The Middleby Corporation (MIDD) Shares Bought by Fred Alger Management Inc.
Fred Alger Management Inc. raised its holdings in The Middleby Corporation (NASDAQ:MIDD) by 9.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 325,975 shares of the industrial products company’s stock after purchasing an additional 28,015 shares during the quarter. Fred Alger Management Inc. owned 0.57% of The Middleby Corporation worth $39,609,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Van ECK Associates Corp raised its holdings in shares of The Middleby Corporation by 7.7% during the 1st quarter. Van ECK Associates Corp now owns 780 shares of the industrial products company’s stock worth $106,000 after buying an additional 56 shares in the last quarter. IFP Advisors Inc lifted its position in shares of The Middleby Corporation by 10.5% during the 2nd quarter. IFP Advisors Inc now owns 1,031 shares of the industrial products company’s stock worth $125,000 after buying an additional 98 shares during the last quarter. LS Investment Advisors LLC lifted its position in shares of The Middleby Corporation by 4.7% during the 2nd quarter. LS Investment Advisors LLC now owns 1,072 shares of the industrial products company’s stock worth $130,000 after buying an additional 48 shares during the last quarter. Bronfman E.L. Rothschild L.P. lifted its position in shares of The Middleby Corporation by 9.2% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,124 shares of the industrial products company’s stock worth $137,000 after buying an additional 95 shares during the last quarter. Finally, Fiduciary Trust Co. bought a new stake in shares of The Middleby Corporation during the 2nd quarter worth $143,000. 95.23% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Gordon Obrien sold 5,600 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $121.41, for a total value of $679,896.00. Following the completion of the transaction, the director now directly owns 11,050 shares in the company, valued at $1,341,580.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John R. Miller III sold 8,500 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $118.50, for a total transaction of $1,007,250.00. Following the completion of the transaction, the director now owns 16,000 shares of the company’s stock, valued at $1,896,000. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
The Middleby Corporation (MIDD) traded up 0.40% during midday trading on Wednesday, hitting $128.40. The company had a trading volume of 77,743 shares. The firm has a market capitalization of $7.40 billion, a P/E ratio of 24.05 and a beta of 1.82. The firm’s 50 day moving average is $121.08 and its 200-day moving average is $128.31. The Middleby Corporation has a 52 week low of $108.45 and a 52 week high of $150.87.
The Middleby Corporation (NASDAQ:MIDD) last released its quarterly earnings results on Wednesday, August 9th. The industrial products company reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.01. The business had revenue of $579.34 million during the quarter, compared to analysts’ expectations of $587.49 million. The Middleby Corporation had a net margin of 13.38% and a return on equity of 23.05%. On average, equities research analysts expect that The Middleby Corporation will post $5.59 EPS for the current fiscal year.
Several analysts recently weighed in on MIDD shares. Susquehanna Bancshares Inc began coverage on The Middleby Corporation in a research report on Wednesday, September 27th. They issued a “positive” rating and a $141.00 target price on the stock. BidaskClub downgraded The Middleby Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Robert W. Baird dropped their target price on shares of The Middleby Corporation from $145.00 to $142.00 and set an “outperform” rating for the company in a report on Friday, August 11th. BMO Capital Markets reissued a “buy” rating and issued a $150.00 target price (down previously from $155.00) on shares of The Middleby Corporation in a report on Friday, June 23rd. Finally, Zacks Investment Research cut shares of The Middleby Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, September 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The Middleby Corporation has a consensus rating of “Hold” and an average price target of $142.50.
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About The Middleby Corporation
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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