PNC Financial Services Group Inc. decreased its position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 32.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,700 shares of the industrial products company's stock after selling 23,254 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.09% of Middleby worth $7,249,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in MIDD. TCTC Holdings LLC boosted its position in Middleby by 116.7% during the first quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 91 shares in the last quarter. Xponance Inc. raised its stake in shares of Middleby by 1.6% in the first quarter. Xponance Inc. now owns 6,223 shares of the industrial products company's stock worth $946,000 after purchasing an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Middleby by 0.9% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 11,020 shares of the industrial products company's stock valued at $1,675,000 after acquiring an additional 100 shares during the period. Janney Montgomery Scott LLC lifted its position in Middleby by 2.9% during the first quarter. Janney Montgomery Scott LLC now owns 3,566 shares of the industrial products company's stock valued at $542,000 after purchasing an additional 101 shares during the period. Finally, Treasurer of the State of North Carolina grew its stake in shares of Middleby by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 23,409 shares of the industrial products company's stock worth $3,171,000 after purchasing an additional 140 shares during the period. Hedge funds and other institutional investors own 98.55% of the company's stock.
Middleby Price Performance
Middleby stock traded down $0.46 during mid-day trading on Friday, reaching $119.71. The company had a trading volume of 1,252,786 shares, compared to its average volume of 1,060,553. The company has a market capitalization of $6.42 billion, a P/E ratio of 15.23 and a beta of 1.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.73. The stock's 50-day simple moving average is $144.33 and its 200-day simple moving average is $148.49. The Middleby Corporation has a 1 year low of $118.09 and a 1 year high of $182.73.
Middleby (NASDAQ:MIDD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.15. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The company had revenue of $977.86 million for the quarter, compared to analysts' expectations of $979.59 million. During the same period last year, the company earned $2.39 EPS. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. On average, equities analysts predict that The Middleby Corporation will post 9.11 EPS for the current year.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on MIDD. Canaccord Genuity Group dropped their price target on shares of Middleby from $186.00 to $162.00 and set a "buy" rating on the stock in a research note on Thursday. Robert W. Baird decreased their price target on shares of Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Barclays lowered 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. Wall Street Zen downgraded Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Middleby from $145.00 to $125.00 and set an "underweight" rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $159.00.
Get Our Latest Stock Analysis on Middleby
Insider Activity
In other news, Director Edward P. Garden acquired 137,000 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were bought at an average price of $148.03 per share, for a total transaction of $20,280,110.00. Following the completion of the purchase, the director directly owned 3,276,834 shares of the company's stock, valued at approximately $485,069,737.02. This trade represents a 4.36% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 437,910 shares of company stock valued at $65,243,811 over the last ninety days. 6.18% of the stock is owned by corporate insiders.
About Middleby
(
Free Report)
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.
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