Allianz Asset Management GmbH Has $2.77 Million Position in The Middleby Corporation (NASDAQ:MIDD)

Allianz Asset Management GmbH cut its stake in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 15.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,206 shares of the industrial products company's stock after selling 3,340 shares during the period. Allianz Asset Management GmbH's holdings in Middleby were worth $2,767,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Versant Capital Management Inc increased its stake in shares of Middleby by 760.0% in the first quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock worth $39,000 after buying an additional 228 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Middleby during the fourth quarter valued at $71,000. Coppell Advisory Solutions LLC boosted its holdings in shares of Middleby by 220.6% during the fourth quarter. Coppell Advisory Solutions LLC now owns 606 shares of the industrial products company's stock valued at $82,000 after acquiring an additional 417 shares during the period. UMB Bank n.a. lifted its holdings in Middleby by 60.3% in the first quarter. UMB Bank n.a. now owns 638 shares of the industrial products company's stock worth $97,000 after purchasing an additional 240 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Middleby by 44.9% in the first quarter. GAMMA Investing LLC now owns 901 shares of the industrial products company's stock worth $137,000 after purchasing an additional 279 shares during the period. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Stock Performance

Middleby stock traded down $3.47 during trading hours on Friday, reaching $141.73. 835,777 shares of the company were exchanged, compared to its average volume of 866,187. The firm has a market cap of $7.60 billion, a price-to-earnings ratio of 17.72 and a beta of 1.57. The company has a current ratio of 2.72, a quick ratio of 1.73 and a debt-to-equity ratio of 0.63. The stock has a 50-day moving average of $146.28 and a 200 day moving average of $148.89. The Middleby Corporation has a 12 month low of $121.70 and a 12 month high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its earnings results on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.14. Middleby had a return on equity of 14.47% and a net margin of 11.26%. The firm had revenue of $906.63 million during the quarter, compared to analysts' expectations of $941.46 million. During the same quarter in the prior year, the business earned $1.89 earnings per share. The company's revenue was down 2.2% on a year-over-year basis. As a group, research analysts anticipate that The Middleby Corporation will post 9.11 earnings per share for the current year.

Insider Buying and Selling at Middleby

In other news, Director Edward P. Garden bought 137,000 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was acquired at an average cost of $148.03 per share, for a total transaction of $20,280,110.00. Following the completion of the purchase, the director owned 3,276,834 shares of the company's stock, valued at $485,069,737.02. This trade represents a 4.36% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders purchased 640,968 shares of company stock valued at $93,495,270 over the last three months. 6.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Barclays dropped their price target on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a research report on Monday, July 21st. Canaccord Genuity Group cut their price objective on Middleby from $200.00 to $186.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. KeyCorp cut their price objective on Middleby from $185.00 to $175.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Robert W. Baird cut their price objective on Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Finally, Wall Street Zen downgraded shares of Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Middleby has an average rating of "Moderate Buy" and an average price target of $166.00.

About Middleby

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.