King Luther Capital Management Corp Sells 5,536 Shares of The Middleby Corporation (MIDD)

King Luther Capital Management Corp decreased its stake in The Middleby Corporation (NASDAQ:MIDD) by 8.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,575 shares of the industrial products company’s stock after selling 5,536 shares during the quarter. King Luther Capital Management Corp owned approximately 0.11% of The Middleby worth $7,764,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of MIDD. Koch Industries Inc. raised its holdings in The Middleby by 58,978.1% in the 2nd quarter. Koch Industries Inc. now owns 884,399 shares of the industrial products company’s stock worth $877,000 after purchasing an additional 882,902 shares during the period. Janus Henderson Group PLC raised its holdings in The Middleby by 144.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,352,865 shares of the industrial products company’s stock worth $164,386,000 after purchasing an additional 800,527 shares during the period. CI Global Investments Inc. raised its holdings in The Middleby by 42.4% in the 3rd quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock worth $271,980,000 after purchasing an additional 631,770 shares during the period. Wells Fargo & Company MN raised its holdings in The Middleby by 170.9% in the 3rd quarter. Wells Fargo & Company MN now owns 957,172 shares of the industrial products company’s stock worth $122,680,000 after purchasing an additional 603,869 shares during the period. Finally, William Blair Investment Management LLC raised its holdings in The Middleby by 40.4% in the 2nd quarter. William Blair Investment Management LLC now owns 1,809,903 shares of the industrial products company’s stock worth $219,921,000 after purchasing an additional 520,906 shares during the period. Hedge funds and other institutional investors own 99.95% of the company’s stock.

The Middleby Corporation (MIDD) opened at $125.99 on Thursday. 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 market capitalization of $7,067.95, a P/E ratio of 23.32 and a beta of 1.89. The company has a current ratio of 1.93, a quick ratio of 1.02 and a debt-to-equity ratio of 0.72.

The Middleby announced that its board has initiated a share repurchase plan on Tuesday, November 14th that authorizes the company to repurchase 2,500,000 shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

MIDD has been the subject of a number of research analyst reports. BMO Capital Markets reissued a “buy” rating and set a $150.00 target price on shares of The Middleby in a report on Friday, August 11th. BidaskClub cut The Middleby from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Robert W. Baird reduced their target price on The Middleby from $145.00 to $142.00 and set an “outperform” rating for the company in a report on Friday, August 11th. Macquarie raised The Middleby from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a report on Tuesday, August 15th. Finally, Citigroup reissued a “neutral” rating and set a $130.00 target price on shares of The Middleby in a report on Thursday, September 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $137.22.

In other The Middleby news, Director Gordon Obrien sold 5,600 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $121.41, for a total transaction of $679,896.00. Following the completion of the transaction, the director now owns 11,050 shares of the company’s stock, valued at $1,341,580.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is owned by corporate insiders.

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The Middleby 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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