Principal Financial Group Inc. Has $98.77 Million Stock Holdings in The Middleby Co. (NASDAQ:MIDD)

Principal Financial Group Inc. reduced its stake in The Middleby Co. (NASDAQ:MIDD) by 0.5% during the third quarter, Holdings Channel.com reports. The fund owned 709,910 shares of the industrial products company’s stock after selling 3,708 shares during the period. Principal Financial Group Inc.’s holdings in Middleby were worth $98,769,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MIDD. Sanctuary Advisors LLC bought a new position in Middleby during the 3rd quarter worth approximately $891,000. Virtu Financial LLC acquired a new stake in shares of Middleby during the third quarter worth $639,000. Neo Ivy Capital Management bought a new position in Middleby during the third quarter worth $88,000. Geode Capital Management LLC lifted its holdings in Middleby by 1.0% in the third quarter. Geode Capital Management LLC now owns 936,596 shares of the industrial products company’s stock valued at $130,341,000 after buying an additional 8,926 shares during the period. Finally, MidWestOne Financial Group Inc. bought a new stake in Middleby during the third quarter valued at $200,000. 98.55% of the stock is currently owned by institutional investors.

Middleby Price Performance

Shares of NASDAQ:MIDD opened at $134.72 on Friday. The stock’s 50 day moving average is $138.85 and its 200-day moving average is $134.64. The Middleby Co. has a twelve month low of $118.41 and a twelve month high of $161.01. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $7.25 billion, a price-to-earnings ratio of 18.58 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.15). The business had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.35 EPS. Sell-side analysts forecast that The Middleby Co. will post 9.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $155.00 price objective on shares of Middleby in a research report on Friday. StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Jefferies Financial Group restated a “hold” rating and set a $160.00 price target (down from $170.00) on shares of Middleby in a report on Thursday, December 12th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $154.67.

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.