Traders purchased shares of The Middleby Corporation (NASDAQ:MIDD) on weakness during trading hours on Wednesday. $36.47 million flowed into the stock on the tick-up and $10.48 million flowed out of the stock on the tick-down, for a money net flow of $25.99 million into the stock. Of all stocks tracked, The Middleby Corporation had the 24th highest net in-flow for the day. The Middleby Corporation traded down ($0.49) for the day and closed at $110.15
MIDD has been the subject of a number of analyst reports. Deutsche Bank AG reduced their target price on shares of The Middleby Corporation from $120.00 to $110.00 and set a “hold” rating for the company in a research note on Friday. BMO Capital Markets cut their price target on shares of The Middleby Corporation from $150.00 to $145.00 and set an “outperform” rating on the stock in a report on Thursday, November 9th. BidaskClub lowered shares of The Middleby Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Citigroup Inc. decreased their price objective on shares of The Middleby Corporation from $132.00 to $120.00 and set a “neutral” rating for the company in a report on Friday, November 10th. Finally, Robert W. Baird reduced their price target on shares of The Middleby Corporation from $145.00 to $142.00 and set an “outperform” rating for the company in a report on Friday, August 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. The Middleby Corporation has a consensus rating of “Hold” and an average price target of $137.22.
The company has a debt-to-equity ratio of 0.72, a current ratio of 1.93 and a quick ratio of 1.04. The company has a market cap of $6,210.00, a price-to-earnings ratio of 20.32 and a beta of 1.86.
The Middleby Corporation announced that its Board of Directors has initiated a share buyback plan on Tuesday, November 14th that allows the company to repurchase 2,500,000 shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
In other The Middleby Corporation news, Director John R. Miller III sold 8,500 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $118.50, for a total transaction of $1,007,250.00. Following the transaction, the director now directly owns 16,000 shares in the company, valued at approximately $1,896,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gordon Obrien sold 5,600 shares of the 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 transaction, the director now owns 11,050 shares in the company, valued at $1,341,580.50. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of MIDD. DF Dent & Co. Inc. boosted its position in shares of The Middleby Corporation by 19.0% during the 3rd quarter. DF Dent & Co. Inc. now owns 20,571 shares of the industrial products company’s stock valued at $2,637,000 after acquiring an additional 3,286 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of The Middleby Corporation by 2.3% during the third quarter. California Public Employees Retirement System now owns 121,008 shares of the industrial products company’s stock valued at $15,510,000 after purchasing an additional 2,708 shares in the last quarter. Janney Capital Management LLC bought a new stake in The Middleby Corporation in the third quarter worth $384,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of The Middleby Corporation by 13.1% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,411 shares of the industrial products company’s stock valued at $950,000 after purchasing an additional 859 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. bought a new position in shares of The Middleby Corporation in the third quarter worth about $231,000. Institutional investors and hedge funds own 95.03% of the company’s stock.
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The Middleby Corporation Company Profile
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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