post 3.93 EPS for the current year.
In other Middleby news, Director Robert A. Nerbonne acquired 1,105 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were purchased at an average price of $86.97 per share, with a total value of $96,101.85. Following the completion of the transaction, the director now owns 2,443 shares in the company, valued at $212,467.71. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Timothy John Fitzgerald acquired 6,250 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average cost of $74.33 per share, for a total transaction of $464,562.50. Following the transaction, the chief executive officer now owns 255,976 shares of the company’s stock, valued at approximately $19,026,696.08. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 14,325 shares of company stock worth $1,034,381. Insiders own 1.98% of the company’s stock.
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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