Dole PLC (NYSE:DOLE) Short Interest Up 22.7% in January

Dole PLC (NYSE:DOLE) was the target of a large increase in short interest during the month of January. As of January 15th, there was short interest totaling 1,251,498 shares, an increase of 22.7% from the December 31st total of 1,020,184 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average daily volume of 609,783 shares, the days-to-cover ratio is presently 2.1 days. Based on an average daily volume of 609,783 shares, the days-to-cover ratio is presently 2.1 days. Approximately 1.3% of the shares of the company are sold short.

Dole Stock Performance

Dole stock traded up $0.07 during mid-day trading on Tuesday, hitting $16.18. The company had a trading volume of 614,837 shares, compared to its average volume of 620,840. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 107.83, a P/E/G ratio of 1.97 and a beta of 0.64. Dole has a 12-month low of $12.52 and a 12-month high of $16.32. The company’s fifty day moving average is $15.00 and its 200-day moving average is $14.17. The company has a current ratio of 1.21, a quick ratio of 0.90 and a debt-to-equity ratio of 0.60.

Dole (NYSE:DOLE) last posted its earnings results on Monday, November 10th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). Dole had a net margin of 0.17% and a return on equity of 7.98%. The firm had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the firm earned $0.19 earnings per share. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. Equities research analysts predict that Dole will post 1.19 EPS for the current year.

Dole announced that its board has approved a share buyback plan on Monday, November 10th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 8.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Dole Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Tuesday, December 9th were paid a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, December 9th. Dole’s dividend payout ratio is presently 226.67%.

Hedge Funds Weigh In On Dole

A number of large investors have recently bought and sold shares of the business. Victory Capital Management Inc. grew its holdings in Dole by 30.6% in the third quarter. Victory Capital Management Inc. now owns 4,938,971 shares of the company’s stock valued at $66,380,000 after purchasing an additional 1,155,983 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of Dole during the 3rd quarter valued at approximately $10,924,000. Acadian Asset Management LLC grew its stake in Dole by 147.3% in the 2nd quarter. Acadian Asset Management LLC now owns 1,350,546 shares of the company’s stock valued at $18,878,000 after acquiring an additional 804,471 shares during the period. Panview Capital Ltd purchased a new stake in Dole in the 3rd quarter worth $9,408,000. Finally, Algert Global LLC increased its holdings in Dole by 2,173.6% in the 3rd quarter. Algert Global LLC now owns 595,869 shares of the company’s stock worth $8,008,000 after acquiring an additional 569,661 shares in the last quarter.

Wall Street Analysts Forecast Growth

DOLE has been the topic of several research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Dole in a report on Monday, December 29th. Wall Street Zen raised shares of Dole from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Dole has an average rating of “Hold” and an average price target of $16.00.

Dole Company Profile

Dole plc is a global producer, marketer and distributor of fresh fruits and vegetables. The company’s product range includes bananas, pineapples, berries, grapes, salads and a variety of other fresh and packaged produce, sold under the Dole brand and through private-label arrangements. Dole’s operations span the full fresh-produce value chain, from farming and sourcing to packing, ripening, cold‑chain logistics and wholesale and retail distribution, supporting both retail grocery and foodservice customers.

The company traces its commercial heritage to the early 20th century Hawaiian pineapple business founded by James Dole and has evolved through subsequent corporate restructurings and combinations.