The Middleby Co. (NASDAQ:MIDD – Get Rating) was the target of a large decline in short interest in the month of April. As of April 15th, there was short interest totalling 3,730,000 shares, a decline of 5.1% from the March 31st total of 3,930,000 shares. Based on an average daily volume of 468,400 shares, the days-to-cover ratio is currently 8.0 days. Currently, 7.3% of the company’s shares are sold short.
Insider Transactions at Middleby
In other news, Director Chapin Sarah Palisi sold 300 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $157.39, for a total transaction of $47,217.00. Following the completion of the sale, the director now owns 7,506 shares in the company, valued at approximately $1,181,369.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.16% of the company’s stock.
Institutional Investors Weigh In On Middleby
Institutional investors and hedge funds have recently made changes to their positions in the company. Belpointe Asset Management LLC acquired a new stake in shares of Middleby during the 4th quarter valued at approximately $26,000. Covington Capital Management acquired a new stake in shares of Middleby during the 3rd quarter valued at approximately $25,000. IFP Advisors Inc raised its position in shares of Middleby by 34.1% during the 4th quarter. IFP Advisors Inc now owns 307 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 78 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Middleby by 100.6% during the 3rd quarter. Quadrant Capital Group LLC now owns 309 shares of the industrial products company’s stock worth $40,000 after buying an additional 155 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC bought a new position in Middleby during the 4th quarter worth $49,000. 98.48% of the stock is owned by institutional investors and hedge funds.
Middleby Stock Performance
Shares of MIDD opened at $142.94 on Tuesday. The business’s 50 day moving average is $143.58 and its two-hundred day moving average is $142.41. Middleby has a 52-week low of $120.30 and a 52-week high of $163.10. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 17.96 and a beta of 1.52. The company has a quick ratio of 0.94, a current ratio of 2.03 and a debt-to-equity ratio of 0.96.
Middleby (NASDAQ:MIDD – Get Rating) last announced its earnings results on Tuesday, February 21st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.11. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.01 billion. Middleby had a return on equity of 19.46% and a net margin of 10.82%. Middleby’s quarterly revenue was up 19.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.11 EPS. Analysts forecast that Middleby will post 9.8 EPS for the current fiscal year.
Wall Street Analyst Weigh In
MIDD has been the topic of several recent research reports. Canaccord Genuity Group boosted their price target on Middleby from $162.00 to $176.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. TheStreet raised Middleby from a “c+” rating to a “b-” rating in a research report on Tuesday, February 7th. StockNews.com initiated coverage on Middleby in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Benchmark boosted their price target on Middleby from $170.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, February 22nd. Finally, Barclays boosted their price target on Middleby from $175.00 to $177.00 and gave the stock an “overweight” rating in a research report on Friday, January 13th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $168.14.
Middleby Company Profile
The Middleby Corp. engages in the design, manufacture, marketing, and distribution of foodservice equipment. It operates through the following segments: Commercial Foodservice Equipment Group, Food Processing Equipment Group, Residential Kitchen Equipment Group, and Corporate and Other. The Commercial Foodservice Equipment Group segment manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry.