Calavo Growers (NASDAQ:CVGW) Issues Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Calavo Growers (NASDAQ:CVGW) announced its quarterly earnings results on Monday. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.13), Zacks reports. Calavo Growers had a negative net margin of 0.16% and a positive return on equity of 9.66%. During the same quarter in the prior year, the company earned $0.50 EPS.

Calavo Growers Price Performance

Shares of NASDAQ:CVGW remained flat at $27.68 during midday trading on Monday. The stock had a trading volume of 657,982 shares, compared to its average volume of 226,363. The stock’s fifty day simple moving average is $25.87 and its two-hundred day simple moving average is $24.93. The company has a quick ratio of 1.70, a current ratio of 2.17 and a debt-to-equity ratio of 0.02. Calavo Growers has a 52 week low of $20.30 and a 52 week high of $30.58. The company has a market capitalization of $493.73 million, a P/E ratio of -461.33 and a beta of 0.41.

Insiders Place Their Bets

In other news, CEO Lecil E. Cole acquired 38,155 shares of Calavo Growers stock in a transaction on Monday, April 14th. The shares were purchased at an average price of $24.60 per share, with a total value of $938,613.00. Following the acquisition, the chief executive officer now owns 574,225 shares in the company, valued at $14,125,935. This represents a 7.12% increase 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, CFO James E. Snyder acquired 3,213 shares of the firm’s stock in a transaction on Thursday, April 10th. The stock was purchased at an average price of $23.33 per share, for a total transaction of $74,959.29. Following the completion of the transaction, the chief financial officer now directly owns 5,157 shares in the company, valued at approximately $120,312.81. The trade was a 165.28% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 73,438 shares of company stock valued at $1,771,303 in the last 90 days. 7.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Calavo Growers

Several large investors have recently made changes to their positions in CVGW. AQR Capital Management LLC acquired a new stake in Calavo Growers during the 1st quarter worth $2,520,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Calavo Growers by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,985 shares of the company’s stock worth $240,000 after purchasing an additional 390 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Calavo Growers by 91.6% during the first quarter. Goldman Sachs Group Inc. now owns 275,452 shares of the company’s stock worth $6,608,000 after purchasing an additional 131,674 shares during the period. Finally, Jane Street Group LLC increased its holdings in Calavo Growers by 49.7% in the first quarter. Jane Street Group LLC now owns 50,858 shares of the company’s stock valued at $1,220,000 after purchasing an additional 16,891 shares during the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Calavo Growers from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th.

Calavo Growers Company Profile

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers worldwide. It operates through Grown and Prepared segments. The Grown segment distributes tomatoes and papayas; and procures avocados grown in California, Mexico, Peru, and Colombia.