Bank of New York Mellon Corp raised its position in shares of The Middleby Corporation (NASDAQ:MIDD) by 10.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 324,050 shares of the industrial products company’s stock after purchasing an additional 31,477 shares during the period. Bank of New York Mellon Corp owned about 0.56% of The Middleby worth $41,533,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. IFP Advisors Inc raised its position in The Middleby by 10.5% during the 2nd quarter. IFP Advisors Inc now owns 1,031 shares of the industrial products company’s stock valued at $125,000 after purchasing an additional 98 shares in the last quarter. LS Investment Advisors LLC raised its position in The Middleby by 4.7% during the 2nd quarter. LS Investment Advisors LLC now owns 1,072 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 48 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its position in The Middleby by 9.2% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,124 shares of the industrial products company’s stock valued at $137,000 after purchasing an additional 95 shares in the last quarter. Fiduciary Trust Co. bought a new stake in The Middleby during the 2nd quarter valued at $143,000. Finally, Cubist Systematic Strategies LLC bought a new stake in The Middleby during the 2nd quarter valued at $154,000. 99.95% of the stock is owned by institutional investors and hedge funds.
MIDD has been the subject of a number of research analyst reports. BMO Capital Markets reaffirmed a “buy” rating and set a $150.00 target price on shares of The Middleby in a research report on Wednesday, November 8th. Deutsche Bank decreased their target price on The Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a research report on Friday, November 17th. Zacks Investment Research raised The Middleby from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. Citigroup reaffirmed a “neutral” rating and set a $130.00 target price on shares of The Middleby in a research report on Thursday, September 7th. Finally, Macquarie raised The Middleby from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. The Middleby has a consensus rating of “Hold” and a consensus price target of $137.22.
The Middleby Corporation (MIDD) opened at $125.99 on Thursday. The company has a market capitalization of $7,067.95, a price-to-earnings ratio of 23.32 and a beta of 1.89. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.93 and a quick ratio of 1.02. The Middleby Corporation has a 1 year low of $107.53 and a 1 year high of $150.87.
The Middleby declared that its board has approved a stock buyback program on Tuesday, November 14th that authorizes the company to repurchase 2,500,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In other news, Director Gordon Obrien sold 5,600 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $121.41, for a total value of $679,896.00. Following the completion of the transaction, the director now directly owns 11,050 shares of the company’s stock, valued at approximately $1,341,580.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.
The Middleby 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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