Connor Clark & Lunn Investment Management Ltd. Takes Position in The Middleby Co. (NASDAQ:MIDD)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in The Middleby Co. (NASDAQ:MIDD) in the fourth quarter, HoldingsChannel reports. The fund bought 9,454 shares of the industrial products company’s stock, valued at approximately $1,281,000.

Several other large investors have also modified their holdings of the company. Lorne Steinberg Wealth Management Inc. lifted its position in Middleby by 0.3% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 24,535 shares of the industrial products company’s stock worth $3,323,000 after acquiring an additional 70 shares during the period. Principal Securities Inc. grew its holdings in Middleby by 16.0% in the fourth quarter. Principal Securities Inc. now owns 566 shares of the industrial products company’s stock valued at $77,000 after purchasing an additional 78 shares during the last quarter. CIBC Asset Management Inc grew its stake in 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 acquiring an additional 81 shares during the last quarter. Townsquare Capital LLC grew its position in shares of Middleby by 1.4% in the third quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company’s stock valued at $871,000 after purchasing an additional 89 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Middleby by 0.7% during the fourth quarter. Arizona State Retirement System now owns 15,592 shares of the industrial products company’s stock worth $2,112,000 after buying an additional 110 shares in the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Stock Up 1.0 %

NASDAQ:MIDD opened at $154.90 on Thursday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The stock has a 50-day simple moving average of $158.88 and a 200 day simple moving average of $145.01. The Middleby Co. has a one year low of $118.41 and a one year high of $182.73. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of 21.37 and a beta of 1.72.

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

Insider Buying and Selling at Middleby

In other Middleby news, Director Chapin Sarah Palisi sold 500 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $163.51, for a total value of $81,755.00. Following the sale, the director now owns 6,111 shares in the company, valued at approximately $999,209.61. This trade represents a 7.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.16% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MIDD has been the subject of a number of recent research reports. Robert W. Baird lifted their price target on shares of Middleby from $157.00 to $227.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Jefferies Financial Group reiterated a “hold” rating and issued a $160.00 target price (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Barclays boosted their target price on Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Canaccord Genuity Group increased their price target on Middleby from $192.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Middleby 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.