State of Michigan Retirement System Sells 200 Shares of The Middleby Co. (NASDAQ:MIDD)

State of Michigan Retirement System reduced its stake in The Middleby Co. (NASDAQ:MIDD) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,920 shares of the industrial products company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Middleby were worth $1,584,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Lecap Asset Management Ltd. bought a new position in Middleby in the 2nd quarter valued at $1,564,000. Fifth Third Wealth Advisors LLC bought a new position in Middleby in the 2nd quarter valued at $583,000. Nisa Investment Advisors LLC boosted its position in Middleby by 2.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,367 shares of the industrial products company’s stock valued at $781,000 after buying an additional 161 shares during the last quarter. Sarasin & Partners LLP boosted its position in Middleby by 1.6% in the 2nd quarter. Sarasin & Partners LLP now owns 925,915 shares of the industrial products company’s stock valued at $113,526,000 after buying an additional 14,413 shares during the last quarter. Finally, Boston Trust Walden Corp boosted its position in Middleby by 2.9% in the 2nd quarter. Boston Trust Walden Corp now owns 44,866 shares of the industrial products company’s stock valued at $5,501,000 after buying an additional 1,275 shares during the last quarter. 98.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Middleby news, Director John R. Miller III sold 2,000 shares of Middleby stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $126.32, for a total value of $252,640.00. Following the sale, the director now owns 10,931 shares of the company’s stock, valued at approximately $1,380,803.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.16% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MIDD has been the topic of a number of analyst reports. KeyCorp cut their price target on Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Raymond James initiated coverage on Middleby in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $159.00 price target on shares of Middleby in a research note on Thursday, July 25th. Robert W. Baird increased their price target on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, William Blair raised Middleby to a “hold” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.71.

Middleby Stock Performance

Shares of Middleby stock opened at $139.28 on Thursday. The company has a market capitalization of $7.49 billion, a PE ratio of 19.40 and a beta of 1.61. The Middleby Co. has a 12 month low of $109.59 and a 12 month high of $161.01. The company has a current ratio of 2.50, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69. The stock’s fifty day simple moving average is $131.36 and its 200 day simple moving average is $138.63.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.31 by $0.08. The business had revenue of $991.55 million for the quarter, compared to the consensus estimate of $994.05 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The firm’s revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.47 EPS. On average, research analysts predict that The Middleby Co. will post 9.77 EPS for the current year.

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.