Ballentine Partners LLC Reduces Stake in The Middleby Co. (NASDAQ:MIDD)

Ballentine Partners LLC lowered its stake in shares of The Middleby Co. (NASDAQ:MIDD) by 10.1% in the 1st quarter, HoldingsChannel reports. The firm owned 1,910 shares of the industrial products company’s stock after selling 215 shares during the quarter. Ballentine Partners LLC’s holdings in Middleby were worth $307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of MIDD. Rise Advisors LLC purchased a new stake in Middleby in the first quarter worth $25,000. Signaturefd LLC increased its holdings in Middleby by 230.1% in the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 168 shares during the last quarter. Assetmark Inc. raised its stake in Middleby by 1,158.3% in the 4th quarter. Assetmark Inc. now owns 453 shares of the industrial products company’s stock valued at $67,000 after acquiring an additional 417 shares during the period. CWM LLC lifted its holdings in Middleby by 80.2% during the fourth quarter. CWM LLC now owns 510 shares of the industrial products company’s stock valued at $75,000 after purchasing an additional 227 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Middleby during the fourth quarter worth about $75,000. Institutional investors own 98.55% of the company’s stock.

Insider Activity at Middleby

In other Middleby news, Director Chapin Sarah Palisi sold 235 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total value of $32,237.30. Following the completion of the transaction, the director now owns 7,211 shares of the company’s stock, valued at approximately $989,204.98. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Middleby news, Director Chapin Sarah Palisi sold 235 shares of Middleby stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total transaction of $32,237.30. Following the completion of the sale, the director now owns 7,211 shares of the company’s stock, valued at $989,204.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John R. Miller III sold 2,000 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $126.32, for a total value of $252,640.00. Following the transaction, the director now owns 10,931 shares in the company, valued at $1,380,803.92. The disclosure for this sale can be found here. Insiders have sold 2,385 shares of company stock valued at $304,134 over the last three months. 1.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MIDD shares. JPMorgan Chase & Co. cut shares of Middleby from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $145.00 to $118.00 in a research note on Wednesday, May 22nd. William Blair upgraded Middleby to a “hold” rating in a research report on Wednesday, May 8th. Finally, Canaccord Genuity Group reduced their price target on Middleby from $166.00 to $159.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.43.

Middleby Trading Down 3.5 %

Middleby stock opened at $123.47 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 2.40. The Middleby Co. has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. The stock has a market cap of $6.64 billion, a P/E ratio of 17.20 and a beta of 1.60. The firm’s fifty day moving average price is $132.48 and its 200-day moving average price is $142.06.

Middleby (NASDAQ:MIDD) last announced its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16). The business had revenue of $926.90 million during the quarter, compared to the consensus estimate of $979.05 million. Middleby had a return on equity of 15.88% and a net margin of 9.82%. Middleby’s revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.19 earnings per share. Equities research analysts forecast that The Middleby Co. will post 9.79 earnings per share for the current fiscal year.

Middleby Company Profile

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.