The Middleby Corporation (MIDD) Position Raised by DF Dent & Co. Inc.
DF Dent & Co. Inc. boosted its stake in The Middleby Corporation (NASDAQ:MIDD) by 19.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,571 shares of the industrial products company’s stock after purchasing an additional 3,286 shares during the quarter. DF Dent & Co. Inc.’s holdings in The Middleby were worth $2,637,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MIDD. Stifel Financial Corp grew its holdings in shares of The Middleby by 15.3% during the second quarter. Stifel Financial Corp now owns 8,402 shares of the industrial products company’s stock worth $1,017,000 after buying an additional 1,113 shares in the last quarter. Arcadia Investment Management Corp MI grew its holdings in shares of The Middleby by 1.1% during the third quarter. Arcadia Investment Management Corp MI now owns 42,548 shares of the industrial products company’s stock worth $5,453,000 after buying an additional 470 shares in the last quarter. Nicholas Company Inc. grew its holdings in shares of The Middleby by 173.8% during the second quarter. Nicholas Company Inc. now owns 133,945 shares of the industrial products company’s stock worth $16,275,000 after buying an additional 85,020 shares in the last quarter. Financial Counselors Inc. grew its holdings in shares of The Middleby by 39.7% during the second quarter. Financial Counselors Inc. now owns 14,673 shares of the industrial products company’s stock worth $1,783,000 after buying an additional 4,170 shares in the last quarter. Finally, Eagle Asset Management Inc. grew its holdings in shares of The Middleby by 38.3% during the second quarter. Eagle Asset Management Inc. now owns 267,864 shares of the industrial products company’s stock worth $32,548,000 after buying an additional 74,120 shares in the last quarter. Institutional investors and hedge funds own 99.95% of the company’s stock.
A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded The Middleby from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Susquehanna Bancshares started coverage on The Middleby in a report on Wednesday, September 27th. They set a “positive” rating and a $141.00 price objective for the company. Citigroup reissued a “neutral” rating and set a $130.00 price target on shares of The Middleby in a research report on Thursday, September 7th. Macquarie raised The Middleby from a “neutral” rating to an “outperform” rating and set a $150.00 price target for the company in a research report on Tuesday, August 15th. Finally, BMO Capital Markets reissued a “buy” rating and set a $150.00 price target on shares of The Middleby in a research report on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $137.22.
Shares of The Middleby Corporation (MIDD) opened at $127.53 on Wednesday. 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 $6,987.99, a P/E ratio of 23.06 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 declared that its Board of Directors has authorized a share buyback program on Tuesday, November 14th that permits the company to buyback 2,500,000 outstanding shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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The Middleby 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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