T. Rowe Price Investment Management Inc. Takes Position in The Middleby Co. (NASDAQ:MIDD)

T. Rowe Price Investment Management Inc. purchased a new position in The Middleby Co. (NASDAQ:MIDD - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,853 shares of the industrial products company's stock, valued at approximately $387,000.

Other large investors have also added to or reduced their stakes in the company. Lorne Steinberg Wealth Management Inc. lifted its stake in shares of Middleby by 0.3% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 24,535 shares of the industrial products company's stock worth $3,323,000 after buying an additional 70 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of Middleby by 16.0% during the 4th quarter. Principal Securities Inc. now owns 566 shares of the industrial products company's stock valued at $77,000 after acquiring an additional 78 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Middleby by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 1,651 shares of the industrial products company's stock worth $224,000 after acquiring an additional 81 shares during the period. Pictet Asset Management Holding SA boosted its holdings in Middleby by 1.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 7,167 shares of the industrial products company's stock worth $971,000 after purchasing an additional 81 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Middleby by 2.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,472 shares of the industrial products company's stock valued at $470,000 after buying an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 98.55% of the company's stock.

Insider Activity

In related news, Director Chapin Sarah Palisi sold 500 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $163.51, for a total transaction of $81,755.00. Following the completion of the transaction, the director now directly owns 6,111 shares in the company, valued at $999,209.61. The trade was a 7.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 6.18% of the company's stock.

Middleby Stock Up 3.1 %

Shares of MIDD stock traded up $4.21 on Friday, hitting $138.57. The stock had a trading volume of 1,057,006 shares, compared to its average volume of 693,210. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The Middleby Co. has a one year low of $118.41 and a one year high of $182.73. The business has a 50 day moving average price of $144.64 and a 200 day moving average price of $145.47. The company has a market cap of $7.43 billion, a PE ratio of 19.11 and a beta of 1.44.

Middleby (NASDAQ:MIDD - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share for the quarter, beating analysts' consensus estimates of $2.50 by $0.38. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $996.69 million. During the same period last year, the business earned $2.65 EPS. The company's revenue was up .4% compared to the same quarter last year. Research analysts anticipate that The Middleby Co. will post 9.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Canaccord Genuity Group upped their price target on shares of Middleby from $192.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. KeyCorp dropped their price target on shares of Middleby from $185.00 to $175.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. StockNews.com lowered Middleby from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. JPMorgan Chase & Co. lifted their price target on shares of Middleby from $145.00 to $150.00 and gave the company an "underweight" rating in a report on Wednesday, February 26th. Finally, Barclays upped their price objective on Middleby from $160.00 to $180.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Middleby presently has an average rating of "Hold" and an average price target of $179.43.

Middleby Company Profile

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.