Carnegie Capital Asset Management LLC decreased its position in shares of Middleby Corp (NASDAQ:MIDD) by 5.2% during the 4th quarter, HoldingsChannel reports. The fund owned 14,614 shares of the industrial products company’s stock after selling 798 shares during the period. Carnegie Capital Asset Management LLC’s holdings in Middleby were worth $1,942,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MIDD. Cubist Systematic Strategies LLC acquired a new stake in shares of Middleby during the 2nd quarter valued at $154,000. American International Group Inc. acquired a new position in Middleby during the 4th quarter worth about $176,000. Zions Bancorporation acquired a new position in Middleby during the 3rd quarter worth about $198,000. Crossmark Global Holdings Inc. acquired a new position in Middleby during the 4th quarter worth about $202,000. Finally, Ironwood Investment Management LLC acquired a new position in Middleby during the 3rd quarter worth about $229,000. 99.85% of the stock is currently owned by institutional investors.
In other news, Treasurer Martin M. Lindsay sold 10,000 shares of Middleby stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $129.50, for a total value of $1,295,000.00. Following the completion of the transaction, the treasurer now directly owns 61,726 shares of the company’s stock, valued at approximately $7,993,517. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.00% of the stock is currently owned by insiders.
Middleby declared that its board has authorized a stock buyback program on Tuesday, November 14th that allows the company to repurchase 2,500,000 shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
Several brokerages have commented on MIDD. Deutsche Bank cut their target price on Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a report on Friday, November 17th. BidaskClub raised Middleby from a “hold” rating to a “buy” rating in a report on Saturday, December 30th. BMO Capital Markets reaffirmed a “buy” rating and set a $150.00 target price on shares of Middleby in a report on Wednesday, November 8th. Finally, Zacks Investment Research raised Middleby from a “sell” rating to a “hold” rating and set a $154.00 target price on the stock in a report on Monday, January 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $139.38.
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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