Kennedy Capital Management LLC Sells 3,233 Shares of The Middleby Co. (NASDAQ:MIDD)

Kennedy Capital Management LLC cut its stake in shares of The Middleby Co. (NASDAQ:MIDD) by 15.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,361 shares of the industrial products company’s stock after selling 3,233 shares during the quarter. Kennedy Capital Management LLC’s holdings in Middleby were worth $2,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Rise Advisors LLC bought a new stake in Middleby during the first quarter worth about $25,000. Allspring Global Investments Holdings LLC grew its position in Middleby by 1,246.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. Signaturefd LLC raised its stake in shares of Middleby by 230.1% during the fourth quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 168 shares in the last quarter. Crewe Advisors LLC lifted its holdings in shares of Middleby by 620.0% in the 1st quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 310 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Middleby in the 1st quarter valued at $63,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Middleby Price Performance

Shares of MIDD stock traded up $0.10 during trading hours on Wednesday, hitting $135.36. The stock had a trading volume of 144,136 shares, compared to its average volume of 448,012. The stock’s 50-day moving average price is $125.99 and its two-hundred day moving average price is $139.06. The Middleby Co. has a one year low of $109.59 and a one year high of $161.01. The stock has a market capitalization of $7.28 billion, a price-to-earnings ratio of 18.84 and a beta of 1.61. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.40 and a quick ratio of 1.28.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.16). Middleby had a return on equity of 15.88% and a net margin of 9.82%. The firm had revenue of $926.90 million for the quarter, compared to analysts’ expectations of $979.05 million. During the same period last year, the company earned $2.19 earnings per share. The firm’s revenue was down 8.0% on a year-over-year basis. Equities analysts forecast that The Middleby Co. will post 9.77 EPS for the current year.

Insider Transactions at Middleby

In other Middleby news, Director John R. Miller III sold 2,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 10,931 shares in the company, valued at $1,380,803.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director John R. Miller III sold 2,000 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $126.32, for a total value of $252,640.00. Following the sale, the director now owns 10,931 shares of the company’s stock, valued at $1,380,803.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Chapin Sarah Palisi sold 235 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 7,211 shares of the company’s stock, valued at approximately $989,204.98. The disclosure for this sale can be found here. Insiders have sold a total of 2,385 shares of company stock worth $304,134 in the last three months. Insiders own 1.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MIDD shares. William Blair upgraded Middleby to a “hold” rating in a report on Wednesday, May 8th. Raymond James began coverage on shares of Middleby in a report on Friday, June 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. lowered shares of Middleby from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $145.00 to $118.00 in a report on Wednesday, May 22nd. Canaccord Genuity Group restated a “buy” rating and issued a $159.00 price objective on shares of Middleby in a research report on Thursday, July 25th. Finally, KeyCorp dropped their price target on Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, Middleby has an average rating of “Moderate Buy” and an average target price of $154.57.

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.