Rhumbline Advisers Cuts Stock Holdings in The Middleby Corporation $MIDD

Rhumbline Advisers reduced its position in The Middleby Corporation (NASDAQ:MIDD) by 9.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,381 shares of the industrial products company’s stock after selling 13,812 shares during the period. Rhumbline Advisers owned about 0.26% of Middleby worth $17,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Middleby during the 2nd quarter valued at about $30,000. Allworth Financial LP boosted its position in Middleby by 168.8% during the second quarter. Allworth Financial LP now owns 207 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 130 shares in the last quarter. TFC Financial Management Inc. grew its holdings in Middleby by 23,000.0% in the third quarter. TFC Financial Management Inc. now owns 231 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 230 shares during the period. AdvisorShares Investments LLC purchased a new stake in shares of Middleby in the second quarter valued at approximately $37,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Middleby during the 3rd quarter worth approximately $46,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Analyst Ratings Changes

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

Middleby Trading Down 0.2%

MIDD opened at $163.56 on Wednesday. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of -37.17 and a beta of 1.40. The company’s 50 day simple moving average is $152.34 and its two-hundred day simple moving average is $137.69. The Middleby Corporation has a 1-year low of $110.82 and a 1-year high of $182.73. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.07 and a quick ratio of 1.10.

Insider Activity at Middleby

In other news, Director Robert A. Nerbonne acquired 780 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was purchased at an average cost of $128.52 per share, for a total transaction of $100,245.60. Following the completion of the transaction, the director owned 21,471 shares in the company, valued at approximately $2,759,452.92. This trade represents a 3.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.18% of the stock is currently owned by corporate insiders.

Middleby Company 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.