The Middleby Corporation $MIDD Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in The Middleby Corporation (NASDAQ:MIDD) by 14.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 103,704 shares of the industrial products company’s stock after selling 17,436 shares during the period. Principal Financial Group Inc.’s holdings in Middleby were worth $13,785,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MIDD. Norges Bank bought a new position in Middleby during the 2nd quarter worth $19,285,000. Franklin Resources Inc. boosted its holdings in shares of Middleby by 27.0% during the second quarter. Franklin Resources Inc. now owns 621,794 shares of the industrial products company’s stock valued at $89,538,000 after acquiring an additional 132,191 shares during the period. Ameriprise Financial Inc. grew its position in shares of Middleby by 21.3% during the second quarter. Ameriprise Financial Inc. now owns 592,168 shares of the industrial products company’s stock worth $85,272,000 after acquiring an additional 103,930 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Middleby in the 2nd quarter worth about $12,868,000. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Middleby in the 3rd quarter worth about $11,701,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Insider Activity

In other news, Director Robert A. Nerbonne purchased 780 shares of the stock in a transaction dated Tuesday, December 9th. The shares were bought at an average cost of $128.52 per share, for a total transaction of $100,245.60. Following the transaction, the director owned 21,471 shares in the company, valued at $2,759,452.92. This trade represents a 3.77% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 6.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MIDD shares. Wall Street Zen raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Middleby in a report on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on Middleby from $125.00 to $140.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Canaccord Genuity Group raised their target price on Middleby from $171.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Finally, Zacks Research downgraded Middleby from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 26th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $163.83.

Middleby Price Performance

NASDAQ MIDD opened at $162.17 on Wednesday. The Middleby Corporation has a 12 month low of $110.82 and a 12 month high of $182.73. The firm has a market capitalization of $8.17 billion, a PE ratio of -36.86 and a beta of 1.40. The company’s 50 day simple moving average is $148.54 and its 200 day simple moving average is $137.04. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.07 and a quick ratio of 1.10.

Middleby 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.