Geode Capital Management LLC lowered its stake in shares of Middleby Corp (NASDAQ:MIDD) by 1.1% in the fourth quarter, Holdings Channel reports. The firm owned 538,111 shares of the industrial products company’s stock after selling 5,913 shares during the period. Geode Capital Management LLC’s holdings in Middleby were worth $72,579,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Middleby by 0.3% during the 4th quarter. BlackRock Inc. now owns 2,709,132 shares of the industrial products company’s stock worth $365,596,000 after buying an additional 7,976 shares in the last quarter. CI Global Investments Inc. lifted its position in shares of Middleby by 21.4% during the 4th quarter. CI Global Investments Inc. now owns 2,575,842 shares of the industrial products company’s stock worth $347,610,000 after buying an additional 453,817 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Middleby by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,165,111 shares of the industrial products company’s stock worth $148,912,000 after buying an additional 42,185 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Middleby by 258.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,161,870 shares of the industrial products company’s stock worth $156,794,000 after buying an additional 837,820 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Middleby by 170.9% during the 3rd quarter. Wells Fargo & Company MN now owns 957,172 shares of the industrial products company’s stock worth $122,680,000 after buying an additional 603,869 shares in the last quarter.
Shares of Middleby Corp (MIDD) opened at $133.13 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.97 and a debt-to-equity ratio of 0.75. The company has a market cap of $7,353.10, a P/E ratio of 25.36 and a beta of 1.83. Middleby Corp has a 1-year low of $107.53 and a 1-year high of $142.00.
Middleby announced that its board has approved a share 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 buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
Several research firms have commented on MIDD. BidaskClub raised shares of Middleby from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Zacks Investment Research raised shares of Middleby from a “hold” rating to a “buy” rating and set a $151.00 target price on the stock in a research report on Wednesday, January 17th. Susquehanna Bancshares set a $149.00 target price on shares of Middleby and gave the stock a “buy” rating in a research report on Thursday, March 1st. Citigroup dropped their target price on shares of Middleby from $150.00 to $132.00 and set a “neutral” rating on the stock in a research report on Monday, March 5th. Finally, Wellington Shields cut shares of Middleby from an “accumulate” rating to a “hold” rating in a research report on Thursday, March 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $138.25.
In related news, Treasurer Martin M. Lindsay sold 10,000 shares of Middleby stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $129.50, for a total value of $1,295,000.00. Following the sale, the treasurer now owns 61,726 shares of the company’s stock, valued at approximately $7,993,517. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nassem Ziyad purchased 2,000 shares of the stock in a transaction that occurred on Thursday, March 8th. The stock was bought at an average cost of $118.50 per share, for a total transaction of $237,000.00. Following the acquisition, the director now directly owns 2,000 shares in the company, valued at approximately $237,000. The disclosure for this purchase can be found here. Insiders own 2.00% of the company’s stock.
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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.
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