PineStone Asset Management Inc. Sells 156,550 Shares of The Middleby Co. (NASDAQ:MIDD)

PineStone Asset Management Inc. trimmed its stake in shares of The Middleby Co. (NASDAQ:MIDD - Free Report) by 30.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 363,225 shares of the industrial products company's stock after selling 156,550 shares during the quarter. Middleby makes up 0.5% of PineStone Asset Management Inc.'s holdings, making the stock its 29th biggest holding. PineStone Asset Management Inc. owned about 0.68% of Middleby worth $50,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Roubaix Capital LLC bought a new position in Middleby during the third quarter worth $3,407,000. State of Alaska Department of Revenue grew its stake in Middleby by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 6,212 shares of the industrial products company's stock valued at $864,000 after acquiring an additional 420 shares during the period. GHP Investment Advisors Inc. grew its stake in Middleby by 25.3% in the third quarter. GHP Investment Advisors Inc. now owns 20,166 shares of the industrial products company's stock valued at $2,806,000 after acquiring an additional 4,067 shares during the period. PFG Investments LLC bought a new stake in shares of Middleby during the third quarter valued at approximately $213,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Middleby in the 3rd quarter worth $72,000. 98.55% of the stock is owned by institutional investors.

Middleby Stock Performance

MIDD traded up $0.46 during trading hours on Friday, hitting $130.16. The stock had a trading volume of 1,366,312 shares, compared to its average volume of 499,707. The Middleby Co. has a 1 year low of $111.75 and a 1 year high of $161.01. The company's fifty day simple moving average is $137.39 and its 200 day simple moving average is $133.86. The stock has a market cap of $7.00 billion, a PE ratio of 18.14 and a beta of 1.58. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.15). Middleby had a net margin of 9.90% and a return on equity of 15.25%. The business had revenue of $942.81 million for the quarter, compared to analysts' expectations of $996.60 million. During the same quarter in the previous year, the company posted $2.35 earnings per share. The business's quarterly revenue was down 3.9% compared to the same quarter last year. Equities analysts anticipate that The Middleby Co. will post 9.59 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Middleby from $118.00 to $120.00 and gave the stock an "underweight" rating in a report on Friday, August 2nd. Robert W. Baird boosted their price objective on Middleby from $155.00 to $169.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Canaccord Genuity Group decreased their target price on Middleby from $164.00 to $155.00 and set a "buy" rating for the company in a research report on Friday. KeyCorp lowered their target price on Middleby from $175.00 to $160.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $154.67.

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.