The Middleby Corporation (NASDAQ:MIDD) Shares Sold by Cabot Wealth Management Inc.

Cabot Wealth Management Inc. reduced its stake in The Middleby Corporation (NASDAQ:MIDD) by 2.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,191 shares of the industrial products company’s stock after selling 332 shares during the period. Cabot Wealth Management Inc.’s holdings in The Middleby Corporation were worth $1,846,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Legacy Capital Partners Inc. raised its position in shares of The Middleby Corporation by 2.6% in the second quarter. Legacy Capital Partners Inc. now owns 20,905 shares of the industrial products company’s stock worth $2,540,000 after buying an additional 535 shares during the period. Norris Perne & French LLP MI raised its position in shares of The Middleby Corporation by 45.7% in the second quarter. Norris Perne & French LLP MI now owns 86,692 shares of the industrial products company’s stock worth $10,535,000 after buying an additional 27,193 shares during the period. IFP Advisors Inc raised its position in shares of The Middleby Corporation by 10.5% in the second 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 period. Callahan Advisors LLC raised its position in shares of The Middleby Corporation by 7.4% in the second quarter. Callahan Advisors LLC now owns 20,609 shares of the industrial products company’s stock worth $2,504,000 after buying an additional 1,415 shares during the period. Finally, Korea Investment CORP raised its position in shares of The Middleby Corporation by 309.3% in the second quarter. Korea Investment CORP now owns 30,700 shares of the industrial products company’s stock worth $3,730,000 after buying an additional 23,200 shares during the period. 95.30% of the stock is owned by hedge funds and other institutional investors.

Shares of The Middleby Corporation (MIDD) traded down 0.96% on Friday, hitting $116.06. The company had a trading volume of 658,658 shares. The Middleby Corporation has a 52 week low of $108.45 and a 52 week high of $150.87. The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of 21.74 and a beta of 1.82. The stock’s 50-day moving average is $125.03 and its 200 day moving average is $132.01.

The Middleby Corporation (NASDAQ:MIDD) last announced its quarterly earnings results on Wednesday, August 9th. The industrial products company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.01. The Middleby Corporation had a return on equity of 23.05% and a net margin of 13.38%. The company had revenue of $579.34 million during the quarter, compared to analysts’ expectations of $587.49 million. Equities analysts expect that The Middleby Corporation will post $5.61 EPS for the current year.

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A number of equities research analysts have issued reports on the company. BidaskClub downgraded The Middleby Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Robert W. Baird cut their price target on The Middleby Corporation from $145.00 to $142.00 and set an “outperform” rating for the company in a research note on Friday, August 11th. BMO Capital Markets restated a “buy” rating and set a $150.00 price target on shares of The Middleby Corporation in a research note on Friday, August 11th. Zacks Investment Research upgraded The Middleby Corporation from a “hold” rating to a “buy” rating and set a $142.00 price target for the company in a research note on Tuesday, July 18th. Finally, Wellington Shields upgraded The Middleby Corporation from a “hold” rating to a “gradually accumulate” rating in a research note on Tuesday, July 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $141.71.

About The Middleby Corporation

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.