Rhumbline Advisers Lowers Holdings in The Middleby Corporation $MIDD

Rhumbline Advisers decreased its holdings in shares of The Middleby Corporation (NASDAQ:MIDD) by 9.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 131,381 shares of the industrial products company’s stock after selling 13,812 shares during the quarter. Rhumbline Advisers’ holdings in Middleby were worth $17,464,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Middleby during the 2nd quarter worth about $30,000. Allworth Financial LP boosted its stake in Middleby by 168.8% during the second quarter. Allworth Financial LP now owns 207 shares of the industrial products company’s stock worth $30,000 after buying an additional 130 shares during the period. TFC Financial Management Inc. increased its position in shares of Middleby by 23,000.0% during the third quarter. TFC Financial Management Inc. now owns 231 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 230 shares during the last quarter. AdvisorShares Investments LLC acquired a new position in shares of Middleby in the 2nd quarter worth approximately $37,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Middleby by 280.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 327 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 241 shares during the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Price Performance

Shares of MIDD opened at $163.56 on Wednesday. The company has a current ratio of 2.07, a quick ratio of 1.10 and a debt-to-equity ratio of 0.69. The firm’s fifty day simple moving average is $152.34 and its 200-day simple moving average is $137.69. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of -37.17 and a beta of 1.40. The Middleby Corporation has a twelve month low of $110.82 and a twelve month high of $182.73.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MIDD. Weiss Ratings reissued a “sell (d)” rating on shares of Middleby in a research report on Monday, December 29th. Barclays set a $168.00 target price on Middleby and gave the company an “overweight” rating in a report on Tuesday, November 11th. Wall Street Zen upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. JPMorgan Chase & Co. increased their price target on shares of Middleby from $125.00 to $140.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Finally, Canaccord Genuity Group lifted their price objective on shares of Middleby from $171.00 to $175.00 and gave the company a “buy” rating in a report on Friday, December 5th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Middleby currently has a consensus rating of “Moderate Buy” and a consensus target price of $163.83.

Insider Activity

In other Middleby news, Director Robert A. Nerbonne bought 780 shares of the firm’s stock in a transaction that occurred on Tuesday, December 9th. The stock was purchased at an average price of $128.52 per share, for a total transaction of $100,245.60. Following the completion of the purchase, the director directly owned 21,471 shares in the company, valued at $2,759,452.92. This trade represents a 3.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.18% of the company’s stock.

About Middleby

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby’s products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company’s portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.