Middleby Corp (NASDAQ:MIDD) Director Robert A. Nerbonne Acquires 455 Shares of Stock

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Middleby Corp (NASDAQ:MIDD) Director Robert A. Nerbonne acquired 455 shares of Middleby stock in a transaction that occurred on Wednesday, August 14th. The stock was acquired at an average cost of $111.21 per share, with a total value of $50,600.55. Following the completion of the purchase, the director now owns 1,282 shares in the company, valued at approximately $142,571.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MIDD stock traded up $0.54 during mid-day trading on Thursday, hitting $110.24. The stock had a trading volume of 9,307 shares, compared to its average volume of 516,741. The company has a quick ratio of 0.95, a current ratio of 1.98 and a debt-to-equity ratio of 1.09. Middleby Corp has a 1-year low of $96.65 and a 1-year high of $142.98. The business’s fifty day moving average price is $131.90. The stock has a market cap of $6.10 billion, a PE ratio of 18.10 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, August 7th. The industrial products company reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.77 by ($0.07). Middleby had a return on equity of 21.63% and a net margin of 11.27%. The firm had revenue of $761.00 million during the quarter, compared to analyst estimates of $774.13 million. During the same period in the previous year, the company earned $1.63 earnings per share. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. As a group, equities analysts anticipate that Middleby Corp will post 6.58 earnings per share for the current year.

MIDD has been the subject of several research analyst reports. ValuEngine downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Buckingham Research set a $153.00 price objective on Middleby and gave the stock a “buy” rating in a research note on Wednesday, August 7th. BidaskClub downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research raised Middleby from a “sell” rating to a “hold” rating and set a $118.00 price objective for the company in a research note on Wednesday. Finally, Citigroup reduced their price objective on Middleby from $138.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $140.43.

A number of hedge funds have recently modified their holdings of MIDD. Eminence Capital LP increased its position in Middleby by 712.8% in the 2nd quarter. Eminence Capital LP now owns 1,274,325 shares of the industrial products company’s stock worth $172,926,000 after purchasing an additional 1,117,543 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in Middleby in the 2nd quarter worth about $104,031,000. Wells Fargo & Company MN increased its position in Middleby by 136.5% in the 1st quarter. Wells Fargo & Company MN now owns 858,495 shares of the industrial products company’s stock worth $111,630,000 after purchasing an additional 495,516 shares during the last quarter. Columbus Circle Investors acquired a new position in Middleby in the 1st quarter worth about $37,823,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Middleby during the 2nd quarter valued at about $27,312,000. 99.83% of the stock is currently owned by institutional investors.

About Middleby

The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.

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