Fruth Investment Management Has $3.06 Million Stake in Middleby Corp (MIDD)

Fruth Investment Management trimmed its holdings in shares of Middleby Corp (NASDAQ:MIDD) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,700 shares of the industrial products company’s stock after selling 700 shares during the quarter. Middleby accounts for about 1.3% of Fruth Investment Management’s investment portfolio, making the stock its 22nd biggest position. Fruth Investment Management’s holdings in Middleby were worth $3,063,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Atlantic Trust Group LLC bought a new stake in Middleby in the third quarter valued at about $33,120,000. Parametric Portfolio Associates LLC increased its holdings in Middleby by 15.8% in the third quarter. Parametric Portfolio Associates LLC now owns 395,499 shares of the industrial products company’s stock valued at $50,691,000 after buying an additional 53,977 shares during the last quarter. Hartline Investment Corp increased its holdings in Middleby by 4.9% in the third quarter. Hartline Investment Corp now owns 54,355 shares of the industrial products company’s stock valued at $6,967,000 after buying an additional 2,530 shares during the last quarter. DF Dent & Co. Inc. increased its holdings in Middleby by 19.0% in the third quarter. DF Dent & Co. Inc. now owns 20,571 shares of the industrial products company’s stock valued at $2,637,000 after buying an additional 3,286 shares during the last quarter. Finally, California Public Employees Retirement System increased its holdings in Middleby by 2.3% in the third quarter. California Public Employees Retirement System now owns 121,008 shares of the industrial products company’s stock valued at $15,510,000 after buying an additional 2,708 shares during the last quarter. 99.08% of the stock is currently owned by institutional investors and hedge funds.

Shares of Middleby Corp (MIDD) traded up $0.93 during mid-day trading on Tuesday, reaching $137.22. The company’s stock had a trading volume of 285,200 shares, compared to its average volume of 376,440. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.02 and a current ratio of 1.93. Middleby Corp has a 12 month low of $107.53 and a 12 month high of $150.87. The firm has a market capitalization of $7,530.00, a P/E ratio of 25.79 and a beta of 1.88.

Middleby declared that its Board of Directors has initiated a stock buyback program on Tuesday, November 14th that allows the company to buyback 2,500,000 shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

MIDD has been the subject of several research analyst reports. Zacks Investment Research lowered Middleby from a “hold” rating to a “sell” rating in a report on Tuesday, September 19th. Susquehanna Bancshares began coverage on Middleby in a research note on Wednesday, September 27th. They issued a “positive” rating and a $141.00 target price for the company. BMO Capital Markets restated a “buy” rating and issued a $150.00 target price on shares of Middleby in a research note on Wednesday, November 8th. Citigroup decreased their target price on Middleby from $132.00 to $120.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. Finally, Deutsche Bank decreased their target price on Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a research note on Friday, November 17th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Middleby presently has a consensus rating of “Buy” and an average target price of $138.56.

In other Middleby news, Treasurer Martin M. Lindsay sold 10,000 shares of Middleby stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $129.50, for a total value of $1,295,000.00. Following the completion of the transaction, the treasurer now directly owns 61,726 shares in the company, valued at $7,993,517. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.

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Middleby Company Profile

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.

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Institutional Ownership by Quarter for Middleby (NASDAQ:MIDD)

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