Oppenheimer Asset Management Inc. lessened its holdings in Middleby Corp (NASDAQ:MIDD) by 57.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,834 shares of the industrial products company’s stock after selling 26,667 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Middleby were worth $2,542,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of MIDD. IFP Advisors Inc raised its holdings in shares of Middleby by 10.5% during the second quarter. IFP Advisors Inc now owns 1,031 shares of the industrial products company’s stock worth $125,000 after acquiring an additional 98 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Middleby by 9.2% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,124 shares of the industrial products company’s stock worth $137,000 after acquiring an additional 95 shares in the last quarter. Fiduciary Trust Co. purchased a new stake in shares of Middleby during the second quarter worth $143,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Middleby during the second quarter worth $154,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Middleby by 13.3% during the second quarter. Daiwa Securities Group Inc. now owns 1,700 shares of the industrial products company’s stock worth $207,000 after acquiring an additional 200 shares in the last quarter. 99.08% of the stock is owned by institutional investors and hedge funds.
Several analysts recently issued reports on MIDD shares. BMO Capital Markets cut their price objective on Middleby from $150.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. Citigroup reiterated a “neutral” rating and set a $130.00 price objective on shares of Middleby in a report on Thursday, September 7th. Susquehanna Bancshares started coverage on Middleby in a report on Wednesday, September 27th. They set a “positive” rating and a $141.00 price objective for the company. BidaskClub upgraded Middleby from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Deutsche Bank cut their price objective on Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a report on Friday, November 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $137.22.
In other Middleby news, Treasurer Martin M. Lindsay sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $129.50, for a total transaction of $1,295,000.00. Following the transaction, the treasurer now directly owns 61,726 shares in the company, valued at $7,993,517. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.00% of the stock is owned by company insiders.
Middleby Corp (NASDAQ MIDD) traded up $0.33 during midday trading on Tuesday, reaching $135.28. The company’s stock had a trading volume of 376,704 shares, compared to its average volume of 561,631. Middleby Corp has a one year low of $107.53 and a one year high of $150.87. The company has a current ratio of 1.93, a quick ratio of 1.02 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $7,560.00, a price-to-earnings ratio of 25.43 and a beta of 1.88.
Middleby announced that its Board of Directors has initiated 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. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
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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