Zacks Investment Research upgraded shares of Calavo Growers (NASDAQ:CVGW) from a sell rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Calavo Growers, Inc. is a global avocado-industry leader and an expanding provider of value-added fresh food. The company also procures and markets diversified fresh produce items, ranging from tomatoes to tropical produce. It operates in three segments: Fresh Products, Calavo Foods, and RFG. The Fresh products segment distributes avocados and other fresh produce products; and procures avocados grown in Mexico, as well as various other commodities, including tomatoes, papayas, and pineapples. The Calavo Foods segment is involved in purchasing, manufacturing, and distributing prepared products, including guacamole and salsa. The RFG segment produces, markets, and distributes fresh-cut fruits, ready-to-eat vegetables, recipe-ready vegetables, and deli products. The company offers its products primarily under the Calavo and RFG brands, and related logos; and Avo Fresco, Bueno, Calavo Gold, Calavo Salsa Lisa, Salsa Lisa, Celebrate the Taste, El Dorado, Fresh Ripe, Select etc. “
Several other equities analysts have also commented on the company. BidaskClub lowered Calavo Growers from a buy rating to a hold rating in a research note on Friday, November 2nd. Lake Street Capital set a $109.00 price target on Calavo Growers and gave the stock a buy rating in a research note on Friday, September 7th. Buckingham Research lowered Calavo Growers from a buy rating to a neutral rating and set a $98.00 price target for the company. in a research note on Tuesday, September 4th. They noted that the move was a valuation call. Finally, Vertical Group lowered Calavo Growers from a buy rating to a hold rating in a research note on Tuesday, August 7th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $101.50.
Calavo Growers stock traded up $0.23 during trading on Wednesday, hitting $99.24. The company’s stock had a trading volume of 106,593 shares, compared to its average volume of 114,763. The firm has a market capitalization of $1.76 billion, a P/E ratio of 46.59 and a beta of 0.48. Calavo Growers has a 1-year low of $70.00 and a 1-year high of $108.00.
Calavo Growers (NASDAQ:CVGW) last released its earnings results on Wednesday, September 5th. The company reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.08. The firm had revenue of $296.50 million during the quarter, compared to analyst estimates of $305.12 million. Calavo Growers had a return on equity of 18.68% and a net margin of 4.04%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. As a group, equities research analysts forecast that Calavo Growers will post 2.87 EPS for the current fiscal year.
The company also recently declared an annual dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 16th will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, November 15th. This is a positive change from Calavo Growers’s previous annual dividend of $0.95. This represents a yield of 1%. Calavo Growers’s dividend payout ratio is currently 44.60%.
In other Calavo Growers news, Director Der Kar Scott Van sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $100.00, for a total transaction of $100,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Marc Laurence Brown sold 343 shares of the company’s stock in a transaction dated Tuesday, October 16th. The stock was sold at an average price of $95.74, for a total value of $32,838.82. Following the sale, the director now owns 11,343 shares of the company’s stock, valued at $1,085,978.82. The disclosure for this sale can be found here. Insiders have sold 101,639 shares of company stock valued at $10,531,528 over the last 90 days. 8.40% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. United Services Automobile Association boosted its position in shares of Calavo Growers by 3.0% in the second quarter. United Services Automobile Association now owns 38,803 shares of the company’s stock worth $3,731,000 after buying an additional 1,130 shares during the period. Stephens Inc. AR purchased a new stake in shares of Calavo Growers in the second quarter worth about $2,434,000. Moody Aldrich Partners LLC purchased a new stake in shares of Calavo Growers in the second quarter worth about $5,282,000. Cortina Asset Management LLC boosted its position in shares of Calavo Growers by 58.7% in the second quarter. Cortina Asset Management LLC now owns 293,504 shares of the company’s stock worth $28,220,000 after buying an additional 108,551 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Calavo Growers by 5.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 113,411 shares of the company’s stock worth $10,905,000 after buying an additional 5,614 shares during the period. 89.58% of the stock is owned by institutional investors.
About Calavo Growers
Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to grocery retailers, food services, club stores, mass merchandisers, food distributors, wholesalers, supermarkets, specialty/natural retailers, and convenience stores worldwide. It operates in three segments: Fresh Products, Calavo Foods, and RFG.
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