Nuance Investments LLC Increases Holdings in Mission Produce, Inc. $AVO

Nuance Investments LLC raised its stake in Mission Produce, Inc. (NASDAQ:AVO) by 66.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 501,087 shares of the company’s stock after purchasing an additional 199,511 shares during the quarter. Mission Produce accounts for 1.0% of Nuance Investments LLC’s portfolio, making the stock its 26th biggest position. Nuance Investments LLC’s holdings in Mission Produce were worth $5,908,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVO. Quarry LP bought a new position in Mission Produce during the 3rd quarter valued at approximately $29,000. Leonteq Securities AG purchased a new position in Mission Produce during the fourth quarter valued at $31,000. Tower Research Capital LLC TRC grew its stake in shares of Mission Produce by 211.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company’s stock worth $54,000 after buying an additional 3,158 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Mission Produce by 466.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company’s stock valued at $82,000 after acquiring an additional 5,792 shares during the period. Finally, Virtus Advisers LLC bought a new stake in shares of Mission Produce during the third quarter worth $95,000. 63.57% of the stock is owned by hedge funds and other institutional investors.

Mission Produce Price Performance

Shares of AVO opened at $12.95 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. The stock has a market cap of $1.14 billion, a PE ratio of 40.47 and a beta of 0.49. Mission Produce, Inc. has a 1-year low of $10.07 and a 1-year high of $15.53. The firm has a 50-day simple moving average of $12.48 and a two-hundred day simple moving average of $13.01.

Mission Produce announced that its Board of Directors has authorized a stock repurchase program on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 13.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Mission Produce

In other news, major shareholder Holdings Venture Globalharvest acquired 592,957 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was acquired at an average cost of $13.28 per share, with a total value of $7,874,468.96. Following the transaction, the insider owned 12,963,396 shares in the company, valued at approximately $172,153,898.88. This trade represents a 4.79% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Bruce C. Taylor bought 70,283 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average price of $11.25 per share, with a total value of $790,683.75. Following the purchase, the director owned 855,842 shares of the company’s stock, valued at $9,628,222.50. The trade was a 8.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 3,352,161 shares of company stock valued at $42,458,664 in the last quarter. Corporate insiders own 30.85% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on AVO shares. Weiss Ratings lowered shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. UBS Group set a $16.00 target price on Mission Produce in a report on Wednesday, June 10th. Finally, Wall Street Zen downgraded Mission Produce from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Mission Produce presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.67.

Mission Produce 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.