KLP Kapitalforvaltning AS Buys New Holdings in The Middleby Co. (NASDAQ:MIDD)

KLP Kapitalforvaltning AS purchased a new position in shares of The Middleby Co. (NASDAQ:MIDD) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,000 shares of the industrial products company’s stock, valued at approximately $1,490,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MIDD. Blue Trust Inc. increased its holdings in shares of Middleby by 121.4% during the 4th quarter. Blue Trust Inc. now owns 4,423 shares of the industrial products company’s stock worth $615,000 after acquiring an additional 2,425 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Middleby in the fourth quarter valued at $469,000. First Citizens Bank & Trust Co. bought a new position in shares of Middleby in the fourth quarter valued at about $219,000. GHP Investment Advisors Inc. lifted its stake in shares of Middleby by 13.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 22,929 shares of the industrial products company’s stock worth $3,106,000 after buying an additional 2,763 shares during the last quarter. Finally, Olstein Capital Management L.P. boosted its holdings in shares of Middleby by 3.6% during the 4th quarter. Olstein Capital Management L.P. now owns 71,000 shares of the industrial products company’s stock worth $9,617,000 after buying an additional 2,500 shares during the period. Institutional investors own 98.55% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Robert W. Baird increased their price target on shares of Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Barclays lifted their price target on Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a report on Tuesday. Jefferies Financial Group reiterated a “hold” rating and set a $160.00 price objective (down previously from $170.00) on shares of Middleby in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $180.86.

Middleby Stock Down 2.8 %

MIDD stock opened at $152.76 on Friday. The Middleby Co. has a 52 week low of $118.41 and a 52 week high of $182.73. The business has a 50-day simple moving average of $161.29 and a 200 day simple moving average of $145.93. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The company has a market cap of $8.19 billion, a PE ratio of 21.07 and a beta of 1.72.

Middleby (NASDAQ:MIDD) last issued its earnings results on Tuesday, February 25th. The industrial products company reported $2.88 EPS for the quarter, beating the consensus estimate of $2.50 by $0.38. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $996.69 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.65 EPS. Sell-side analysts anticipate that The Middleby Co. will post 9.11 EPS for the current fiscal year.

Insider Buying and Selling at Middleby

In other news, Director Chapin Sarah Palisi sold 500 shares of Middleby stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $163.51, for a total value of $81,755.00. Following the transaction, the director now owns 6,111 shares in the company, valued at approximately $999,209.61. This trade represents a 7.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.16% of the company’s stock.

About Middleby

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.