Fresh Del Monte Produce Inc. (NYSE:FDP) Short Interest Update

Fresh Del Monte Produce Inc. (NYSE:FDP - Get Free Report) was the recipient of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 1,180,000 shares, an increase of 31.0% from the February 13th total of 900,900 shares. Based on an average daily volume of 349,400 shares, the short-interest ratio is presently 3.4 days. Currently, 3.0% of the company's shares are short sold.

Fresh Del Monte Produce Stock Down 1.1 %

Shares of FDP traded down $0.32 during mid-day trading on Friday, hitting $29.61. 1,771,145 shares of the company's stock were exchanged, compared to its average volume of 277,377. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 89.72 and a beta of 0.33. Fresh Del Monte Produce has a fifty-two week low of $21.23 and a fifty-two week high of $35.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 2.09. The stock's 50-day moving average is $30.69 and its 200-day moving average is $31.20.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last issued its earnings results on Monday, February 24th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.16). Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the business earned $0.25 EPS. The firm's revenue was up .5% compared to the same quarter last year.

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Fresh Del Monte Produce declared that its board has approved a stock repurchase program on Monday, February 24th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to buy up to 10.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Fresh Del Monte Produce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be paid a $0.30 dividend. This is a positive change from Fresh Del Monte Produce's previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 4.05%. The ex-dividend date is Monday, March 10th. Fresh Del Monte Produce's dividend payout ratio is currently 40.40%.

Insider Buying and Selling

In related news, CFO Monica Vicente sold 2,532 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total value of $77,023.44. Following the completion of the transaction, the chief financial officer now directly owns 10,808 shares in the company, valued at approximately $328,779.36. This represents a 18.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Mohammed Abbas sold 5,064 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total value of $154,046.88. Following the sale, the chief operating officer now directly owns 45,560 shares of the company's stock, valued at approximately $1,385,935.20. This trade represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,321 shares of company stock worth $283,545. Insiders own 30.10% of the company's stock.

Institutional Investors Weigh In On Fresh Del Monte Produce

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parvin Asset Management LLC acquired a new stake in shares of Fresh Del Monte Produce during the fourth quarter worth $30,000. Sterling Capital Management LLC lifted its holdings in Fresh Del Monte Produce by 795.0% in the fourth quarter. Sterling Capital Management LLC now owns 1,083 shares of the company's stock valued at $36,000 after acquiring an additional 962 shares during the period. McIlrath & Eck LLC purchased a new stake in shares of Fresh Del Monte Produce during the 4th quarter worth $48,000. Sherman Asset Management Inc. purchased a new stake in shares of Fresh Del Monte Produce during the 4th quarter worth $54,000. Finally, State of Wyoming acquired a new position in shares of Fresh Del Monte Produce during the 4th quarter worth $54,000. Hedge funds and other institutional investors own 64.83% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Fresh Del Monte Produce from a "hold" rating to a "buy" rating in a research report on Monday.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.