Jensen Investment Management Inc. Has $1.05 Million Stake in Middleby Corp (MIDD)
Jensen Investment Management Inc. grew its stake in Middleby Corp (NASDAQ:MIDD) by 19.1% during the first quarter, HoldingsChannel.com reports. The firm owned 8,060 shares of the industrial products company’s stock after buying an additional 1,290 shares during the period. Jensen Investment Management Inc.’s holdings in Middleby were worth $1,048,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of MIDD. Enlightenment Research LLC bought a new stake in shares of Middleby in the 4th quarter valued at $41,000. Federated Investors Inc. PA bought a new stake in shares of Middleby in the 3rd quarter valued at $5,865,000. Castleark Management LLC increased its position in shares of Middleby by 44.3% in the 4th quarter. Castleark Management LLC now owns 140,624 shares of the industrial products company’s stock valued at $14,446,000 after buying an additional 43,141 shares in the last quarter. Cerity Partners LLC increased its position in shares of Middleby by 2.7% in the 4th quarter. Cerity Partners LLC now owns 5,087 shares of the industrial products company’s stock valued at $523,000 after buying an additional 134 shares in the last quarter. Finally, Strs Ohio increased its position in shares of Middleby by 305.4% in the 4th quarter. Strs Ohio now owns 2,842 shares of the industrial products company’s stock valued at $291,000 after buying an additional 2,141 shares in the last quarter.
In other Middleby news, Director John R. Miller III sold 2,000 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $126.37, for a total transaction of $252,740.00. Following the completion of the transaction, the director now owns 16,000 shares in the company, valued at approximately $2,021,920. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Chapin Sarah Palisi sold 300 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $124.18, for a total transaction of $37,254.00. Following the transaction, the director now owns 5,100 shares of the company’s stock, valued at $633,318. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,400 shares of company stock valued at $303,494. Corporate insiders own 1.98% of the company’s stock.
Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, May 8th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.01. The firm had revenue of $686.80 million during the quarter, compared to analysts’ expectations of $683.01 million. Middleby had a return on equity of 21.91% and a net margin of 11.35%. The company’s revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 EPS. As a group, sell-side analysts forecast that Middleby Corp will post 6.92 earnings per share for the current year.
A number of analysts recently commented on MIDD shares. Robert W. Baird upgraded shares of Middleby from a “neutral” rating to an “outperform” rating and set a $142.00 price objective for the company in a research report on Tuesday, January 22nd. BidaskClub upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research report on Tuesday, January 22nd. Zacks Investment Research upgraded shares of Middleby from a “hold” rating to a “buy” rating and set a $131.00 price objective for the company in a research report on Wednesday, January 23rd. TheStreet upgraded shares of Middleby from a “c+” rating to a “b” rating in a research report on Friday, January 25th. Finally, BMO Capital Markets upped their price objective on shares of Middleby to $150.00 and gave the company a “positive” rating in a research report on Friday, March 8th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $147.43.
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Middleby Company Profile
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 foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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