Alta Capital Management Lowers stake in Middleby Corp (MIDD)

Middleby Corp (MIDD) : Alta Capital Management reduced its stake in Middleby Corp by 2.39% during the most recent quarter end. The investment management company now holds a total of 433,089 shares of Middleby Corp which is valued at $51,243,090 after selling 10,604 shares in Middleby Corp , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Middleby Corp makes up approximately 3.24% of Alta Capital Management’s portfolio.

Other Hedge Funds, Including , At Bancorp reduced its stake in MIDD by selling 7,136 shares or 19.03% in the most recent quarter. The Hedge Fund company now holds 30,369 shares of MIDD which is valued at $3,593,260. Middleby Corp makes up approx 0.50% of At Bancorp’s portfolio.Legal General Group Plc boosted its stake in MIDD in the latest quarter, The investment management firm added 787 additional shares and now holds a total of 4,492 shares of Middleby Corp which is valued at $525,205.Cutler Group Lp boosted its stake in MIDD in the latest quarter, The investment management firm added 555 additional shares and now holds a total of 779 shares of Middleby Corp which is valued at $91,696. Middleby Corp makes up approx 0.01% of Cutler Group Lp’s portfolio.First Mercantile Trust Co reduced its stake in MIDD by selling 829 shares or 5.18% in the most recent quarter. The Hedge Fund company now holds 15,179 shares of MIDD which is valued at $1,822,391. Middleby Corp makes up approx 0.24% of First Mercantile Trust Co’s portfolio. Lenox Wealth Advisors added MIDD to its portfolio by purchasing 35 company shares during the most recent quarter which is valued at $4,262.

Middleby Corp closed down -0.79 points or -0.67% at $116.92 with 3,34,366 shares getting traded on Tuesday. Post opening the session at $117.54, the shares hit an intraday low of $116.3 and an intraday high of $117.55 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Middleby Corp reported $1.04 EPS for the quarter, based on the information available during the earnings call on Nov 10, 2015. Analyst had a consensus estimate of $1.04. The company had revenue of $449.00 million for the quarter, compared to analysts expectations of $446.45 million. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 EPS.

Many Wall Street Analysts have commented on Middleby Corp. Deutsche Bank Initiated Middleby Corp on Sep 7, 2016 to “Hold”, Price Target of the shares are set at $123.

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 has a portfolio of cooking and warming equipment; the Food Processing Equipment Group offers a portfolio of processing solutions for customers producing pre-cooked meat products and the Residential Kitchen Equipment Group manufactures sells and distributes kitchen equipment for the residential market. The equipment are used in all types of commercial restaurants and institutional kitchens; food preparation cooking baking chilling and packaging equipment for food processing operations and kitchen equipment including ranges ovens refrigerators ventilation and dishwashers used in the residential market. Its brands include Anets Beech Blodgett Britannia CTX Cozzini Danfotech Drake Brigade Jade and TurboChef among others.

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