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Snag This Bargain Even Cheaper Than Director Nerbonne Did

By Market News Video Staff, Tuesday, September 21, 11:16 AM ET
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There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on September 16, Middleby Corp's Director, Robert A. Nerbonne, invested $201,649.85 into 1,165 shares of MIDD, for a cost per share of $173.09. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.

In trading on Tuesday, bargain hunters could buy shares of Middleby Corp (NASDAQ:MIDD) and achieve a cost basis even cheaper than Nerbonne, with shares changing hands as low as $171.89 per share. Middleby Corp shares are currently trading off about 1.1% on the day. The chart below shows the one year performance of MIDD shares, versus its 200 day moving average:

Middleby Corp Chart

Looking at the chart above, MIDD's low point in its 52 week range is $87.75 per share, with $196.49 as the 52 week high point — that compares with a last trade of $172.48. By comparison, below is a table showing the prices at which MIDD insider buying was recorded over the last six months:

Purchased Insider Title Shares Price/Share Value
09/16/2021 Robert A. Nerbonne Director 1,165 $173.09 $201,649.85

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