Laurel Grove Capital Lowers stake in Middleby Corp (MIDD)

Middleby Corp (MIDD) : Laurel Grove Capital reduced its stake in Middleby Corp by 1.77% during the most recent quarter end. The investment management company now holds a total of 30,550 shares of Middleby Corp which is valued at $3,609,788 after selling 550 shares in Middleby Corp , the firm said in a disclosure report filed with the SEC on Jul 20, 2016.Middleby Corp makes up approximately 2.11% of Laurel Grove Capital’s portfolio.

Other Hedge Funds, Including , Alta Capital Management reduced its stake in MIDD by selling 31,931 shares or 6.71% in the most recent quarter. The Hedge Fund company now holds 443,693 shares of MIDD which is valued at $52,426,765. Middleby Corp makes up approx 3.14% of Alta Capital Management’s portfolio.Arcadia Investment Management Corpmi reduced its stake in MIDD by selling 600 shares or 1.62% in the most recent quarter. The Hedge Fund company now holds 36,515 shares of MIDD which is valued at $4,234,645. Middleby Corp makes up approx 1.34% of Arcadia Investment Management Corpmi’s portfolio.Washington Trust Bank boosted its stake in MIDD in the latest quarter, The investment management firm added 43 additional shares and now holds a total of 493 shares of Middleby Corp which is valued at $56,937. Middleby Corp makes up approx 0.01% of Washington Trust Bank’s portfolio.

Middleby Corp opened for trading at $116.2 and hit $118.41 on the upside on Wednesday, eventually ending the session at $118.12, with a gain of 2.36% or 2.72 points. The heightened volatility saw the trading volume jump to 3,40,527 shares. Company has a market cap of $6,797 M.

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.

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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