BidaskClub downgraded shares of Middleby (NASDAQ:MIDD) from a sell rating to a strong sell rating in a research note issued to investors on Wednesday morning.
MIDD has been the subject of a number of other research reports. BMO Capital Markets decreased their target price on Middleby from $150.00 to $145.00 and set an outperform rating for the company in a research report on Thursday, November 9th. Zacks Investment Research raised Middleby from a hold rating to a buy rating and set a $149.00 target price for the company in a research report on Thursday, February 22nd. Citigroup upped their target price on Middleby from $120.00 to $150.00 and gave the stock a neutral rating in a research report on Tuesday, January 30th. Deutsche Bank decreased their target price on Middleby from $120.00 to $110.00 and set a hold rating for the company in a research report on Friday, November 17th. Finally, Wellington Shields cut Middleby from an accumulate rating to a hold rating in a research report on Thursday, March 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $138.25.
Shares of Middleby (NASDAQ:MIDD) traded up $4.00 during trading on Wednesday, reaching $131.27. The company’s stock had a trading volume of 924,251 shares, compared to its average volume of 628,881. The company has a market capitalization of $7,340.00, a PE ratio of 24.96 and a beta of 1.83. The company has a quick ratio of 1.02, a current ratio of 1.97 and a debt-to-equity ratio of 0.75. Middleby has a 52-week low of $107.53 and a 52-week high of $142.00.
Middleby announced that its board has authorized a stock repurchase plan on Tuesday, November 14th that allows the company to repurchase 2,500,000 shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other Middleby news, Director Nassem Ziyad acquired 1,000 shares of Middleby stock in a transaction dated Friday, November 16th. The stock was bought at an average cost of $111.00 per share, with a total value of $111,000.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at $222,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Treasurer Martin M. Lindsay sold 10,000 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $129.50, for a total value of $1,295,000.00. Following the completion of the sale, the treasurer now directly owns 61,726 shares of the company’s stock, valued at $7,993,517. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in shares of Middleby by 258.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,161,870 shares of the industrial products company’s stock valued at $156,794,000 after purchasing an additional 837,820 shares in the last quarter. CI Global Investments Inc. raised its stake in shares of Middleby by 42.4% in 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 purchasing an additional 631,770 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Middleby by 170.9% in the third quarter. Wells Fargo & Company MN now owns 957,172 shares of the industrial products company’s stock valued at $122,680,000 after purchasing an additional 603,869 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Middleby in the fourth quarter valued at $53,537,000. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Middleby in the fourth quarter valued at $49,223,000.
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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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