The Middleby Corporation (NASDAQ:MIDD) Shares Sold by Arcadia Investment Management Corp MI

Arcadia Investment Management Corp MI lowered its stake in shares of The Middleby Corporation (NASDAQ:MIDD) by 61.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 250 shares of the industrial products company’s stock after selling 400 shares during the quarter. Arcadia Investment Management Corp MI’s holdings in Middleby were worth $38,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MIDD. Garden Investment Management L.P. acquired a new position in Middleby during the 4th quarter worth $101,958,000. Clarkston Capital Partners LLC acquired a new position in Middleby during the 4th quarter worth $91,869,000. Ameriprise Financial Inc. boosted its position in Middleby by 237.2% during the 4th quarter. Ameriprise Financial Inc. now owns 366,293 shares of the industrial products company’s stock worth $49,614,000 after acquiring an additional 257,669 shares during the period. Thompson Siegel & Walmsley LLC acquired a new position in Middleby during the 4th quarter worth $26,930,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Middleby by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,247,671 shares of the industrial products company’s stock worth $169,000,000 after buying an additional 150,709 shares in the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Insider Activity

In related news, Director Edward P. Garden purchased 137,000 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was bought at an average price of $148.03 per share, for a total transaction of $20,280,110.00. Following the purchase, the director owned 3,276,834 shares in the company, valued at $485,069,737.02. The trade was a 4.36% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders bought 640,968 shares of company stock worth $93,495,270. Corporate insiders own 6.18% of the company’s stock.

Middleby Stock Performance

Shares of NASDAQ MIDD opened at $148.06 on Wednesday. The business’s 50-day moving average price is $144.84 and its two-hundred day moving average price is $147.59. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.72 and a quick ratio of 1.73. The Middleby Corporation has a one year low of $118.83 and a one year high of $182.73. The company has a market capitalization of $7.94 billion, a P/E ratio of 18.51 and a beta of 1.57.

Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, May 7th. The industrial products company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.14. The firm had revenue of $906.63 million for the quarter, compared to the consensus estimate of $941.46 million. Middleby had a return on equity of 14.47% and a net margin of 11.26%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.89 earnings per share. Analysts anticipate that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MIDD. Canaccord Genuity Group dropped their price objective on Middleby from $200.00 to $186.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. KeyCorp dropped their price objective on Middleby from $185.00 to $175.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Robert W. Baird cut their target price on Middleby from $188.00 to $162.00 and set an “outperform” rating on the stock in a research report on Thursday, May 8th. Finally, Wall Street Zen lowered Middleby from a “buy” rating to a “hold” rating in a research report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $168.14.

Middleby Profile

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.