Brandywine Global Investment Management LLC Trims Holdings in The Middleby Co. (NASDAQ:MIDD)

Brandywine Global Investment Management LLC lessened its stake in The Middleby Co. (NASDAQ:MIDD) by 7.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,293 shares of the industrial products company’s stock after selling 2,080 shares during the period. Brandywine Global Investment Management LLC’s holdings in Middleby were worth $3,561,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MIDD. Lorne Steinberg Wealth Management Inc. raised its stake in shares of Middleby by 0.3% in the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 24,535 shares of the industrial products company’s stock valued at $3,323,000 after purchasing an additional 70 shares in the last quarter. Principal Securities Inc. lifted its position in shares of Middleby by 16.0% in the 4th quarter. Principal Securities Inc. now owns 566 shares of the industrial products company’s stock worth $77,000 after buying an additional 78 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Middleby by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,651 shares of the industrial products company’s stock valued at $224,000 after buying an additional 81 shares during the period. Pictet Asset Management Holding SA grew its position in shares of Middleby by 1.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 7,167 shares of the industrial products company’s stock valued at $971,000 after buying an additional 81 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Middleby by 2.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 3,472 shares of the industrial products company’s stock worth $470,000 after acquiring an additional 95 shares during the period. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Stock Up 1.3 %

Middleby stock opened at $154.76 on Thursday. The company’s 50-day moving average price is $161.89 and its two-hundred day moving average price is $146.52. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 21.35 and a beta of 1.72. The Middleby Co. has a 52 week low of $118.41 and a 52 week high of $182.73. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66.

Middleby (NASDAQ:MIDD) last announced its earnings results on Tuesday, February 25th. The industrial products company reported $2.88 EPS for the quarter, topping the consensus estimate of $2.50 by $0.38. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $996.69 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.65 earnings per share. On average, analysts expect that The Middleby Co. will post 9.11 EPS for the current fiscal year.

Insider Activity at Middleby

In other Middleby news, Director Chapin Sarah Palisi sold 500 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $163.51, for a total value of $81,755.00. Following the completion of the sale, the director now directly owns 6,111 shares of the company’s stock, valued at approximately $999,209.61. This represents a 7.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.16% of the company’s stock.

Analyst Upgrades and Downgrades

MIDD has been the subject of several recent research reports. Robert W. Baird upped their target price on Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Barclays increased their target price on Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. KeyCorp boosted their price target on shares of Middleby from $160.00 to $185.00 and gave the company an “overweight” rating in a report on Monday, January 27th. JPMorgan Chase & Co. increased their price objective on shares of Middleby from $145.00 to $150.00 and gave the stock an “underweight” rating in a report on Wednesday, February 26th. Finally, StockNews.com lowered shares of Middleby from a “buy” rating to a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $180.86.

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.