The Middleby Corporation (MIDD) Position Reduced by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its holdings in shares of The Middleby Corporation (NASDAQ:MIDD) by 10.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,546 shares of the industrial products company’s stock after selling 4,345 shares during the quarter. Envestnet Asset Management Inc. owned about 0.06% of The Middleby worth $4,558,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also bought and sold shares of the stock. NGAM Advisors L.P. boosted its holdings in shares of The Middleby by 0.5% in the 2nd quarter. NGAM Advisors L.P. now owns 14,470 shares of the industrial products company’s stock worth $1,758,000 after purchasing an additional 72 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of The Middleby by 13.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,700 shares of the industrial products company’s stock valued at $207,000 after acquiring an additional 200 shares during the last quarter. World Asset Management Inc lifted its stake in shares of The Middleby by 1.1% in the 2nd quarter. World Asset Management Inc now owns 2,591 shares of the industrial products company’s stock valued at $315,000 after acquiring an additional 27 shares during the last quarter. Korea Investment CORP lifted its stake in shares of The Middleby by 309.3% in the 2nd quarter. Korea Investment CORP now owns 30,700 shares of the industrial products company’s stock valued at $3,730,000 after acquiring an additional 23,200 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in shares of The Middleby by 10.5% in the 2nd quarter. IFP Advisors Inc now owns 1,031 shares of the industrial products company’s stock valued at $125,000 after acquiring an additional 98 shares during the last quarter. Institutional investors and hedge funds own 99.95% of the company’s stock.

The Middleby Corporation (MIDD) opened at $125.61 on Monday. The Middleby Corporation has a 52-week low of $107.53 and a 52-week high of $150.87. The stock has a market capitalization of $7,023.22, a P/E ratio of 23.17 and a beta of 1.89. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.93 and a quick ratio of 1.02.

The Middleby announced that its board has authorized a stock repurchase program on Tuesday, November 14th that authorizes the company to repurchase 2,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

A number of equities research analysts have recently weighed in on MIDD shares. BMO Capital Markets lowered their target price on The Middleby from $150.00 to $145.00 and set an “outperform” rating for the company in a research note on Thursday, November 9th. Macquarie raised The Middleby from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research note on Tuesday, August 15th. Citigroup reissued a “neutral” rating and issued a $130.00 target price on shares of The Middleby in a research note on Thursday, September 7th. Susquehanna Bancshares assumed coverage on The Middleby in a research report on Wednesday, September 27th. They set a “positive” rating and a $141.00 price target for the company. Finally, Deutsche Bank lowered their price target on The Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a research report on Friday, November 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $137.22.

In related news, Director Gordon Obrien sold 5,600 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $121.41, for a total value of $679,896.00. Following the sale, the director now owns 11,050 shares in the company, valued at approximately $1,341,580.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is currently owned by corporate insiders.

ILLEGAL ACTIVITY NOTICE: This article was first published by Sports Perspectives and is the sole property of of Sports Perspectives. If you are viewing this article on another domain, it was illegally stolen and reposted in violation of international copyright laws. The original version of this article can be accessed at https://sportsperspectives.com/2017/12/11/the-middleby-corporation-midd-position-reduced-by-envestnet-asset-management-inc.html.

About The Middleby

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.

Institutional Ownership by Quarter for The Middleby (NASDAQ:MIDD)

Receive News & Ratings for The Middleby Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Middleby Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply