Dixon Mitchell Investment Counsel Inc. Sells 3,764 Shares of The Middleby Co. (NASDAQ:MIDD)

Dixon Mitchell Investment Counsel Inc. trimmed its holdings in shares of The Middleby Co. (NASDAQ:MIDD) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 149,904 shares of the industrial products company’s stock after selling 3,764 shares during the quarter. Dixon Mitchell Investment Counsel Inc. owned about 0.28% of Middleby worth $24,103,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State of Michigan Retirement System increased its holdings in shares of Middleby by 2.3% during the first quarter. State of Michigan Retirement System now owns 13,120 shares of the industrial products company’s stock worth $2,110,000 after purchasing an additional 300 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Middleby by 1,246.2% in the 1st 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 in the last quarter. Cardinal Capital Management lifted its position in shares of Middleby by 23.1% during the 1st quarter. Cardinal Capital Management now owns 7,052 shares of the industrial products company’s stock valued at $1,134,000 after acquiring an additional 1,324 shares during the period. Park Avenue Securities LLC grew its holdings in shares of Middleby by 17.5% during the 1st quarter. Park Avenue Securities LLC now owns 1,712 shares of the industrial products company’s stock worth $275,000 after purchasing an additional 255 shares in the last quarter. Finally, Rise Advisors LLC bought a new position in shares of Middleby in the first quarter worth $25,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Wall Street Analysts Forecast Growth

MIDD has been the subject of several recent analyst reports. William Blair raised shares of Middleby to a “hold” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. cut shares of Middleby from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $145.00 to $118.00 in a research note on Wednesday, May 22nd. Canaccord Genuity Group cut their target price on Middleby from $166.00 to $159.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Finally, Raymond James started coverage on Middleby in a research note on Friday. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Middleby has an average rating of “Moderate Buy” and an average price target of $153.43.

Middleby Price Performance

Shares of NASDAQ:MIDD traded up $1.50 during trading on Tuesday, hitting $120.90. 409,071 shares of the company were exchanged, compared to its average volume of 424,835. The Middleby Co. has a 1-year low of $109.59 and a 1-year high of $161.01. The company has a market capitalization of $6.50 billion, a P/E ratio of 16.63 and a beta of 1.61. The company has a quick ratio of 1.28, a current ratio of 2.40 and a debt-to-equity ratio of 0.72. The business’s 50 day moving average is $130.93 and its 200-day moving average is $141.56.

Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16). The firm had revenue of $926.90 million during the quarter, compared to analyst estimates of $979.05 million. Middleby had a return on equity of 15.88% and a net margin of 9.82%. Middleby’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.19 EPS. Equities analysts forecast that The Middleby Co. will post 9.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John R. Miller III sold 2,000 shares of Middleby stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $126.32, for a total transaction of $252,640.00. Following the transaction, the director now 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 through the SEC website. In other news, Director John R. Miller III sold 2,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $126.32, for a total transaction of $252,640.00. Following the completion of the transaction, the director now directly owns 10,931 shares in the company, valued at $1,380,803.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Chapin Sarah Palisi sold 235 shares of Middleby stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total value of $32,237.30. Following the completion of the transaction, the director now directly owns 7,211 shares in the company, valued at $989,204.98. The disclosure for this sale can be found here. Insiders have sold 2,385 shares of company stock valued at $304,134 in the last ninety days. 1.17% of the stock is currently owned by insiders.

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.