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

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday.

Fresh Del Monte Produce Stock Down 0.3 %

Shares of NYSE:FDP traded down $0.11 on Tuesday, reaching $30.34. The company had a trading volume of 327,597 shares, compared to its average volume of 294,826. The stock has a market capitalization of $1.45 billion, a P/E ratio of 91.95 and a beta of 0.33. The stock has a 50-day moving average price of $30.53 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.

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Fresh Del Monte Produce declared that its board has approved a share repurchase program on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 10.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Monica Vicente sold 2,532 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.42, for a total transaction of $77,023.44. Following the transaction, the chief financial officer now owns 10,808 shares in the company, valued at approximately $328,779.36. The trade was a 18.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Ziad Nabulsi sold 1,725 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.42, for a total transaction of $52,474.50. Following the transaction, the senior vice president now directly owns 11,498 shares of the company's stock, valued at $349,769.16. This represents a 13.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,321 shares of company stock valued at $283,545. Insiders own 30.10% of the company's stock.

Hedge Funds Weigh In On Fresh Del Monte Produce

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parvin Asset Management LLC bought a new stake in shares of Fresh Del Monte Produce in the 4th quarter worth approximately $30,000. Sterling Capital Management LLC lifted its position 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 worth $36,000 after purchasing an additional 962 shares during the period. McIlrath & Eck LLC bought a new position in shares of Fresh Del Monte Produce during the 4th quarter worth about $48,000. State of Wyoming bought a new position in Fresh Del Monte Produce during the fourth quarter worth about $54,000. Finally, Sherman Asset Management Inc. acquired a new stake in Fresh Del Monte Produce during the fourth quarter valued at approximately $54,000. 64.83% of the stock is currently owned by institutional investors.

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.