$93M Insider Bet on Middleby

This Week's Top Insider Moves That Matter

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This week, Wall Street exhaled, and it wasn’t pretty. Risk-heavy sectors bled out, with tech, semiconductors, and financials taking the sharpest hits. Defensive corners offered shelter, but conviction was rare, unless you were in the C-suite.

While the market sold off, insiders stepped in. Not timidly. Not tactically. With size.

We watched a seasoned activist load up on an industrial stalwart. Healthcare saw quiet accumulation. And in the shadows of red charts, one executive bought like the dip was on fire sale.

This wasn’t panic, it was positioning. When insiders zig while the market zags, smart money listens.

Let’s get into the trades that mattered.

Biggest Insider Sales

🔧 CCC Intelligent Solutions $CCCS ( ▼ 3.75% ) – $272M from Advent
• Who’s Selling? Advent International, L.P. (10% Owner)
• What They Sold: 30M shares at $9.08
• Total Value: $272M
• Why It Matters: Advent didn’t just trim, this was a deep 65% cut. Two directors echoed the move, suggesting a firm-wide exit strategy that’s impossible to miss.

🏥 Alignment Healthcare $ALHC ( ▼ 0.07% ) – $259.7M Sell-Off from General Atlantic
• Who’s Selling? General Atlantic (ALN HLTH), L.P. (10% Owner)
• What They Sold: 17M shares at $15.28
• Total Value: $259.7M
• Why It Matters: The private equity giant slashed its holdings by 28%. A notable retreat, especially given recent strength in managed care names.

🛒 Walmart $WMT ( ▲ 0.43% ) – Waltons Pull $249M off the Table
• Who’s Selling? Walton Family Holdings Trust (10% Owner)
• What They Sold: 2.6M shares at $96.41
• Total Value: $249M
• Why It Matters: The family’s holdings remain huge, but this sale adds to a long-running pattern of disciplined divestment, likely tax and estate planning at work.

💳 Waystar Holding $WAY ( ▲ 1.1% ) – Derby Luxco Exits with $231M
• Who’s Selling? Derby Luxco S.A R.L. (10% Owner)
• What They Sold: 6.2M shares at $37.39
• Total Value: $231M
• Why It Matters: With a 16% stake cut, this fintech exit is more than portfolio management—it’s directional.

🔌 Centuri Holdings $CTRI ( ▲ 0.27% ) – Southwest Gas Lights Out $231M
• Who’s Selling? Southwest Gas Holdings, Inc. (10% Owner)
• What They Sold: 13.2M shares at $17.50
• Total Value: $231M
• Why It Matters: An 18% reduction from a utility heavyweight suggests some internal cooling or external opportunity.

While these insiders took chips off the table, others doubled down. Let’s turn to the week’s biggest buys and the conviction behind them.

Biggest Insider Purchases

🏭 Middleby Corp $MIDD ( ▼ 0.92% ) – $20.3M Reload by Garden
• Who’s Buying? Edward Garden (Director)
• What He Bought: 137,000 shares at $148.03
• Total Investment: $20.28M
• Why It Matters: Garden has been quietly accumulating over $93M in May alone. This isn’t a toe-dip, it’s a cannonball.

🧰 Trimas Corp $TRS ( ▼ 2.53% ) – Sedaghat’s $21.5M Signal
• Who’s Buying? Shawn Sedaghat (Director, 10% Owner)
• What He Bought: 842,466 shares across two filings
• Total Investment: $21.5M
• Why It Matters: This is his third major buy in three weeks. Steady, aggressive, and likely not done.

🛢 TXO Partners $TXO ( 0.0% ) – King Returns with $7.5M Buy
• Who’s Buying? Luther King Jr. (See Below)
• What He Bought: 500,000 shares at $15.00
• Total Investment: $7.5M
• Why It Matters: King previously sold at $21+—this looks like a calculated value re-entry with real skin in the game.

💊 Centessa Pharma $CNTA ( ▲ 1.98% ) – Goyal Enters at $5.9M
• Who’s Buying? Arjun Goyal (Director)
• What He Bought: 462,585 shares at $12.68
• Total Investment: $5.87M
• Why It Matters: His first purchase, and it’s meaningful. Watch for follow-ups—this might just be the opening volley.

🔬 TScan Therapeutics $TCRX ( ▼ 4.17% ) – Lynx1 Ups Its Bet
• Who’s Buying? Lynx1 Capital Management LP (10% Owner)
• What They Bought: 2.59M shares at $1.20
• Total Investment: $3.1M
• Why It Matters: After several smaller buys, Lynx1 just went big. Expect more if catalysts hit.

🔬Insider Under the Microscope: Middleby Corp

This week, all eyes are on Middleby Corp $MIDD ( ▼ 0.92% ) where Director Edward Garden just executed one of the most compelling insider buying streaks we've seen all year, backed by a résumé that demands attention.

Garden, a founding partner of activist powerhouse Trian Partners and now head of his own investment firm, Garden Investment Management, acquired over $93 million worth of Middleby stock in May. His purchases came in waves: 452,000 shares on May 9, another 51,500 on May 14, and 137,000 more on May 21, all at an average price around $145–$148. His firm now owns 3.28 million shares, or roughly 5.9% of the company.

So why the buying blitz?

Middleby has a lot cooking. The company just beat earnings expectations on cost control, announced a massive share repurchase plan (authorized up to 21% of shares), and is spinning off its Food Processing division, moves that collectively signal real value-unlocking potential. Garden’s board appointment was announced the same day as the spin-off, suggesting he was instrumental in the decision.

His track record? Garden was behind value-creation campaigns at Procter & Gamble, GE, and Sysco. He’s not buying based on hope, he’s betting on structural catalysts he likely helped initiate.

With operational tailwinds, a favorable demand cycle in commercial kitchens, and an activist-backed strategy taking shape, Middleby could be in the early innings of a re-rating. When someone with Garden’s track record goes this deep, this fast, we pay attention.

👀 This was just one of five major trades we flagged this week.
Access+ members saw the rest — as they happened, not after the market moved.

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