Fruth Investment Management Trims Holdings in The Middleby Co. (NASDAQ:MIDD)

Fruth Investment Management decreased its position in The Middleby Co. (NASDAQ:MIDD) by 2.2% during the first quarter, HoldingsChannel.com reports. The firm owned 18,000 shares of the industrial products company’s stock after selling 400 shares during the quarter. Fruth Investment Management’s holdings in Middleby were worth $2,894,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. M&T Bank Corp boosted its stake in Middleby by 4.5% in the 4th quarter. M&T Bank Corp now owns 2,552 shares of the industrial products company’s stock worth $375,000 after purchasing an additional 110 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in Middleby by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 23,362 shares of the industrial products company’s stock valued at $2,990,000 after acquiring an additional 120 shares during the period. Cardinal Capital Management lifted its stake in Middleby by 2.2% during the 4th quarter. Cardinal Capital Management now owns 5,728 shares of the industrial products company’s stock valued at $843,000 after acquiring an additional 124 shares during the period. Mendota Financial Group LLC lifted its stake in Middleby by 13.5% during the 4th quarter. Mendota Financial Group LLC now owns 1,090 shares of the industrial products company’s stock valued at $160,000 after acquiring an additional 130 shares during the period. Finally, Rise Advisors LLC bought a new position in Middleby during the 1st quarter valued at about $25,000. Institutional investors own 98.55% of the company’s stock.

Middleby Price Performance

Shares of Middleby stock traded up $0.35 on Thursday, hitting $121.25. 497,453 shares of the company traded hands, compared to its average volume of 545,937. The stock has a market capitalization of $6.52 billion, a P/E ratio of 16.89 and a beta of 1.61. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 2.40. The Middleby Co. has a 52 week low of $109.59 and a 52 week high of $161.01. The business has a 50-day simple moving average of $129.97 and a 200 day simple moving average of $141.26.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.16). The company had revenue of $926.90 million for the quarter, compared to the consensus estimate of $979.05 million. Middleby had a net margin of 9.82% and a return on equity of 15.88%. The company’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.19 EPS. Research analysts expect that The Middleby Co. will post 9.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. cut shares of Middleby from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $145.00 to $118.00 in a research note on Wednesday, May 22nd. Raymond James began coverage on shares of Middleby in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. William Blair upgraded shares of Middleby to a “hold” rating in a research note on Wednesday, May 8th. Finally, Canaccord Genuity Group reduced their target price on shares of Middleby from $166.00 to $159.00 and set a “buy” rating for the company in a report on Thursday, May 9th. 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $153.43.

Insider Activity at Middleby

In related news, Director Chapin Sarah Palisi sold 235 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were 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 of the company’s stock, valued at $989,204.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Middleby 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 completion of the transaction, the director now directly owns 10,931 shares of the company’s stock, valued at $1,380,803.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Chapin Sarah Palisi sold 235 shares of Middleby stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total transaction of $32,237.30. Following the transaction, the director now directly owns 7,211 shares of the company’s stock, valued at $989,204.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,385 shares of company stock valued at $304,134. 1.17% of the stock is owned by corporate insiders.

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.