Fresh Del Monte Produce (NYSE:FDP) Sets New 52-Week High Following Better-Than-Expected Earnings

Fresh Del Monte Produce Inc. (NYSE:FDP) hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $33.61 and last traded at $33.06, with a volume of 82153 shares. The stock had previously closed at $29.09.

The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.47 by $0.30. Fresh Del Monte Produce had a positive return on equity of 4.87% and a negative net margin of 0.43%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $989.45 million. During the same period in the prior year, the business earned $0.35 EPS. The firm’s revenue was up 1.6% compared to the same quarter last year.

Fresh Del Monte Produce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Thursday, November 14th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Thursday, November 14th. Fresh Del Monte Produce’s dividend payout ratio is presently -263.16%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Fresh Del Monte Produce from a “hold” rating to a “buy” rating in a research report on Monday, August 5th.

Insider Buying and Selling

In other Fresh Del Monte Produce news, VP Reyes Jorge Pelaez sold 5,417 shares of Fresh Del Monte Produce stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $27.75, for a total value of $150,321.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Mary Ann Cloyd sold 1,689 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $27.20, for a total transaction of $45,940.80. Following the sale, the director now owns 22,188 shares of the company’s stock, valued at approximately $603,513.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Reyes Jorge Pelaez sold 5,417 shares of Fresh Del Monte Produce stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $27.75, for a total transaction of $150,321.75. The disclosure for this sale can be found here. Insiders sold 10,915 shares of company stock valued at $301,603 over the last ninety days. Corporate insiders own 30.10% of the company’s stock.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of institutional investors and hedge funds have recently modified their holdings of FDP. Hennion & Walsh Asset Management Inc. acquired a new position in Fresh Del Monte Produce during the third quarter worth $269,000. nVerses Capital LLC raised its stake in shares of Fresh Del Monte Produce by 200.0% during the 3rd quarter. nVerses Capital LLC now owns 3,900 shares of the company’s stock worth $115,000 after buying an additional 2,600 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of Fresh Del Monte Produce by 6.4% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 76,334 shares of the company’s stock worth $2,255,000 after buying an additional 4,566 shares in the last quarter. Creative Planning acquired a new stake in Fresh Del Monte Produce in the 3rd quarter valued at about $261,000. Finally, Exchange Traded Concepts LLC grew its stake in Fresh Del Monte Produce by 112.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 57,690 shares of the company’s stock valued at $1,704,000 after acquiring an additional 30,595 shares during the last quarter. Institutional investors and hedge funds own 64.83% of the company’s stock.

Fresh Del Monte Produce Stock Performance

The company has a current ratio of 2.08, a quick ratio of 1.07 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $29.25 and its two-hundred day moving average price is $25.91. The firm has a market capitalization of $1.52 billion, a PE ratio of -83.39 and a beta of 0.41.

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.