Corebridge Financial Inc. Trims Stock Position in The Middleby Co. (NASDAQ:MIDD)

Corebridge Financial Inc. lowered its position in The Middleby Co. (NASDAQ:MIDD - Free Report) by 4.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 60,865 shares of the industrial products company's stock after selling 2,717 shares during the period. Corebridge Financial Inc. owned about 0.11% of Middleby worth $8,244,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Middleby by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 344,391 shares of the industrial products company's stock worth $47,915,000 after acquiring an additional 2,676 shares during the period. Cerity Partners LLC boosted its stake in Middleby by 30.0% in the 3rd quarter. Cerity Partners LLC now owns 13,625 shares of the industrial products company's stock worth $1,896,000 after purchasing an additional 3,143 shares during the period. Quantbot Technologies LP purchased a new stake in Middleby during the 3rd quarter valued at approximately $1,145,000. Brooklyn Investment Group bought a new stake in shares of Middleby during the third quarter valued at approximately $130,000. Finally, Townsquare Capital LLC lifted its holdings in shares of Middleby by 1.4% in the third quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company's stock worth $871,000 after buying an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 98.55% of the company's stock.

Middleby Trading Up 0.5 %

Shares of NASDAQ MIDD traded up $0.75 during trading hours on Tuesday, hitting $152.73. 589,855 shares of the company traded hands, compared to its average volume of 617,296. The stock has a market capitalization of $8.19 billion, a price-to-earnings ratio of 21.07 and a beta of 1.72. The company's 50 day moving average price is $161.66 and its 200 day moving average price is $146.47. The Middleby Co. has a 12 month low of $118.41 and a 12 month high of $182.73. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66.

Remove Ads

Middleby (NASDAQ:MIDD - Get Free Report) last announced its earnings results on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share for the quarter, beating 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 business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $996.69 million. During the same quarter in the prior year, the firm posted $2.65 earnings per share. The business's revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts anticipate that The Middleby Co. will post 9.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MIDD. Canaccord Genuity Group raised their target price on shares of Middleby from $192.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Robert W. Baird lifted their target price on Middleby from $157.00 to $227.00 and gave the stock an "outperform" rating in a report on Tuesday, January 28th. StockNews.com raised Middleby from a "hold" rating to a "buy" rating in a research note on Tuesday, March 25th. Jefferies Financial Group restated a "hold" rating and set a $160.00 price target (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Finally, Barclays increased their target price on Middleby from $160.00 to $180.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. One 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.com, the stock has an average rating of "Moderate Buy" and an average price target of $180.86.

Insider Buying and Selling

In other Middleby news, Director Chapin Sarah Palisi sold 500 shares of the company's 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 of the company's stock, valued at $999,209.61. This represents a 7.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.16% of the stock is currently owned by corporate insiders.

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.