Middleby (NASDAQ:MIDD) Sees Large Volume Increase

Middleby Corp (NASDAQ:MIDD) saw strong trading volume on Friday . 1,192,403 shares traded hands during mid-day trading, an increase of 151% from the previous session’s volume of 474,168 shares.The stock last traded at $113.33 and had previously closed at $109.67.

Several equities research analysts recently commented on the stock. BidaskClub lowered shares of Middleby from a “sell” rating to a “strong sell” rating in a research report on Friday. ValuEngine upgraded shares of Middleby from a “sell” rating to a “hold” rating in a research report on Tuesday, December 3rd. Zacks Investment Research upgraded shares of Middleby from a “sell” rating to a “hold” rating and set a $126.00 price objective on the stock in a research report on Wednesday, October 23rd. Finally, Wellington Shields lowered shares of Middleby from a “gradually accumulate” rating to a “hold” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $141.57.

The company has a market capitalization of $6.16 billion, a PE ratio of 18.58 and a beta of 1.56. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.00 and a current ratio of 2.05. The stock’s fifty day simple moving average is $110.58 and its 200-day simple moving average is $118.03.

Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, November 6th. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.09. The company had revenue of $724.00 million for the quarter, compared to analyst estimates of $760.88 million. Middleby had a net margin of 11.55% and a return on equity of 20.81%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.56 EPS. On average, equities analysts anticipate that Middleby Corp will post 6.74 EPS for the current year.

In other news, Director Robert A. Nerbonne bought 420 shares of Middleby stock in a transaction on Friday, November 8th. The shares were bought at an average cost of $120.24 per share, for a total transaction of $50,500.80. Following the acquisition, the director now owns 1,282 shares in the company, valued at $154,147.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.98% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Middleby by 1.6% in the 2nd quarter. BlackRock Inc. now owns 2,760,992 shares of the industrial products company’s stock valued at $374,667,000 after purchasing an additional 43,929 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Middleby by 2.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,534,477 shares of the industrial products company’s stock worth $179,380,000 after acquiring an additional 31,819 shares during the period. Eminence Capital LP lifted its holdings in shares of Middleby by 712.8% during the 2nd quarter. Eminence Capital LP now owns 1,274,325 shares of the industrial products company’s stock worth $172,926,000 after acquiring an additional 1,117,543 shares during the period. State Street Corp lifted its holdings in shares of Middleby by 1.3% during the 3rd quarter. State Street Corp now owns 1,165,808 shares of the industrial products company’s stock worth $136,283,000 after acquiring an additional 15,319 shares during the period. Finally, Nuveen Asset Management LLC purchased a new position in shares of Middleby during the 2nd quarter worth about $104,031,000. Institutional investors own 96.62% of the company’s stock.

About Middleby (NASDAQ:MIDD)

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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