Principal Financial Group Inc. Decreases Stock Holdings in The Middleby Corporation $MIDD

by · The Cerbat Gem

Principal Financial Group Inc. lowered its holdings in The Middleby Corporation (NASDAQ:MIDD – Free Report) by 14.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,704 shares of the industrial products company’s stock after selling 17,436 shares during the period. Principal Financial Group Inc. owned approximately 0.20% of Middleby worth $13,785,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MIDD. Clarkston Capital Partners LLC increased its stake in Middleby by 0.6% during the 2nd quarter. Clarkston Capital Partners LLC now owns 692,764 shares of the industrial products company’s stock worth $99,758,000 after buying an additional 4,204 shares during the period. Olstein Capital Management L.P. grew its stake in shares of Middleby by 34.2% during the third quarter. Olstein Capital Management L.P. now owns 57,000 shares of the industrial products company’s stock valued at $7,577,000 after acquiring an additional 14,538 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Middleby during the second quarter worth about $478,000. Vestor Capital LLC increased its position in shares of Middleby by 268.0% during the second quarter. Vestor Capital LLC now owns 3,680 shares of the industrial products company’s stock worth $530,000 after acquiring an additional 2,680 shares during the last quarter. Finally, Bryce Point Capital LLC acquired a new position in shares of Middleby in the second quarter worth about $883,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Stock Performance

Middleby stock opened at $162.17 on Wednesday. The company has a market cap of $8.17 billion, a PE ratio of -36.86 and a beta of 1.40. The company has a fifty day moving average price of $148.54 and a two-hundred day moving average price of $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. The Middleby Corporation has a 12 month low of $110.82 and a 12 month high of $182.73.

Insider Activity at Middleby

In other Middleby news, Director Robert A. Nerbonne acquired 780 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was acquired at an average price of $128.52 per share, with a total value of $100,245.60. Following the transaction, the director directly owned 21,471 shares in the company, valued at approximately $2,759,452.92. This represents a 3.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.18% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on MIDD. Barclays set a $168.00 price objective on Middleby and gave the company an “overweight” rating in a research note on Tuesday, November 11th. JPMorgan Chase & Co. raised their price target on shares of Middleby from $125.00 to $140.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Weiss Ratings restated a “sell (d)” rating on shares of Middleby in a research note on Monday, December 29th. Zacks Research cut shares of Middleby from a “strong-buy” rating to a “hold” rating in a report on Monday, January 26th. Finally, Wall Street Zen raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $163.83.

Check Out Our Latest Stock Analysis on Middleby

About Middleby

(Free Report)

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.

Featured Stories