Price Capital Management Inc. bought a new stake in Middleby Corp (NASDAQ:MIDD) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 5,002 shares of the industrial products company’s stock, valued at approximately $675,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new position in Middleby during the 2nd quarter valued at approximately $154,000. Zions Bancorporation purchased a new position in shares of Middleby during the 3rd quarter worth approximately $198,000. Crossmark Global Holdings Inc. purchased a new position in shares of Middleby during the 4th quarter worth approximately $202,000. Fulton Bank N.A. purchased a new position in shares of Middleby during the 3rd quarter worth approximately $209,000. Finally, Ironwood Investment Management LLC purchased a new position in shares of Middleby during the 3rd quarter worth approximately $229,000.
Shares of Middleby Corp (NASDAQ:MIDD) traded up $1.94 on Friday, reaching $135.00. The company’s stock had a trading volume of 249,923 shares, compared to its average volume of 451,486. The company has a current ratio of 1.93, a quick ratio of 1.02 and a debt-to-equity ratio of 0.72. Middleby Corp has a 1-year low of $107.53 and a 1-year high of $150.87. The stock has a market cap of $7,660.00, a P/E ratio of 25.38 and a beta of 1.78.
Middleby announced that its Board of Directors has approved a stock repurchase plan on Tuesday, November 14th that allows the company to buyback 2,500,000 outstanding shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
In other Middleby news, Treasurer Martin M. Lindsay sold 10,000 shares of the stock in a transaction on 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 sale, the treasurer now directly owns 61,726 shares in the company, valued at approximately $7,993,517. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.
A number of research analysts have weighed in on the company. Citigroup upped their target price on Middleby from $120.00 to $150.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Zacks Investment Research downgraded Middleby from a “buy” rating to a “hold” rating in a report on Wednesday, January 24th. BidaskClub downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. Deutsche Bank cut their price target on Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a research note on Friday, November 17th. Finally, BMO Capital Markets cut their price target on Middleby from $150.00 to $145.00 and set an “outperform” rating on the stock in a research note on Thursday, November 9th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $139.63.
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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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