Jacobs Levy Equity Management Inc. Trims Position in Fresh Del Monte Produce Inc. (NYSE:FDP)

Jacobs Levy Equity Management Inc. decreased its holdings in shares of Fresh Del Monte Produce Inc. (NYSE:FDP) by 18.9% in the 4th quarter, Holdings Channel reports. The firm owned 103,381 shares of the company’s stock after selling 24,168 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Fresh Del Monte Produce were worth $3,433,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Parvin Asset Management LLC purchased a new position in shares of Fresh Del Monte Produce during the fourth quarter worth about $30,000. Sterling Capital Management LLC grew its holdings in shares of Fresh Del Monte Produce by 795.0% during 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 in the last quarter. Sherman Asset Management Inc. purchased a new position in shares of Fresh Del Monte Produce during the fourth quarter worth about $54,000. Signaturefd LLC grew its holdings in shares of Fresh Del Monte Produce by 244.3% during the fourth quarter. Signaturefd LLC now owns 1,663 shares of the company’s stock worth $55,000 after purchasing an additional 1,180 shares in the last quarter. Finally, HHM Wealth Advisors LLC grew its holdings in shares of Fresh Del Monte Produce by 75.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 1,750 shares of the company’s stock worth $58,000 after purchasing an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 64.83% of the company’s stock.

Fresh Del Monte Produce Stock Down 3.0%

Shares of NYSE FDP opened at $31.79 on Thursday. Fresh Del Monte Produce Inc. has a 12 month low of $21.23 and a 12 month high of $35.27. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 96.34 and a beta of 0.36. The business has a 50-day moving average of $31.60 and a 200-day moving average of $31.97.

Fresh Del Monte Produce (NYSE:FDP) last issued its earnings results on Wednesday, April 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.01. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. Fresh Del Monte Produce’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 earnings per share.

Fresh Del Monte Produce announced that its Board of Directors has authorized a stock buyback plan on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 10.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Fresh Del Monte Produce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Wednesday, May 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Wednesday, May 14th. Fresh Del Monte Produce’s dividend payout ratio is currently 39.22%.

Insiders Place Their Bets

In other Fresh Del Monte Produce news, SVP Ziad Nabulsi sold 1,725 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was 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 in the company, valued at approximately $349,769.16. The trade was a 13.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mohammed Abbas sold 5,064 shares of the business’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 $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. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,469 shares of company stock valued at $319,190 over the last quarter. 31.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, StockNews.com lowered Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th.

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.