Securian Asset Management Inc. Cuts Stock Holdings in The Middleby Co. (NASDAQ:MIDD)

Securian Asset Management Inc. trimmed its stake in The Middleby Co. (NASDAQ:MIDD) by 2.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,066 shares of the industrial products company’s stock after selling 115 shares during the period. Securian Asset Management Inc.’s holdings in Middleby were worth $551,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Avior Wealth Management LLC lifted its holdings in shares of Middleby by 820.0% during the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 287 shares during the last quarter. UMB Bank n.a. boosted its holdings in Middleby by 41.1% in the fourth quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 116 shares during the last quarter. Principal Securities Inc. boosted its stake in shares of Middleby by 16.0% in the fourth quarter. Principal Securities Inc. now owns 566 shares of the industrial products company’s stock worth $77,000 after buying an additional 78 shares during the last quarter. GAMMA Investing LLC boosted its position in Middleby by 27.2% in the 4th quarter. GAMMA Investing LLC now owns 622 shares of the industrial products company’s stock worth $84,000 after purchasing an additional 133 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Middleby during the third quarter valued at $88,000. 98.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Middleby

In related news, Director Chapin Sarah Palisi sold 500 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $163.51, for a total transaction of $81,755.00. Following the transaction, the director now owns 6,111 shares in the company, valued at $999,209.61. This trade represents a 7.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MIDD shares. Barclays lifted their price target on shares of Middleby from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. StockNews.com downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. upped their price objective on Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a report on Wednesday, February 26th. Jefferies Financial Group restated a “hold” rating and issued a $160.00 price objective (down from $170.00) on shares of Middleby in a report on Thursday, December 12th. Finally, KeyCorp upped their price target on Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $180.86.

Middleby Stock Performance

Shares of Middleby stock opened at $153.52 on Tuesday. The Middleby Co. has a one year low of $118.41 and a one year high of $182.73. The business has a 50-day simple moving average of $158.09 and a 200-day simple moving average of $144.85. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The company has a market cap of $8.23 billion, a PE ratio of 21.18 and a beta of 1.72.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings results on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.50 by $0.38. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $996.69 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. Middleby’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $2.65 EPS. On average, equities research analysts forecast that The Middleby Co. will post 9.11 EPS for the current fiscal year.

Middleby Profile

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.