Fresh Del Monte Produce (NYSE:FDP) Downgraded by StockNews.com to Hold

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) was downgraded by StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Friday.

Fresh Del Monte Produce Trading Down 2.3 %

NYSE FDP traded down $0.70 on Friday, hitting $29.99. 359,262 shares of the stock were exchanged, compared to its average volume of 271,662. The company's 50-day moving average price is $30.96 and its two-hundred day moving average price is $31.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. Fresh Del Monte Produce has a 52-week low of $21.23 and a 52-week high of $35.27. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 90.87 and a beta of 0.33.

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

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Fresh Del Monte Produce announced that its board has authorized a stock repurchase plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 10.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insider Transactions at Fresh Del Monte Produce

In other Fresh Del Monte Produce news, SVP Ziad Nabulsi sold 1,725 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Monica Vicente sold 2,532 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.42, for a total value of $77,023.44. Following the transaction, the chief financial officer now directly owns 10,808 shares of the company's stock, valued at $328,779.36. This represents a 18.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,321 shares of company stock valued at $283,545. 30.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers lifted its stake in shares of Fresh Del Monte Produce by 0.3% in the 4th quarter. Rhumbline Advisers now owns 104,348 shares of the company's stock valued at $3,465,000 after acquiring an additional 320 shares during the last quarter. Carolina Wealth Advisors LLC increased its position in shares of Fresh Del Monte Produce by 2.6% during the fourth quarter. Carolina Wealth Advisors LLC now owns 19,403 shares of the company's stock worth $644,000 after acquiring an additional 486 shares in the last quarter. Waterfront Wealth Inc. lifted its stake in Fresh Del Monte Produce by 2.4% during the 4th quarter. Waterfront Wealth Inc. now owns 22,592 shares of the company's stock valued at $750,000 after acquiring an additional 526 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Fresh Del Monte Produce by 7.4% during the 4th quarter. Bank of Montreal Can now owns 9,669 shares of the company's stock worth $321,000 after purchasing an additional 666 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Fresh Del Monte Produce by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,211 shares of the company's stock worth $638,000 after buying an additional 684 shares during the last quarter. Institutional investors and hedge funds own 64.83% of the company's stock.

About Fresh Del Monte Produce

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.