Sarasin & Partners LLP Buys 8,000 Shares of Middleby Corp (MIDD)
Sarasin & Partners LLP increased its stake in shares of Middleby Corp (NASDAQ:MIDD) by 18.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,000 shares of the industrial products company’s stock after acquiring an additional 8,000 shares during the quarter. Sarasin & Partners LLP’s holdings in Middleby were worth $7,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently bought and sold shares of the company. Stifel Financial Corp grew its position in Middleby by 15.3% during the 2nd quarter. Stifel Financial Corp now owns 8,402 shares of the industrial products company’s stock worth $1,017,000 after acquiring an additional 1,113 shares during the last quarter. Arcadia Investment Management Corp MI grew its position in Middleby by 1.1% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 42,548 shares of the industrial products company’s stock worth $5,453,000 after acquiring an additional 470 shares during the last quarter. Northern Trust Corp grew its position in Middleby by 0.3% during the 2nd quarter. Northern Trust Corp now owns 334,014 shares of the industrial products company’s stock worth $40,586,000 after acquiring an additional 863 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in Middleby during the 2nd quarter worth approximately $329,000. Finally, Pacer Advisors Inc. grew its position in Middleby by 15.4% during the 3rd quarter. Pacer Advisors Inc. now owns 10,654 shares of the industrial products company’s stock worth $1,366,000 after acquiring an additional 1,419 shares during the last quarter. Institutional investors and hedge funds own 99.48% of the company’s stock.
Several research firms recently issued reports on MIDD. Deutsche Bank reduced their price target on Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a research report on Friday, November 17th. BidaskClub upgraded Middleby from a “hold” rating to a “buy” rating in a report on Saturday, December 30th. BMO Capital Markets reiterated a “buy” rating and issued a $150.00 price objective on shares of Middleby in a report on Wednesday, November 8th. Finally, Zacks Investment Research upgraded Middleby from a “sell” rating to a “hold” rating and set a $154.00 price objective for the company in a report on Monday, January 8th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $141.56.
Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Tuesday, November 7th. The industrial products company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.05). The business had revenue of $593.04 million during the quarter, compared to analysts’ expectations of $588.17 million. Middleby had a return on equity of 23.28% and a net margin of 13.22%. sell-side analysts forecast that Middleby Corp will post 5.39 earnings per share for the current year.
Middleby declared that its board has approved a share buyback plan on Tuesday, November 14th that permits the company to repurchase 2,500,000 shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other news, Treasurer Martin M. Lindsay sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $129.50, for a total value of $1,295,000.00. Following the completion of the transaction, the treasurer now owns 61,726 shares in the company, valued at approximately $7,993,517. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company 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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