The Middleby Corporation (NASDAQ:MIDD) Shares Sold by National Bank of Canada FI

National Bank of Canada FI trimmed its position in shares of The Middleby Corporation (NASDAQ:MIDD) by 96.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,219 shares of the industrial products company’s stock after selling 123,528 shares during the period. National Bank of Canada FI’s holdings in Middleby were worth $641,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MIDD. Sterling Capital Management LLC boosted its stake in Middleby by 56.8% during the 4th quarter. Sterling Capital Management LLC now owns 3,183 shares of the industrial products company’s stock valued at $431,000 after purchasing an additional 1,153 shares during the period. Townsquare Capital LLC boosted its stake in Middleby by 4.7% during the 4th quarter. Townsquare Capital LLC now owns 6,553 shares of the industrial products company’s stock valued at $888,000 after purchasing an additional 294 shares during the period. Mariner LLC boosted its stake in Middleby by 7.4% during the 4th quarter. Mariner LLC now owns 7,723 shares of the industrial products company’s stock valued at $1,046,000 after purchasing an additional 535 shares during the period. XTX Topco Ltd acquired a new stake in shares of Middleby in the 4th quarter worth approximately $231,000. Finally, Jump Financial LLC acquired a new stake in shares of Middleby in the 4th quarter worth approximately $284,000. 98.55% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Edward P. Garden purchased 137,000 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were acquired at an average price of $148.03 per share, for a total transaction of $20,280,110.00. Following the completion of the acquisition, the director directly owned 3,276,834 shares of the company’s stock, valued at $485,069,737.02. The trade was a 4.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.18% of the stock is owned by corporate insiders.

Middleby Stock Down 1.2%

MIDD stock opened at $132.61 on Friday. The Middleby Corporation has a 12 month low of $118.09 and a 12 month high of $182.73. The firm has a market cap of $6.72 billion, a PE ratio of 16.87 and a beta of 1.58. The firm has a 50 day simple moving average of $142.74 and a 200 day simple moving average of $147.43. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56.

Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, August 6th. The industrial products company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.20 by $0.15. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The business had revenue of $977.86 million during the quarter, compared to analyst estimates of $979.59 million. During the same period in the prior year, the business earned $2.39 earnings per share. The business’s quarterly revenue was down 1.4% on a year-over-year basis. Equities research analysts forecast that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MIDD shares. JPMorgan Chase & Co. reduced their price target on shares of Middleby from $145.00 to $125.00 and set an “underweight” rating for the company in a research note on Thursday, August 7th. Canaccord Genuity Group reduced their price target on shares of Middleby from $186.00 to $162.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Wall Street Zen lowered shares of Middleby from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. Barclays reduced their price target on shares of Middleby from $180.00 to $165.00 and set an “overweight” rating for the company in a research note on Monday, July 21st. Finally, Robert W. Baird reduced their price target on shares of Middleby from $188.00 to $162.00 and set an “outperform” rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Middleby currently has an average rating of “Moderate Buy” and a consensus target price of $159.00.

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.