Wells Fargo & Company MN reduced its position in Middleby Corp (NASDAQ:MIDD) by 84.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,961 shares of the industrial products company’s stock after selling 657,351 shares during the period. Wells Fargo & Company MN’s holdings in Middleby were worth $6,710,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Verus Capital Partners LLC purchased a new position in Middleby during the 4th quarter valued at approximately $31,000. Point72 Hong Kong Ltd bought a new position in shares of Middleby during the 4th quarter valued at approximately $64,000. Penserra Capital Management LLC grew its holdings in shares of Middleby by 111.9% in the fourth quarter. Penserra Capital Management LLC now owns 784 shares of the industrial products company’s stock valued at $86,000 after purchasing an additional 414 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Middleby by 532.9% in the first quarter. Canada Pension Plan Investment Board now owns 1,886 shares of the industrial products company’s stock worth $107,000 after purchasing an additional 1,588 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. purchased a new stake in Middleby during the fourth quarter valued at $115,000. 96.34% of the stock is owned by institutional investors.
In other news, Director Robert A. Nerbonne purchased 1,540 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was purchased at an average price of $63.67 per share, for a total transaction of $98,051.80. Following the completion of the acquisition, the director now owns 2,443 shares of the company’s stock, valued at $155,545.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert A. Nerbonne acquired 2,700 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $72.73 per share, for a total transaction of $196,371.00. Following the purchase, the director now owns 2,443 shares of the company’s stock, valued at $177,679.39. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 7,660 shares of company stock valued at $495,723. Corporate insiders own 1.98% of the company’s stock.
A number of analysts have recently weighed in on MIDD shares. KeyCorp upgraded shares of Middleby from a “sector weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a report on Monday. They noted that the move was a valuation call. ValuEngine raised Middleby from a “sell” rating to a “hold” rating in a research note on Monday, June 1st. CL King initiated coverage on Middleby in a research note on Tuesday, June 2nd. They issued a “buy” rating and a $86.00 price objective for the company. Zacks Investment Research downgraded Middleby from a “hold” rating to a “sell” rating and set a $57.00 target price on the stock. in a research report on Tuesday, May 5th. Finally, BidaskClub upgraded Middleby from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $94.20.
Shares of NASDAQ:MIDD opened at $79.93 on Wednesday. The firm has a market capitalization of $4.06 billion, a PE ratio of 12.45 and a beta of 1.60. The business has a 50 day simple moving average of $72.22 and a two-hundred day simple moving average of $85.03. Middleby Corp has a 1 year low of $41.73 and a 1 year high of $142.98. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.48 and a quick ratio of 1.46.
Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Thursday, May 7th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.07. The firm had revenue of $677.50 million during the quarter, compared to analyst estimates of $677.37 million. Middleby had a return on equity of 20.40% and a net margin of 12.10%. Middleby’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the company earned $1.24 EPS. Equities research analysts expect that Middleby Corp will post 3.93 EPS for the current fiscal year.
Middleby Company Profile
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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