National Bank of Canada FI Sells 123,528 Shares of The Middleby Corporation $MIDD

Key Points

• National Bank of Canada FI significantly reduced its stake in The Middleby Corporation, trimming its holdings by 96.7% in Q1 2023.
• Institutional investors and hedge funds collectively own 98.55% of Middleby’s stock; several have increased their positions recently, including Sterling Capital Management which raised its stake by 56.8%.
• Middleby stock showed a 1.2% decline recently, with a current market cap of $6.72 billion and earnings of $2.35 per share, exceeding analyst expectations.

National Bank of Canada FI lessened its position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 96.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,219 shares of the industrial products company's stock after selling 123,528 shares during the period. National Bank of Canada FI's holdings in Middleby were worth $641,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Headlands Technologies LLC bought a new position in shares of Middleby in the 1st quarter worth $592,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Middleby by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 352,837 shares of the industrial products company's stock worth $53,624,000 after buying an additional 4,614 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Middleby in the 1st quarter worth $440,000. Natixis Advisors LLC increased its holdings in shares of Middleby by 17.3% in the 1st quarter. Natixis Advisors LLC now owns 104,352 shares of the industrial products company's stock worth $15,859,000 after buying an additional 15,411 shares during the last quarter. Finally, Bayforest Capital Ltd increased its holdings in shares of Middleby by 183.1% in the 1st quarter. Bayforest Capital Ltd now owns 1,888 shares of the industrial products company's stock worth $287,000 after buying an additional 1,221 shares during the last quarter. Institutional investors own 98.55% of the company's stock.

Analyst Ratings Changes

MIDD has been the topic of a number of research analyst reports. Zacks Research raised shares of Middleby to a "strong sell" rating in a report on Monday, August 11th. 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 report on Thursday, May 8th. Barclays decreased their price target on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Canaccord Genuity Group cut their price objective on shares of Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Finally, Wall Street Zen cut shares of Middleby from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $159.00.

Insider Transactions at Middleby

In other news, Director Edward P. Garden purchased 137,000 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were acquired at an average price of $148.03 per share, with a total value of $20,280,110.00. Following the acquisition, the director directly owned 3,276,834 shares in the company, valued at approximately $485,069,737.02. The trade was a 4.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 6.18% of the stock is currently owned by company insiders.

Middleby Trading Up 1.4%

Middleby stock traded up $1.89 during trading hours on Tuesday, reaching $132.61. The stock had a trading volume of 701,399 shares, compared to its average volume of 917,625. The stock has a market cap of $6.72 billion, a PE ratio of 16.87 and a beta of 1.58. The Middleby Corporation has a 52 week low of $118.09 and a 52 week high of $182.73. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56. The company has a fifty day simple moving average of $142.35 and a 200-day simple moving average of $146.82.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.15. The business had revenue of $977.86 million for the quarter, compared to analyst estimates of $979.59 million. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The company's revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.39 EPS. Analysts forecast that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

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.