Middleby Corp (NASDAQ:MIDD) saw some unusual options trading on Monday. Investors purchased 1,179 put options on the company. This represents an increase of approximately 767% compared to the average volume of 136 put options.
A number of research analysts recently issued reports on MIDD shares. Deutsche Bank reduced their price target on Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a report on Friday, November 17th. BidaskClub upgraded Middleby from a “sell” rating to a “hold” rating in a report on Friday, December 15th. Zacks Investment Research downgraded Middleby from a “hold” rating to a “sell” rating in a report on Tuesday, December 19th. Finally, Citigroup boosted their price target on Middleby from $120.00 to $150.00 and gave the company a “neutral” rating in a report on Tuesday, January 30th. One 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. The stock has a consensus rating of “Hold” and a consensus price target of $138.25.
Middleby (MIDD) opened at $131.94 on Tuesday. Middleby has a twelve month low of $107.53 and a twelve month high of $142.00. The company has a current ratio of 1.97, a quick ratio of 1.07 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $7,315.76, a P/E ratio of 23.91 and a beta of 1.83.
Middleby declared that its board has authorized a share repurchase program on Tuesday, November 14th that permits the company to buyback 2,500,000 outstanding shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.
In related news, Treasurer Martin M. Lindsay sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the treasurer now 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 can be accessed through the SEC website. Also, Director Nassem Ziyad purchased 1,000 shares of Middleby stock in a transaction that occurred on Friday, November 16th. The shares were acquired at an average price of $111.00 per share, for a total transaction of $111,000.00. Following the acquisition, the director now owns 2,000 shares in the company, valued at $222,000. The disclosure for this purchase can be found here. 2.00% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the business. Truewealth LLC purchased a new position in shares of Middleby during the 4th quarter worth approximately $102,000. American International Group Inc. purchased a new position in shares of Middleby during the 4th quarter worth approximately $176,000. 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. Finally, Beacon Investment Advisory Services Inc. purchased a new position in shares of Middleby during the 3rd quarter worth approximately $231,000.
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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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