Select Equity Group, L.P. 13F: Cuts MIDD Stake by $263M

Select Equity Group Trims Stake in The Middleby Corporation

Select Equity Group, L.P. made a notable change to its portfolio by cutting its stake in The Middleby Corporation (NasdaqGS: MIDD) during the period. According to its latest Form 13F filing with the Securities and Exchange Commission, the fund unloaded 1,527,822 shares of the industrial machinery specialist. Because 13F filings look backward at portfolio holdings from the close of the reporting period, this snapshot may not reflect the investor's current real-time position.

Slicing the Position in Half

The reduction came out to a 50.4% drop in the firm's total share count. Before the adjustment, Select Equity Group, L.P. owned 3,028,289 shares of the company. After shedding more than 1.5 million shares, the fund wrapped up the period with 1,500,467 shares remaining in its portfolio. Based on reported figures, that retained block is valued at approximately $258.1 million. This sale follows other institutional adjustments in the name, such as Earnest Partners recently trimming its own holdings in the same stock down to 1.29 million shares.

Stock Trades Near Recent Levels

The company's shares trade around $172.01, resting well above the lower end of its 52-week trading range. The industrial equipment maker carries a forward P/E ratio of 14.25 alongside a trailing P/E of 16.91. These valuations give context to how major funds manage large positions when valuations shift.

Analysts Set New Price Targets

Market research desks have kept a close eye on the stock through the back half of the year. On October 8, 2026, JP Morgan maintained an Overweight rating while adjusting its price target to $145.00 from $147.00. Earlier, on September 15, 2026, the same firm upgraded the stock to Overweight with a $147.00 target. Canaccord Genuity also stepped in on September 1, 2026, keeping a Buy rating and lifting its target to $160.00 from $157.00. Oppenheimer weighed in earlier on June 17, 2026, reiterating its Buy rating with a target of $205.00. Across the street, the stock holds a consensus Buy recommendation with a mean price target of $155.89 based on nine analyst opinions.

Inside The Middleby Corporation's Operations

Headquartered in Elgin, Illinois, The Middleby Corporation builds commercial foodservice and food processing equipment. Its product lines range from conveyor and convection ovens to commercial refrigerators, beverage dispensers, and automated ice-making solutions. The company employs 8,826 people worldwide.

What to Watch at The Middleby Corporation

Investors looking for the next concrete update on the business will want to mark their calendars for November 5, 2026, when the company is scheduled to release its next round of earnings. Subsequent 13F filings will clarify whether Select Equity Group continues to scale back its exposure or holds steady at this lower level.