Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in The Middleby Corporation (NASDAQ:MIDD) by 171.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,401 shares of the industrial products company’s stock after purchasing an additional 4,041 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in The Middleby were worth $820,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. LS Investment Advisors LLC grew its holdings in shares of The Middleby by 4.7% in the second quarter. LS Investment Advisors LLC now owns 1,072 shares of the industrial products company’s stock worth $130,000 after acquiring an additional 48 shares during the period. NGAM Advisors L.P. grew its holdings in The Middleby by 0.5% during the second quarter. NGAM Advisors L.P. now owns 14,470 shares of the industrial products company’s stock valued at $1,758,000 after purchasing an additional 72 shares during the period. Daiwa Securities Group Inc. grew its holdings in The Middleby by 13.3% during the second quarter. Daiwa Securities Group Inc. now owns 1,700 shares of the industrial products company’s stock valued at $207,000 after purchasing an additional 200 shares during the period. World Asset Management Inc grew its holdings in The Middleby by 1.1% during the second quarter. World Asset Management Inc now owns 2,591 shares of the industrial products company’s stock valued at $315,000 after purchasing an additional 27 shares during the period. Finally, Korea Investment CORP grew its holdings in The Middleby by 309.3% during the second quarter. Korea Investment CORP now owns 30,700 shares of the industrial products company’s stock valued at $3,730,000 after purchasing an additional 23,200 shares during the period. 99.95% of the stock is owned by institutional investors and hedge funds.
In other news, Director Gordon Obrien sold 5,600 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $121.41, for a total value of $679,896.00. Following the transaction, the director now directly owns 11,050 shares in the company, valued at $1,341,580.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is owned by insiders.
Several research firms have issued reports on MIDD. Deutsche Bank cut their price target on The Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a report on Friday, November 17th. Citigroup cut their price target on The Middleby from $132.00 to $120.00 and set a “neutral” rating for the company in a report on Friday, November 10th. BMO Capital Markets cut their price target on The Middleby from $150.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. Zacks Investment Research raised The Middleby from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Finally, Susquehanna Bancshares began coverage on The Middleby in a report on Wednesday, September 27th. They set a “positive” rating and a $141.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $137.22.
The Middleby Corporation (MIDD) opened at $125.36 on Friday. The Middleby Corporation has a 52-week low of $107.53 and a 52-week high of $150.87. The company has a market capitalization of $7,044.46, a PE ratio of 23.25 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 declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 14th that allows the company to repurchase 2,500,000 outstanding shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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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