Impax Asset Management Group plc Lowers Stake in The Middleby Corporation $MIDD

Impax Asset Management Group plc reduced its position in The Middleby Corporation (NASDAQ:MIDD) by 6.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,429 shares of the industrial products company’s stock after selling 9,558 shares during the quarter. Impax Asset Management Group plc’s holdings in Middleby were worth $18,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Clarkston Capital Partners LLC lifted its stake in shares of Middleby by 0.6% during the 2nd quarter. Clarkston Capital Partners LLC now owns 692,764 shares of the industrial products company’s stock valued at $99,758,000 after buying an additional 4,204 shares in the last quarter. Sei Investments Co. raised its holdings in Middleby by 4.0% during the second quarter. Sei Investments Co. now owns 680,688 shares of the industrial products company’s stock valued at $98,019,000 after acquiring an additional 26,022 shares during the period. Franklin Resources Inc. lifted its position in shares of Middleby by 27.0% in the second quarter. Franklin Resources Inc. now owns 621,794 shares of the industrial products company’s stock valued at $89,538,000 after acquiring an additional 132,191 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Middleby by 21.3% in the second quarter. Ameriprise Financial Inc. now owns 592,168 shares of the industrial products company’s stock valued at $85,272,000 after acquiring an additional 103,930 shares in the last quarter. Finally, Aviso Financial Inc. boosted its stake in shares of Middleby by 2.3% in the second quarter. Aviso Financial Inc. now owns 332,123 shares of the industrial products company’s stock worth $47,826,000 after acquiring an additional 7,322 shares during the period. 98.55% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Middleby news, Director Robert A. Nerbonne purchased 780 shares of Middleby stock in a transaction that occurred on Tuesday, December 9th. The shares were bought at an average price of $128.52 per share, for a total transaction of $100,245.60. Following the completion of the transaction, the director owned 21,471 shares of the company’s stock, valued at approximately $2,759,452.92. This trade represents a 3.77% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 6.18% of the company’s stock.

Middleby Stock Performance

NASDAQ:MIDD opened at $162.17 on Wednesday. The company has a market cap of $8.17 billion, a price-to-earnings ratio of -36.86 and a beta of 1.40. The Middleby Corporation has a 1 year low of $110.82 and a 1 year high of $182.73. The stock’s 50 day simple moving average is $148.54 and its two-hundred day simple moving average is $137.04. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.07 and a quick ratio of 1.10.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MIDD. Weiss Ratings reissued a “sell (d)” rating on shares of Middleby in a research note on Monday, December 29th. KeyCorp reaffirmed an “overweight” rating on shares of Middleby in a report on Friday, December 5th. Canaccord Genuity Group lifted their price objective on shares of Middleby from $171.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Zacks Research downgraded shares of Middleby from a “strong-buy” rating to a “hold” rating in a report on Monday, January 26th. Finally, Wall Street Zen raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Middleby currently has an average rating of “Moderate Buy” and a consensus target price of $163.83.

Middleby Profile

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby’s products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company’s portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid?cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.