Stock Traders Buy High Volume of Put Options on Middleby (MIDD)
Middleby Corp (NASDAQ:MIDD) saw unusually large options trading activity on Thursday. Stock traders bought 1,583 put options on the company. This is an increase of 2,039% compared to the average daily volume of 74 put options.
A number of research firms have recently commented on MIDD. BidaskClub downgraded shares of Middleby from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. Robert W. Baird raised their price objective on shares of Middleby from $116.00 to $130.00 and gave the stock a “hold” rating in a report on Thursday, August 9th. Wellington Shields raised shares of Middleby from a “hold” rating to a “gradually accumulate” rating in a report on Thursday, August 9th. ValuEngine raised shares of Middleby from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 8th. Finally, Zacks Investment Research downgraded shares of Middleby from a “buy” rating to a “hold” rating in a report on Friday, August 10th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Middleby has a consensus rating of “Buy” and a consensus target price of $135.57.
Hedge funds have recently made changes to their positions in the stock. Private Capital Group LLC lifted its holdings in Middleby by 261.6% during the 1st quarter. Private Capital Group LLC now owns 886 shares of the industrial products company’s stock valued at $110,000 after purchasing an additional 641 shares during the last quarter. Integrated Investment Consultants LLC bought a new position in Middleby during the 2nd quarter valued at about $118,000. Cubist Systematic Strategies LLC lifted its holdings in Middleby by 305.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,377 shares of the industrial products company’s stock valued at $144,000 after purchasing an additional 1,037 shares during the last quarter. IFM Investors Pty Ltd bought a new position in Middleby during the 2nd quarter valued at about $229,000. Finally, Standard Life Aberdeen plc bought a new position in Middleby during the 2nd quarter valued at about $311,000.
Middleby (NASDAQ:MIDD) last announced its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.04). Middleby had a net margin of 12.07% and a return on equity of 22.52%. The firm had revenue of $668.13 million for the quarter, compared to the consensus estimate of $645.88 million. During the same period in the prior year, the business earned $1.35 earnings per share. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, equities research analysts expect that Middleby will post 6.13 EPS for the current fiscal year.
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers cooking and warming equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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