Empire Life Investments Inc. purchased a new position in Middleby Corp (NASDAQ:MIDD) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 236,403 shares of the industrial products company’s stock, valued at approximately $31,903,000. Middleby accounts for approximately 2.5% of Empire Life Investments Inc.’s investment portfolio, making the stock its 7th biggest position. Empire Life Investments Inc. owned about 0.42% of Middleby as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Truewealth LLC bought a new position in shares of Middleby during the fourth quarter valued at about $102,000. American International Group Inc. bought a new position in shares of Middleby during the fourth quarter valued at about $176,000. Zions Bancorporation bought a new position in shares of Middleby during the third quarter valued at about $198,000. Crossmark Global Holdings Inc. bought a new position in shares of Middleby during the fourth quarter valued at about $202,000. Finally, Beacon Investment Advisory Services Inc. bought a new position in shares of Middleby during the third quarter valued at about $231,000.
Middleby Corp (MIDD) opened at $131.27 on Monday. The company has a market cap of $7,315.76, a P/E ratio of 25.00 and a beta of 1.83. Middleby Corp has a 12 month low of $107.53 and a 12 month high of $142.00. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.07 and a current ratio of 1.97.
Middleby declared that its board has approved a share buyback program on Tuesday, November 14th that authorizes the company to repurchase 2,500,000 shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, Director Nassem Ziyad acquired 2,000 shares of Middleby stock in a transaction that occurred on Thursday, March 8th. The stock was bought at an average price of $118.50 per share, with a total value of $237,000.00. Following the completion of the purchase, the director now owns 2,000 shares in the company, valued at $237,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Treasurer Martin M. Lindsay sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $129.50, for a total transaction of $1,295,000.00. Following the transaction, the treasurer now directly owns 61,726 shares of the company’s stock, valued at approximately $7,993,517. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.
A number of research firms recently weighed in on MIDD. BMO Capital Markets reissued a “buy” rating and set a $160.00 price target (up from $145.00) on shares of Middleby in a research report on Wednesday, March 7th. They noted that the move was a valuation call. BidaskClub lowered shares of Middleby from a “sell” rating to a “strong sell” rating in a research report on Wednesday, March 7th. Citigroup dropped their price target on shares of Middleby from $150.00 to $132.00 and set a “neutral” rating on the stock in a research report on Monday, March 5th. Zacks Investment Research raised shares of Middleby from a “hold” rating to a “buy” rating and set a $135.00 price target on the stock in a research report on Friday, March 2nd. Finally, Susquehanna Bancshares set a $149.00 price objective on shares of Middleby and gave the stock a “buy” rating in a research report on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $138.25.
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Middleby Company 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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