Victory Capital Management Inc. Trims Position in Middleby Corp (MIDD)

Victory Capital Management Inc. lessened its position in shares of Middleby Corp (NASDAQ:MIDD) by 85.6% in the fourth quarter, Holdings Channel reports. The fund owned 15,120 shares of the industrial products company’s stock after selling 89,989 shares during the quarter. Victory Capital Management Inc.’s holdings in Middleby were worth $2,040,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of MIDD. Dimensional Fund Advisors LP increased its position in Middleby by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 220,550 shares of the industrial products company’s stock worth $26,797,000 after buying an additional 6,218 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Middleby in the second quarter worth about $154,000. Intl Fcstone Inc. purchased a new stake in Middleby in the second quarter worth about $262,000. Strs Ohio increased its position in Middleby by 37.9% in the third quarter. Strs Ohio now owns 473,264 shares of the industrial products company’s stock worth $60,658,000 after buying an additional 130,000 shares in the last quarter. Finally, Westpac Banking Corp increased its position in Middleby by 163.6% in the third quarter. Westpac Banking Corp now owns 46,528 shares of the industrial products company’s stock worth $5,963,000 after buying an additional 28,878 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

Shares of Middleby Corp (NASDAQ:MIDD) opened at $132.92 on Thursday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.02 and a current ratio of 1.93. Middleby Corp has a 1 year low of $107.53 and a 1 year high of $150.87. The stock has a market capitalization of $7,476.67, a PE ratio of 25.03 and a beta of 1.78.

Middleby announced that its board has initiated a stock repurchase program on Tuesday, November 14th that allows the company to buyback 2,500,000 shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

In related news, Treasurer Martin M. Lindsay sold 10,000 shares of the stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $129.50, for a total transaction of $1,295,000.00. Following the completion of the sale, the treasurer now owns 61,726 shares in the company, valued at $7,993,517. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.

A number of analysts have commented on the company. Citigroup reduced their price target on Middleby from $132.00 to $120.00 and set a “neutral” rating for the company in a research report on Friday, November 10th. Zacks Investment Research upgraded Middleby from a “hold” rating to a “buy” rating and set a $151.00 price target for the company in a research report on Wednesday, January 17th. BMO Capital Markets reduced their price target on Middleby from $150.00 to $145.00 and set an “outperform” rating for the company in a research report on Thursday, November 9th. BidaskClub cut Middleby from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Finally, Deutsche Bank reduced their price target on Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a research report on Friday, November 17th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $139.63.

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About Middleby

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.

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Institutional Ownership by Quarter for Middleby (NASDAQ:MIDD)

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