First Trust Advisors LP Sells 122,316 Shares of The Middleby Corporation (MIDD)

First Trust Advisors LP reduced its stake in shares of The Middleby Corporation (NASDAQ:MIDD) by 98.7% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,610 shares of the industrial products company’s stock after selling 122,316 shares during the period. First Trust Advisors LP’s holdings in The Middleby were worth $206,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of MIDD. IFP Advisors Inc boosted its stake in shares of The Middleby by 10.5% in the 2nd quarter. IFP Advisors Inc now owns 1,031 shares of the industrial products company’s stock worth $125,000 after buying an additional 98 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in shares of The Middleby by 9.2% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,124 shares of the industrial products company’s stock worth $137,000 after buying an additional 95 shares during the last quarter. Fiduciary Trust Co. purchased a new position in The Middleby in the second quarter valued at approximately $143,000. Cubist Systematic Strategies LLC purchased a new position in The Middleby in the second quarter valued at approximately $154,000. Finally, Daiwa Securities Group Inc. raised its holdings in The Middleby by 13.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,700 shares of the industrial products company’s stock valued at $207,000 after acquiring an additional 200 shares during the period. 99.95% of the stock is owned by hedge funds and other institutional investors.

Shares of The Middleby Corporation (MIDD) opened at $127.53 on Wednesday. The Middleby Corporation has a fifty-two week low of $107.53 and a fifty-two week high of $150.87. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.93 and a quick ratio of 1.02. The stock has a market cap of $6,987.99, a P/E ratio of 23.06 and a beta of 1.89.

The Middleby declared that its Board of Directors has authorized a stock buyback program on Tuesday, November 14th that allows the company to buyback 2,500,000 outstanding shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Several research analysts have recently weighed in on MIDD shares. Deutsche Bank decreased their price target on shares of The Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a report on Friday, November 17th. Citigroup reissued a “neutral” rating and issued a $130.00 target price on shares of The Middleby in a research note on Thursday, September 7th. Macquarie upgraded shares of The Middleby from a “neutral” rating to an “outperform” rating and set a $150.00 price target for the company in a research report on Tuesday, August 15th. Zacks Investment Research lowered shares of The Middleby from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. Finally, BMO Capital Markets restated a “buy” rating and set a $150.00 price target on shares of The Middleby in a research report on Wednesday, November 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The Middleby presently has a consensus rating of “Hold” and an average price target of $137.22.

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The Middleby Company Profile

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.

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Institutional Ownership by Quarter for The Middleby (NASDAQ:MIDD)

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