Connor Clark & Lunn Investment Management Ltd. Makes New Investment in The Middleby Co. (NASDAQ:MIDD)

Connor Clark & Lunn Investment Management Ltd. bought a new position in The Middleby Co. (NASDAQ:MIDD - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 9,454 shares of the industrial products company's stock, valued at approximately $1,281,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MIDD. Blue Trust Inc. boosted its position in Middleby by 121.4% during the fourth quarter. Blue Trust Inc. now owns 4,423 shares of the industrial products company's stock valued at $615,000 after buying an additional 2,425 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of Middleby during the fourth quarter valued at about $469,000. First Citizens Bank & Trust Co. bought a new position in Middleby in the fourth quarter worth about $219,000. GHP Investment Advisors Inc. raised its stake in Middleby by 13.7% in the fourth 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 in the last quarter. Finally, Olstein Capital Management L.P. raised its stake in Middleby by 3.6% in the fourth 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 in the last quarter. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Middleby Stock Up 0.3 %

Shares of NASDAQ:MIDD traded up $0.48 during trading on Friday, reaching $154.41. 1,956,109 shares of the stock traded hands, compared to its average volume of 604,336. The stock has a 50-day moving average of $159.67 and a two-hundred day moving average of $145.22. The Middleby Co. has a 52-week low of $118.41 and a 52-week high of $182.73. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The stock has a market cap of $8.28 billion, a P/E ratio of 21.30 and a beta of 1.72.

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Middleby (NASDAQ:MIDD - Get Free Report) last issued its earnings results on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.38. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $996.69 million. During the same quarter last year, the company posted $2.65 earnings per share. The firm's quarterly revenue was up .4% on a year-over-year basis. As a group, sell-side analysts expect that The Middleby Co. will post 9.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Chapin Sarah Palisi sold 500 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $163.51, for a total value of $81,755.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.16% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays upped their price objective on shares of Middleby from $160.00 to $180.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Canaccord Genuity Group upped their price objective on shares of Middleby from $192.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. Robert W. Baird upped their price objective on shares of Middleby from $157.00 to $227.00 and gave the stock an "outperform" rating in a report on Tuesday, January 28th. JPMorgan Chase & Co. upped their price objective on shares of Middleby from $145.00 to $150.00 and gave the stock an "underweight" rating in a report on Wednesday, February 26th. Finally, StockNews.com cut shares of Middleby from a "buy" rating to a "hold" rating in a report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $180.86.

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.