Share Buyback Plan Authorized by Mission Produce (NASDAQ:AVO) Board of Directors

Mission Produce (NASDAQ:AVO) declared that its Board of Directors has initiated a share buyback plan on Monday, June 8th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 13.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

AVO has been the topic of a number of recent research reports. Freedom Capital raised Mission Produce to a “strong-buy” rating in a research note on Thursday, March 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Mission Produce in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Mission Produce Trading Down 1.1%

Shares of Mission Produce stock traded down $0.11 during trading on Monday, reaching $10.11. 2,022,698 shares of the stock were exchanged, compared to its average volume of 1,118,310. The company has a quick ratio of 1.19, a current ratio of 1.86 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average is $13.02 and its 200 day moving average is $12.92. The firm has a market cap of $716.29 million, a price-to-earnings ratio of 21.98 and a beta of 0.51. Mission Produce has a 1 year low of $10.07 and a 1 year high of $15.53.

Mission Produce (NASDAQ:AVO) last issued its quarterly earnings data on Monday, June 8th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). Mission Produce had a return on equity of 8.24% and a net margin of 2.48%.The company had revenue of $290.90 million during the quarter, compared to analysts’ expectations of $256.30 million. During the same quarter last year, the business earned $0.04 earnings per share. The business’s quarterly revenue was down 23.5% on a year-over-year basis. As a group, equities research analysts expect that Mission Produce will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Holdings Venture Globalharvest acquired 3,695 shares of the stock in a transaction on Tuesday, March 17th. The stock was acquired at an average cost of $11.94 per share, for a total transaction of $44,118.30. Following the completion of the acquisition, the insider directly owned 9,991,577 shares of the company’s stock, valued at approximately $119,299,429.38. This represents a 0.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 30.85% of the stock is owned by company insiders.

About Mission Produce

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.