Fresh Del Monte Produce (NYSE:FDP) Raised to “Buy” at StockNews.com

Fresh Del Monte Produce (NYSE:FDP) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

Fresh Del Monte Produce Price Performance

Shares of Fresh Del Monte Produce stock traded up $0.18 during trading on Monday, reaching $30.23. 319,651 shares of the stock traded hands, compared to its average volume of 269,362. Fresh Del Monte Produce has a 52-week low of $21.23 and a 52-week high of $35.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. The business has a fifty day simple moving average of $30.76 and a two-hundred day simple moving average of $31.21. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 91.61 and a beta of 0.33.

Fresh Del Monte Produce (NYSE:FDP) last released its quarterly 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). The firm had revenue of $1.01 billion for 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 quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS.

Fresh Del Monte Produce announced that its board has authorized 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 repurchase up to 10.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Fresh Del Monte Produce news, CFO Monica Vicente sold 2,532 shares of the business’s stock in a transaction on 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 $328,779.36. The trade was a 18.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Mohammed Abbas sold 5,064 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $154,046.88. Following the completion of the sale, the chief operating officer now owns 45,560 shares of the company’s stock, valued at $1,385,935.20. This trade represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,321 shares of company stock worth $283,545. 30.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Fresh Del Monte Produce

Large investors have recently made changes to their positions in the stock. Parvin Asset Management LLC purchased a new stake in Fresh Del Monte Produce in the 4th quarter valued at about $30,000. Sterling Capital Management LLC lifted its stake 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 acquiring an additional 962 shares during the period. McIlrath & Eck LLC bought a new position in Fresh Del Monte Produce during the 4th quarter worth about $48,000. Sherman Asset Management Inc. purchased a new position in Fresh Del Monte Produce during the 4th quarter valued at about $54,000. Finally, State of Wyoming bought a new stake in shares of Fresh Del Monte Produce in the 4th quarter valued at about $54,000. 64.83% of the stock is owned by hedge funds and other institutional investors.

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.