StockNews.com upgraded shares of Fresh Del Monte Produce (NYSE:FDP - Free Report) from a hold rating to a buy rating in a research report released on Monday.
Fresh Del Monte Produce Stock Down 1.1 %
Shares of NYSE:FDP traded down $0.32 on Monday, reaching $29.61. The company had a trading volume of 1,771,145 shares, compared to its average volume of 277,377. The stock has a market capitalization of $1.42 billion, a P/E ratio of 89.72 and a beta of 0.33. The stock has a 50-day moving average price of $30.69 and a 200 day moving average price of $31.20. Fresh Del Monte Produce has a twelve month low of $21.23 and a twelve month high of $35.27. The company has a quick ratio of 1.04, a current ratio of 2.09 and a debt-to-equity ratio of 0.14.
Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last posted 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 return on equity of 5.91% and a net margin of 0.36%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm posted $0.25 earnings per share. The firm's revenue for the quarter was up .5% compared to the same quarter last year.
Fresh Del Monte Produce declared that its board has authorized a share buyback program on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 10.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.
Fresh Del Monte Produce Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be paid a $0.30 dividend. The ex-dividend date is Monday, March 10th. This is a positive change from Fresh Del Monte Produce's previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 4.05%. Fresh Del Monte Produce's dividend payout ratio (DPR) is presently 40.40%.
Insider Buying and Selling at Fresh Del Monte Produce
In other news, SVP Ziad Nabulsi sold 1,725 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 $52,474.50. Following the completion of the sale, the senior vice president now directly owns 11,498 shares of the company's stock, valued at approximately $349,769.16. This represents a 13.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Monica Vicente sold 2,532 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $77,023.44. Following the transaction, the chief financial officer now directly owns 10,808 shares in the company, valued at $328,779.36. This trade represents a 18.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,321 shares of company stock worth $283,545 over the last ninety days. Company insiders own 30.10% of the company's stock.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in FDP. Parvin Asset Management LLC acquired a new stake in Fresh Del Monte Produce during the fourth quarter worth about $30,000. Sterling Capital Management LLC lifted its position in shares of Fresh Del Monte Produce by 795.0% in the 4th quarter. Sterling Capital Management LLC now owns 1,083 shares of the company's stock worth $36,000 after acquiring an additional 962 shares during the period. McIlrath & Eck LLC acquired a new stake in shares of Fresh Del Monte Produce during the 4th quarter worth approximately $48,000. State of Wyoming bought a new stake in shares of Fresh Del Monte Produce during the fourth quarter valued at approximately $54,000. Finally, Sherman Asset Management Inc. acquired a new position in shares of Fresh Del Monte Produce in the fourth quarter valued at $54,000. Institutional investors and hedge funds own 64.83% of the company's stock.
About Fresh Del Monte Produce
(
Get Free Report)
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.
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