Central Pacific Bank Trust Division Takes $299,000 Position in The Middleby Co. (NASDAQ:MIDD)

Central Pacific Bank Trust Division acquired a new stake in shares of The Middleby Co. (NASDAQ:MIDD) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,885 shares of the industrial products company’s stock, valued at approximately $299,000.

Several other institutional investors have also modified their holdings of the business. Balyasny Asset Management L.P. raised its position in Middleby by 533.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 483,214 shares of the industrial products company’s stock valued at $71,115,000 after buying an additional 406,958 shares during the last quarter. Oldfield Partners LLP acquired a new stake in Middleby in the 4th quarter valued at approximately $51,736,000. Principal Financial Group Inc. raised its position in Middleby by 177.6% in the 1st quarter. Principal Financial Group Inc. now owns 546,320 shares of the industrial products company’s stock valued at $87,843,000 after buying an additional 349,546 shares during the last quarter. PineStone Asset Management Inc. raised its position in Middleby by 78.6% in the 4th quarter. PineStone Asset Management Inc. now owns 494,461 shares of the industrial products company’s stock valued at $72,770,000 after buying an additional 217,618 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Middleby by 13.3% during the 4th quarter. Nordea Investment Management AB now owns 1,696,476 shares of the industrial products company’s stock worth $251,621,000 after purchasing an additional 198,859 shares during the last quarter. Institutional investors own 98.55% of the company’s stock.

Insider Transactions at Middleby

In other news, Director John R. Miller III sold 2,000 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $126.32, for a total transaction of $252,640.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Chapin Sarah Palisi sold 235 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total transaction of $32,237.30. Following the completion of the transaction, the director now owns 7,211 shares of the company’s stock, valued at approximately $989,204.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John R. Miller III sold 2,000 shares of the company’s 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 completion of the transaction, the director now directly owns 10,931 shares of the company’s stock, valued at approximately $1,380,803.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,385 shares of company stock valued at $304,134. Corporate insiders own 1.17% of the company’s stock.

Middleby Price Performance

Shares of NASDAQ:MIDD traded up $0.17 during trading on Tuesday, reaching $120.02. 270,382 shares of the company traded hands, compared to its average volume of 426,354. The company’s 50 day moving average is $128.30 and its two-hundred day moving average is $140.53. The firm has a market capitalization of $6.45 billion, a PE ratio of 16.72 and a beta of 1.61. The company has a quick ratio of 1.28, a current ratio of 2.40 and a debt-to-equity ratio of 0.72. The Middleby Co. has a 52 week low of $109.59 and a 52 week high of $161.01.

Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16). The company had revenue of $926.90 million for the quarter, compared to the consensus estimate of $979.05 million. Middleby had a net margin of 9.82% and a return on equity of 15.88%. The business’s revenue was down 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.19 earnings per share. As a group, sell-side analysts predict that The Middleby Co. will post 9.77 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on MIDD. JPMorgan Chase & Co. lowered Middleby from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $145.00 to $118.00 in a research report on Wednesday, May 22nd. Raymond James assumed coverage on Middleby in a research report on Friday, June 28th. They set a “market perform” rating on the stock. William Blair raised Middleby to a “hold” rating in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group decreased their target price on Middleby from $166.00 to $159.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $153.43.

Middleby 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.