Principal Financial Group Inc. Sells 3,708 Shares of The Middleby Co. (NASDAQ:MIDD)

Principal Financial Group Inc. cut its stake in The Middleby Co. (NASDAQ:MIDD) by 0.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 709,910 shares of the industrial products company’s stock after selling 3,708 shares during the period. Principal Financial Group Inc. owned approximately 1.32% of Middleby worth $98,769,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Verdence Capital Advisors LLC raised its stake in Middleby by 4.0% in the third quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock valued at $317,000 after purchasing an additional 88 shares in the last quarter. Townsquare Capital LLC increased its holdings in Middleby by 1.4% in the 3rd quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company’s stock valued at $871,000 after buying an additional 89 shares during the period. Assetmark Inc. raised its position in shares of Middleby by 5.2% in the 3rd quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock valued at $260,000 after buying an additional 93 shares in the last quarter. Quarry LP lifted its holdings in shares of Middleby by 133.3% during the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 132 shares during the period. Finally, UMB Bank n.a. boosted its position in shares of Middleby by 93.2% during the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 136 shares in the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Price Performance

Middleby stock opened at $134.72 on Friday. The company has a market capitalization of $7.25 billion, a PE ratio of 18.58 and a beta of 1.60. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The stock has a 50-day moving average price of $138.85 and a two-hundred day moving average price of $134.64. The Middleby Co. has a 12 month low of $118.41 and a 12 month high of $161.01.

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

Wall Street Analysts Forecast Growth

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

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.