PineStone Asset Management Inc. Raises Holdings in The Middleby Co. (NASDAQ:MIDD)

PineStone Asset Management Inc. lifted its stake in The Middleby Co. (NASDAQ:MIDD - Free Report) by 78.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 494,461 shares of the industrial products company's stock after acquiring an additional 217,618 shares during the period. Middleby accounts for 0.8% of PineStone Asset Management Inc.'s portfolio, making the stock its 28th largest position. PineStone Asset Management Inc. owned 0.92% of Middleby worth $72,770,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Signaturefd LLC raised its position in shares of Middleby by 230.1% in the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company's stock worth $35,000 after acquiring an additional 168 shares in the last quarter. Clear Street Markets LLC acquired a new position in Middleby during the 3rd quarter valued at about $50,000. CWM LLC increased its position in Middleby by 80.2% during the 4th quarter. CWM LLC now owns 510 shares of the industrial products company's stock valued at $75,000 after buying an additional 227 shares in the last quarter. Mendota Financial Group LLC increased its position in Middleby by 13.5% during the 4th quarter. Mendota Financial Group LLC now owns 1,090 shares of the industrial products company's stock valued at $160,000 after buying an additional 130 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in Middleby during the 4th quarter valued at about $185,000. 98.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Canaccord Genuity Group reduced their target price on Middleby from $166.00 to $159.00 and set a "buy" rating on the stock in a research report on Thursday, May 9th. William Blair raised Middleby to a "hold" rating in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Middleby currently has a consensus rating of "Moderate Buy" and an average target price of $156.14.

Middleby Stock Performance

Shares of MIDD stock traded up $0.44 during mid-day trading on Friday, reaching $133.08. The stock had a trading volume of 390,218 shares, compared to its average volume of 508,613. The business's fifty day moving average is $146.78 and its 200-day moving average is $141.60. The company has a current ratio of 2.40, a quick ratio of 1.28 and a debt-to-equity ratio of 0.72. The firm has a market cap of $7.16 billion, a price-to-earnings ratio of 18.53 and a beta of 1.58. The Middleby Co. has a 1-year low of $109.59 and a 1-year high of $161.01.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing analysts' consensus estimates of $2.05 by ($0.16). The firm had revenue of $926.90 million during the quarter, compared to analyst estimates of $979.05 million. Middleby had a net margin of 9.82% and a return on equity of 15.88%. The firm's revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.19 earnings per share. On average, research analysts forecast that The Middleby Co. will post 9.98 earnings per share for the current year.

Insider Transactions at Middleby

In other news, Director Chapin Sarah Palisi sold 350 shares of the company's stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $151.47, for a total value of $53,014.50. Following the sale, the director now owns 6,306 shares in the company, valued at $955,169.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Chapin Sarah Palisi sold 350 shares of the company's stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $151.47, for a total value of $53,014.50. Following the sale, the director now owns 6,306 shares in the company, valued at $955,169.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Cathy L. Mccarthy sold 1,000 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $153.12, for a total value of $153,120.00. Following the completion of the sale, the director now owns 7,971 shares in the company, valued at approximately $1,220,519.52. The disclosure for this sale can be found here. Insiders have sold 1,585 shares of company stock worth $238,372 over the last quarter. 1.16% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding MIDD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Middleby Co. (NASDAQ:MIDD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.