PineStone Asset Management Inc. Cuts Position in The Middleby Co. (NASDAQ:MIDD)

PineStone Asset Management Inc. reduced its holdings in shares of The Middleby Co. (NASDAQ:MIDD - Free Report) by 93.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,941 shares of the industrial products company's stock after selling 338,284 shares during the quarter. PineStone Asset Management Inc.'s holdings in Middleby were worth $3,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Assenagon Asset Management S.A. increased its position in Middleby by 4,494.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company's stock valued at $171,524,000 after acquiring an additional 1,238,767 shares during the last quarter. Pacer Advisors Inc. increased its position in Middleby by 17.7% in the third quarter. Pacer Advisors Inc. now owns 1,138,999 shares of the industrial products company's stock worth $158,469,000 after buying an additional 171,634 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Middleby by 1.0% during the third quarter. Geode Capital Management LLC now owns 936,596 shares of the industrial products company's stock worth $130,341,000 after purchasing an additional 8,926 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Middleby by 0.8% during 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 purchasing an additional 2,676 shares in the last quarter. Finally, Oldfield Partners LLP grew its position in shares of Middleby by 1.5% during the third quarter. Oldfield Partners LLP now owns 332,473 shares of the industrial products company's stock worth $46,257,000 after purchasing an additional 4,837 shares in the last quarter. 98.55% of the stock is owned by institutional investors.

Analyst Ratings Changes

MIDD has been the subject of a number of research reports. Robert W. Baird increased their price target on Middleby from $157.00 to $227.00 and gave the company an "outperform" rating in a research note on Tuesday, January 28th. KeyCorp raised their price objective on Middleby from $160.00 to $185.00 and gave the stock an "overweight" rating in a report on Monday, January 27th. Canaccord Genuity Group lifted their price target on Middleby from $155.00 to $192.00 and gave the company a "buy" rating in a report on Monday, January 27th. StockNews.com downgraded Middleby from a "buy" rating to a "hold" rating in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. raised their price objective on Middleby from $134.00 to $145.00 and gave the stock an "underweight" rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Middleby has an average rating of "Hold" and an average price target of $178.83.

Middleby Stock Performance

Shares of MIDD stock traded down $1.61 on Wednesday, hitting $169.99. The company had a trading volume of 722,288 shares, compared to its average volume of 848,125. The firm has a market cap of $9.14 billion, a P/E ratio of 23.45 and a beta of 1.64. The company has a 50-day moving average price of $149.29 and a 200-day moving average price of $142.08. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The Middleby Co. has a twelve month low of $118.41 and a twelve month high of $177.90.

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.