SG Capital Management LLC Acquires Shares of 415,705 The Middleby Corporation $MIDD

SG Capital Management LLC bought a new position in The Middleby Corporation (NASDAQ:MIDD) in the 3rd quarter, according to its most recent disclosure with the SEC. The firm bought 415,705 shares of the industrial products company’s stock, valued at approximately $55,260,000. Middleby accounts for approximately 4.9% of SG Capital Management LLC’s investment portfolio, making the stock its 2nd largest holding.

A number of other large investors have also recently modified their holdings of MIDD. Clarkston Capital Partners LLC raised its holdings in Middleby by 0.6% in the second quarter. Clarkston Capital Partners LLC now owns 692,764 shares of the industrial products company’s stock worth $99,758,000 after purchasing an additional 4,204 shares in the last quarter. Olstein Capital Management L.P. grew its position in shares of Middleby by 34.2% in the 3rd quarter. Olstein Capital Management L.P. now owns 57,000 shares of the industrial products company’s stock worth $7,577,000 after buying an additional 14,538 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Middleby in the 2nd quarter worth about $478,000. Vestor Capital LLC lifted its position in Middleby by 268.0% during the 2nd quarter. Vestor Capital LLC now owns 3,680 shares of the industrial products company’s stock valued at $530,000 after acquiring an additional 2,680 shares during the period. Finally, Bryce Point Capital LLC bought a new stake in Middleby during the second quarter worth about $883,000. Institutional investors own 98.55% of the company’s stock.

Insiders Place Their Bets

In other Middleby news, Director Robert A. Nerbonne bought 780 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was acquired at an average price of $128.52 per share, with a total value of $100,245.60. Following the transaction, the director owned 21,471 shares in the company, valued at $2,759,452.92. This represents a 3.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 6.18% of the company’s stock.

Middleby Stock Up 0.5%

Middleby stock opened at $164.39 on Thursday. The Middleby Corporation has a 12 month low of $110.82 and a 12 month high of $182.73. The stock has a fifty day simple moving average of $152.81 and a two-hundred day simple moving average of $137.88. The company has a current ratio of 2.07, a quick ratio of 1.10 and a debt-to-equity ratio of 0.69. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of -37.36 and a beta of 1.40.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Middleby in a research note on Monday, December 29th. JPMorgan Chase & Co. upped their price target on Middleby from $125.00 to $140.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Canaccord Genuity Group raised their price objective on Middleby from $171.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Barclays set a $168.00 target price on Middleby and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Finally, Zacks Research cut Middleby from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 26th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Middleby has an average rating of “Moderate Buy” and an average target price of $163.83.

Middleby Profile

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby’s products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company’s portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.