M&T Bank Corp Has $1.33 Million Position in Middleby Corp (MIDD)

M&T Bank Corp lowered its position in shares of Middleby Corp (NASDAQ:MIDD) by 25.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,872 shares of the industrial products company’s stock after selling 3,366 shares during the period. M&T Bank Corp’s holdings in Middleby were worth $1,332,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. CI Global Investments Inc. boosted its stake in Middleby by 21.4% in the fourth quarter. CI Global Investments Inc. now owns 2,575,842 shares of the industrial products company’s stock valued at $347,610,000 after acquiring an additional 453,817 shares in the last quarter. American Century Companies Inc. boosted its stake in Middleby by 1.0% in the third quarter. American Century Companies Inc. now owns 1,409,299 shares of the industrial products company’s stock valued at $180,630,000 after acquiring an additional 13,490 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Middleby by 3.8% in the third quarter. JPMorgan Chase & Co. now owns 1,165,111 shares of the industrial products company’s stock valued at $148,912,000 after acquiring an additional 42,185 shares in the last quarter. State Street Corp boosted its stake in Middleby by 0.7% in the second quarter. State Street Corp now owns 1,018,670 shares of the industrial products company’s stock valued at $123,773,000 after acquiring an additional 7,283 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Middleby by 170.9% in the third quarter. Wells Fargo & Company MN now owns 957,172 shares of the industrial products company’s stock valued at $122,680,000 after acquiring an additional 603,869 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

In other news, Treasurer Martin M. Lindsay sold 10,000 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $129.50, for a total transaction of $1,295,000.00. Following the completion of the sale, the treasurer now owns 61,726 shares in the company, valued at $7,993,517. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is currently owned by corporate insiders.

Several research firms have issued reports on MIDD. Zacks Investment Research upgraded shares of Middleby from a “hold” rating to a “buy” rating and set a $151.00 price objective for the company in a research note on Wednesday, January 17th. Citigroup decreased their price objective on shares of Middleby from $132.00 to $120.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. BidaskClub downgraded shares of Middleby from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. Deutsche Bank decreased their price objective on shares of Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a research note on Friday, November 17th. Finally, BMO Capital Markets restated a “buy” rating and issued a $150.00 price objective on shares of Middleby in a research note on Wednesday, November 8th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Middleby has a consensus rating of “Hold” and an average target price of $139.63.

Shares of Middleby Corp (NASDAQ:MIDD) opened at $135.00 on Monday. Middleby Corp has a 12 month low of $107.53 and a 12 month high of $150.87. The firm has a market cap of $7,548.24, a PE ratio of 24.91 and a beta of 1.78. The company has a current ratio of 1.93, a quick ratio of 1.02 and a debt-to-equity ratio of 0.72.

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

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About Middleby

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 Middleby (NASDAQ:MIDD)

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