CenterBook Partners LP Buys New Holdings in The Middleby Corporation $MIDD

CenterBook Partners LP purchased a new position in The Middleby Corporation (NASDAQ:MIDD) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,870 shares of the industrial products company’s stock, valued at approximately $1,711,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Middleby in the second quarter worth $19,285,000. Franklin Resources Inc. lifted its stake in Middleby by 27.0% in the 2nd quarter. Franklin Resources Inc. now owns 621,794 shares of the industrial products company’s stock worth $89,538,000 after purchasing an additional 132,191 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Middleby by 21.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 592,168 shares of the industrial products company’s stock valued at $85,272,000 after purchasing an additional 103,930 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Middleby during the second quarter valued at about $12,868,000. Finally, Wedge Capital Management L L P NC purchased a new position in shares of Middleby during the third quarter valued at about $11,701,000. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Trading Down 1.2%

MIDD opened at $162.46 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.10 and a current ratio of 2.07. The stock’s 50 day moving average price is $153.14 and its 200-day moving average price is $138.05. The Middleby Corporation has a one year low of $110.82 and a one year high of $182.73. The stock has a market cap of $8.18 billion, a price-to-earnings ratio of -36.92 and a beta of 1.40.

Analyst Ratings Changes

MIDD has been the subject of a number of research reports. KeyCorp reissued an “overweight” rating on shares of Middleby in a research note on Friday, December 5th. Barclays set a $168.00 price objective on Middleby and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Middleby in a report on Monday, December 29th. Wall Street Zen raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Zacks Research cut shares of Middleby from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 26th. Five investment 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $163.83.

Insider Activity

In related news, Director Robert A. Nerbonne purchased 780 shares of Middleby stock in a transaction that occurred on Tuesday, December 9th. The shares were bought at an average price of $128.52 per share, with a total value of $100,245.60. Following the purchase, the director directly owned 21,471 shares of the company’s stock, valued at approximately $2,759,452.92. This represents a 3.77% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.18% of the company’s stock.

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.