The Middleby Sees Unusually High Options Volume (MIDD)

The Middleby Corporation (NASDAQ:MIDD) saw unusually large options trading on Tuesday. Stock traders acquired 1,058 call options on the company. This is an increase of 917% compared to the average daily volume of 104 call options.

Several research firms recently commented on MIDD. Deutsche Bank dropped their target price on The Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a research note on Friday, November 17th. Citigroup dropped their target price on The Middleby from $132.00 to $120.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. BMO Capital Markets dropped their target price on The Middleby from $150.00 to $145.00 and set an “outperform” rating for the company in a research note on Thursday, November 9th. Zacks Investment Research upgraded The Middleby from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, Susquehanna Bancshares began coverage on The Middleby in a research note on Wednesday, September 27th. They issued a “positive” rating and a $141.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. The Middleby presently has an average rating of “Hold” and an average target price of $137.22.

Shares of The Middleby (NASDAQ MIDD) opened at $125.36 on Friday. The Middleby has a 1 year low of $107.53 and a 1 year high of $150.87. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.02 and a current ratio of 1.93. The stock has a market capitalization of $6,939.91, a PE ratio of 22.90 and a beta of 1.89.

The Middleby announced that its board has initiated a share buyback plan on Tuesday, November 14th that permits the company to buyback 2,500,000 shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

In other news, Director Gordon Obrien sold 5,600 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $121.41, for a total value of $679,896.00. Following the completion of the transaction, the director now directly owns 11,050 shares of the company’s stock, valued at $1,341,580.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Hartline Investment Corp grew its position in The Middleby by 4.9% during the third quarter. Hartline Investment Corp now owns 54,355 shares of the industrial products company’s stock valued at $6,967,000 after acquiring an additional 2,530 shares during the period. DF Dent & Co. Inc. grew its position in The Middleby by 19.0% during the third quarter. DF Dent & Co. Inc. now owns 20,571 shares of the industrial products company’s stock valued at $2,637,000 after acquiring an additional 3,286 shares during the period. California Public Employees Retirement System grew its position in The Middleby by 2.3% during the third quarter. California Public Employees Retirement System now owns 121,008 shares of the industrial products company’s stock valued at $15,510,000 after acquiring an additional 2,708 shares during the period. Janney Capital Management LLC purchased a new stake in The Middleby during the third quarter valued at about $384,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its position in The Middleby by 13.1% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,411 shares of the industrial products company’s stock valued at $950,000 after acquiring an additional 859 shares during the period. 99.95% of the stock is owned by hedge funds and other institutional investors.

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About The Middleby

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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