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Arrowstreet Capital Limited Partnership increased its stake in The Middleby Co. (NASDAQ:MIDD – Free Report) by 157.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 15,866 shares of the industrial products company’s stock after purchasing an additional 9,713 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Middleby were worth $2,149,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in MIDD. Assenagon Asset Management S.A. raised its position in Middleby by 4,494.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company’s stock worth $171,524,000 after acquiring an additional 1,238,767 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in shares of Middleby in the 4th quarter valued at about $26,930,000. Norges Bank acquired a new stake in Middleby in the 4th quarter valued at about $20,189,000. Amundi grew its holdings in Middleby by 43.6% during the fourth quarter. Amundi now owns 371,854 shares of the industrial products company’s stock worth $50,037,000 after purchasing an additional 112,855 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Middleby during the fourth quarter worth approximately $11,312,000. 98.55% of the stock is owned by institutional investors.
Middleby Stock Performance
NASDAQ MIDD opened at $131.59 on Friday. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $182.73. The firm has a 50-day moving average price of $156.55 and a two-hundred day moving average price of $146.12. The company has a market capitalization of $7.06 billion, a P/E ratio of 18.15 and a beta of 1.44. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66.
Middleby (NASDAQ:MIDD – Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.38. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $996.69 million. During the same period in the previous year, the firm earned $2.65 EPS. The company’s quarterly revenue was up .4% compared to the same quarter last year. Analysts anticipate that The Middleby Co. will post 9.11 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Chapin Sarah Palisi sold 500 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $163.51, for a total transaction of $81,755.00. Following the completion of the sale, the director now owns 6,111 shares of the company’s stock, valued at approximately $999,209.61. This represents a 7.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.16% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on MIDD. JPMorgan Chase & Co. lifted their target price on Middleby from $145.00 to $150.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 26th. KeyCorp reduced their price objective on shares of Middleby from $185.00 to $175.00 and set an “overweight” rating for the company in a research report on Tuesday. Jefferies Financial Group reissued a “hold” rating and issued a $160.00 price objective (down from $170.00) on shares of Middleby in a research report on Thursday, December 12th. Barclays lifted their target price on shares of Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Finally, Robert W. Baird increased their price target on shares of Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $179.43.
Read Our Latest Stock Report on Middleby
About Middleby
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.
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Want to see what other hedge funds are holding MIDD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Middleby Co. (NASDAQ:MIDD – Free Report).
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