Advisory Research Inc. bought a new stake in Middleby Corp (NASDAQ:MIDD) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,614 shares of the industrial products company’s stock, valued at approximately $488,000.
Several other hedge funds have also bought and sold shares of MIDD. CI Global Investments Inc. grew its holdings in shares of Middleby by 42.4% in the third quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock valued at $271,980,000 after purchasing an additional 631,770 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of 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 purchasing an additional 603,869 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Middleby in the fourth quarter valued at $53,537,000. Seizert Capital Partners LLC purchased a new position in shares of Middleby in the third quarter valued at $38,531,000. Finally, Atlantic Trust Group LLC purchased a new position in shares of Middleby in the third quarter valued at $33,120,000. 99.85% of the stock is owned by hedge funds and other institutional investors.
In related news, Treasurer Martin M. Lindsay sold 10,000 shares of the firm’s stock in a transaction on 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 sale, the treasurer now directly owns 61,726 shares in the company, valued at $7,993,517. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.00% of the stock is owned by company insiders.
Shares of Middleby Corp (NASDAQ MIDD) opened at $135.00 on Tuesday. The stock has a market capitalization of $7,550.00, a price-to-earnings ratio of 25.38 and a beta of 1.78. Middleby Corp has a 52-week low of $107.53 and a 52-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.
Middleby announced that its board 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 purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
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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