Fresh Del Monte Produce (NYSE:FDP) was upgraded by research analysts at TheStreet from a “c+” rating to a “b+” rating in a research note issued to investors on Tuesday, May 1st.
Shares of Fresh Del Monte Produce opened at $47.02 on Tuesday, according to MarketBeat Ratings. Fresh Del Monte Produce has a 1 year low of $46.98 and a 1 year high of $47.47. The company has a quick ratio of 1.30, a current ratio of 2.52 and a debt-to-equity ratio of 0.43. The stock has a market cap of $2.29 billion, a PE ratio of 19.29 and a beta of 0.44.
Fresh Del Monte Produce (NYSE:FDP) last issued its earnings results on Tuesday, May 1st. The company reported $0.88 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.03). The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fresh Del Monte Produce had a return on equity of 6.70% and a net margin of 2.79%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 earnings per share.
Fresh Del Monte Produce announced that its Board of Directors has approved a share buyback plan on Wednesday, February 21st that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In related news, Director Michael J. Berthelot sold 1,332 shares of Fresh Del Monte Produce stock in a transaction on Monday, March 19th. The stock was sold at an average price of $47.04, for a total transaction of $62,657.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Reyes Jorge Pelaez sold 600 shares of Fresh Del Monte Produce stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $47.99, for a total value of $28,794.00. The disclosure for this sale can be found here. Insiders sold 9,462 shares of company stock valued at $443,983 in the last three months. Insiders own 39.00% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC bought a new stake in shares of Fresh Del Monte Produce in the third quarter valued at $240,000. California Public Employees Retirement System raised its stake in shares of Fresh Del Monte Produce by 20.6% in the third quarter. California Public Employees Retirement System now owns 10,496 shares of the company’s stock valued at $477,000 after buying an additional 1,796 shares during the period. LSV Asset Management raised its stake in shares of Fresh Del Monte Produce by 1.6% during the 4th quarter. LSV Asset Management now owns 2,470,364 shares of the company’s stock valued at $117,762,000 after purchasing an additional 38,554 shares during the period. Parametrica Management Ltd raised its stake in shares of Fresh Del Monte Produce by 12.9% during the 4th quarter. Parametrica Management Ltd now owns 9,387 shares of the company’s stock valued at $447,000 after purchasing an additional 1,069 shares during the period. Finally, Boston Partners bought a new stake in shares of Fresh Del Monte Produce during the 4th quarter valued at $22,908,000. Institutional investors and hedge funds own 65.96% of the company’s stock.
About Fresh Del Monte Produce
Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables worldwide. It offers fresh produce products consisting of bananas, pineapples, melons, tomatoes, grapes, apples, pears, peaches, plums, nectarines, cherries, citrus, avocados, blueberries, strawberries, and kiwi; various vegetables, including potatoes, onions, bell peppers, and cucumbers; and various other fruits, such as plantains and mangos.
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