Geode Capital Management LLC cut its holdings in Middleby Corp (NASDAQ:MIDD) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 538,111 shares of the industrial products company’s stock after selling 5,913 shares during the period. Geode Capital Management LLC owned approximately 0.96% of Middleby worth $72,579,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. raised its position in shares of Middleby by 15.4% in the 3rd quarter. Pacer Advisors Inc. now owns 10,654 shares of the industrial products company’s stock worth $1,366,000 after acquiring an additional 1,419 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Middleby by 171.2% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,401 shares of the industrial products company’s stock worth $820,000 after acquiring an additional 4,041 shares in the last quarter. Strs Ohio raised its position in shares of Middleby by 15.7% in the 4th quarter. Strs Ohio now owns 547,795 shares of the industrial products company’s stock worth $73,924,000 after acquiring an additional 74,531 shares in the last quarter. Thomas White International Ltd. bought a new position in shares of Middleby in the 4th quarter worth about $502,000. Finally, Janney Capital Management LLC bought a new position in shares of Middleby in the 3rd quarter worth about $384,000.
Several research analysts have recently weighed in on the company. BMO Capital Markets reissued a “buy” rating and issued a $160.00 price objective (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 raised Middleby from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Wellington Shields lowered Middleby from an “accumulate” rating to a “hold” rating in a research report on Thursday, March 1st. Zacks Investment Research raised Middleby from a “hold” rating to a “buy” rating and set a $135.00 price objective for the company in a research report on Friday, March 2nd. Finally, Susquehanna Bancshares set a $149.00 price objective on Middleby and gave the stock a “buy” rating in a research report on Thursday, March 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Middleby has an average rating of “Hold” and an average price target of $138.25.
Middleby (NASDAQ:MIDD) last issued its earnings results on Tuesday, February 27th. The industrial products company reported $1.48 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.48. The company had revenue of $632.86 million during the quarter, compared to the consensus estimate of $646.83 million. Middleby had a return on equity of 22.98% and a net margin of 12.77%. analysts anticipate that Middleby Corp will post 6.49 earnings per share for the current year.
Middleby declared that its board has initiated a share repurchase plan on Tuesday, November 14th that authorizes the company to buyback 2,500,000 shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, Director Nassem Ziyad purchased 2,000 shares of the business’s stock in a transaction on Thursday, March 8th. The stock was acquired at an average price of $118.50 per share, for a total transaction of $237,000.00. Following the purchase, the director now owns 2,000 shares of the company’s stock, valued at $237,000. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Treasurer Martin M. Lindsay sold 10,000 shares of Middleby stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $129.50, for a total value of $1,295,000.00. Following the transaction, the treasurer now owns 61,726 shares of the company’s stock, valued at approximately $7,993,517. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
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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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