Allianz Asset Management GmbH Sells 3,661 Shares of The Middleby Corporation $MIDD

Allianz Asset Management GmbH lowered its stake in The Middleby Corporation (NASDAQ:MIDD) by 13.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,937 shares of the industrial products company’s stock after selling 3,661 shares during the quarter. Allianz Asset Management GmbH’s holdings in Middleby were worth $3,182,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in MIDD. Thrivent Financial for Lutherans lifted its position in Middleby by 29.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 21,203 shares of the industrial products company’s stock valued at $2,819,000 after acquiring an additional 4,793 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Middleby in the 3rd quarter valued at about $46,000. TradeLink Capital LLC bought a new stake in shares of Middleby in the third quarter valued at about $847,000. First Citizens Bank & Trust Co. boosted its position in shares of Middleby by 2.9% during the third quarter. First Citizens Bank & Trust Co. now owns 6,416 shares of the industrial products company’s stock worth $853,000 after buying an additional 183 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Middleby during the third quarter worth about $680,000. Institutional investors own 98.55% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on MIDD. KeyCorp restated an “overweight” rating on shares of Middleby in a research note on Friday, December 5th. Barclays set a $168.00 target price on shares of Middleby and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Canaccord Genuity Group raised their target price on shares of Middleby from $171.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Wall Street Zen raised shares of Middleby from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Middleby in a research note on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $163.83.

Insider Buying and Selling

In related news, Director Robert A. Nerbonne acquired 780 shares of the business’s stock in a transaction 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 directly owned 21,471 shares of the company’s stock, valued at approximately $2,759,452.92. The trade was a 3.77% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.18% of the company’s stock.

Middleby Trading Up 1.1%

Shares of Middleby stock opened at $163.89 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.07 and a quick ratio of 1.10. The business has a fifty day simple moving average of $149.42 and a two-hundred day simple moving average of $137.23. The Middleby Corporation has a 1 year low of $110.82 and a 1 year high of $182.73. The company has a market capitalization of $8.26 billion, a price-to-earnings ratio of -37.25 and a beta of 1.40.

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.