Middleby (NASDAQ:MIDD) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Middleby from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Citigroup dropped their price target on shares of Middleby from $132.00 to $120.00 and set a “neutral” rating on the stock in a research note on Friday, November 10th. BMO Capital Markets restated a “buy” rating and issued a $150.00 price target on shares of Middleby in a research note on Wednesday, November 8th. Deutsche Bank dropped their price target on shares of Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a research note on Friday, November 17th. Finally, Susquehanna Bancshares assumed coverage on shares of Middleby in a research note on Wednesday, September 27th. They issued a “positive” rating and a $141.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. Middleby presently has an average rating of “Hold” and an average target price of $137.22.
Shares of Middleby (NASDAQ:MIDD) traded up $0.62 during trading hours on Friday, hitting $136.29. 317,551 shares of the company’s stock traded hands, compared to its average volume of 391,251. Middleby has a 12 month low of $107.53 and a 12 month high of $150.87. The firm has a market capitalization of $7,620.38, a price-to-earnings ratio of 25.67 and a beta of 1.88. The company has a quick ratio of 1.02, a current ratio of 1.93 and a debt-to-equity ratio of 0.72.
Middleby announced that its Board of Directors has approved a stock repurchase plan on Tuesday, November 14th that permits the company to repurchase 2,500,000 outstanding shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In related news, Treasurer Martin M. Lindsay sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $129.50, for a total transaction of $1,295,000.00. Following the transaction, the treasurer now owns 61,726 shares in the company, valued at $7,993,517. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Middleby by 1.2% during the second quarter. Vanguard Group Inc. now owns 4,541,273 shares of the industrial products company’s stock valued at $551,811,000 after acquiring an additional 54,010 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Middleby by 19.9% during the second quarter. Goldman Sachs Group Inc. now owns 2,859,086 shares of the industrial products company’s stock valued at $347,407,000 after acquiring an additional 474,506 shares during the period. BlackRock Inc. increased its stake in shares of Middleby by 2.7% during the second quarter. BlackRock Inc. now owns 2,701,818 shares of the industrial products company’s stock valued at $328,297,000 after acquiring an additional 69,896 shares during the period. Fiera Capital Corp increased its stake in shares of Middleby by 19.3% during the second quarter. Fiera Capital Corp now owns 2,480,553 shares of the industrial products company’s stock valued at $301,412,000 after acquiring an additional 401,561 shares during the period. Finally, CI Global Investments Inc. increased its stake in shares of Middleby by 42.4% during the third quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock valued at $271,980,000 after acquiring an additional 631,770 shares during the period. Institutional investors and hedge funds own 99.08% of the company’s stock.
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Middleby Company 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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