Parvin Asset Management LLC Takes Position in Mission Produce, Inc. $AVO

Parvin Asset Management LLC purchased a new position in shares of Mission Produce, Inc. (NASDAQ:AVO) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 47,839 shares of the company’s stock, valued at approximately $564,000.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. raised its stake in Mission Produce by 36.9% during the second quarter. BlackRock Inc. now owns 4,775,250 shares of the company’s stock worth $56,300,000 after acquiring an additional 1,286,263 shares in the last quarter. Fourth Sail Capital LP lifted its holdings in shares of Mission Produce by 258.5% in the second quarter. Fourth Sail Capital LP now owns 3,976,272 shares of the company’s stock worth $46,880,000 after acquiring an additional 2,867,072 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Mission Produce by 12.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company’s stock valued at $41,614,000 after purchasing an additional 334,629 shares in the last quarter. Rubric Capital Management LP acquired a new stake in shares of Mission Produce in the 1st quarter valued at approximately $23,756,000. Finally, Geode Capital Management LLC grew its holdings in shares of Mission Produce by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,048,598 shares of the company’s stock valued at $12,166,000 after purchasing an additional 3,744 shares during the last quarter. 63.57% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Bruce C. Taylor bought 300,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were purchased at an average cost of $11.29 per share, with a total value of $3,387,000.00. Following the acquisition, the director owned 455,842 shares of the company’s stock, valued at $5,146,456.18. This represents a 192.50% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Holdings Venture Globalharvest bought 687,222 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were bought at an average cost of $13.42 per share, for a total transaction of $9,222,519.24. Following the completion of the acquisition, the insider directly owned 12,370,439 shares in the company, valued at approximately $166,011,291.38. This trade represents a 5.88% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 3,352,161 shares of company stock valued at $42,458,664 in the last three months. Insiders own 30.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on AVO shares. Weiss Ratings cut shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 9th. Wall Street Zen lowered shares of Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, UBS Group set a $16.00 target price on shares of Mission Produce in a research note on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.67.

Mission Produce Stock Performance

Shares of Mission Produce stock opened at $12.95 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22. Mission Produce, Inc. has a twelve month low of $10.07 and a twelve month high of $15.53. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 40.47 and a beta of 0.49. The company’s fifty day moving average is $12.75 and its 200 day moving average is $12.99.

Mission Produce announced that its Board of Directors has approved a stock buyback plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 13.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Mission Produce Company Profile

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.