38,000 Shares in The Middleby Co. (NASDAQ:MIDD) Acquired by Olstein Capital Management L.P.

Olstein Capital Management L.P. purchased a new position in The Middleby Co. (NASDAQ:MIDD) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 38,000 shares of the industrial products company’s stock, valued at approximately $6,110,000. Olstein Capital Management L.P. owned 0.07% of Middleby at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of MIDD. Rise Advisors LLC acquired a new stake in shares of Middleby in the 1st quarter worth approximately $25,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 162 shares during the period. Signaturefd LLC grew its holdings in shares of Middleby by 230.1% in the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 168 shares during the period. Assetmark Inc. grew its holdings in Middleby by 1,158.3% during the 4th quarter. Assetmark Inc. now owns 453 shares of the industrial products company’s stock valued at $67,000 after buying an additional 417 shares during the last quarter. Finally, CWM LLC grew its holdings in Middleby by 80.2% during the 4th quarter. CWM LLC now owns 510 shares of the industrial products company’s stock valued at $75,000 after buying an additional 227 shares during the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Trading Up 0.3 %

Shares of MIDD traded up $0.35 during trading hours on Wednesday, hitting $121.25. The stock had a trading volume of 497,453 shares, compared to its average volume of 425,407. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 2.40. The firm has a market cap of $6.52 billion, a P/E ratio of 16.84 and a beta of 1.61. The company’s fifty day simple moving average is $130.44 and its 200 day simple moving average is $141.40. The Middleby Co. has a 12-month low of $109.59 and a 12-month high of $161.01.

Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.16). Middleby had a return on equity of 15.88% and a net margin of 9.82%. The firm had revenue of $926.90 million during the quarter, compared to analysts’ expectations of $979.05 million. During the same period last year, the business posted $2.19 earnings per share. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. Equities research analysts forecast that The Middleby Co. will post 9.77 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Canaccord Genuity Group lowered their target price on Middleby from $166.00 to $159.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Raymond James assumed coverage on Middleby in a report on Friday, June 28th. They set a “market perform” rating on the stock. William Blair upgraded Middleby to a “hold” rating in a report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. lowered Middleby from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $145.00 to $118.00 in a research note on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $153.43.

Insider Buying and Selling at Middleby

In other Middleby news, Director John R. Miller III sold 2,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $126.32, for a total value of $252,640.00. Following the transaction, the director now directly owns 10,931 shares of the company’s stock, valued at $1,380,803.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Chapin Sarah Palisi sold 235 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total transaction of $32,237.30. Following the completion of the sale, the director now directly owns 7,211 shares in the company, valued at $989,204.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John R. Miller III sold 2,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $126.32, for a total value of $252,640.00. Following the sale, the director now owns 10,931 shares of the company’s stock, valued at $1,380,803.92. The disclosure for this sale can be found here. Insiders have sold 2,385 shares of company stock valued at $304,134 over the last three months. 1.17% of the stock is owned by company insiders.

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.