OP Asset Management Ltd Invests $1.40 Million in Mission Produce, Inc. $AVO

OP Asset Management Ltd acquired a new stake in Mission Produce, Inc. (NASDAQ:AVO) in the first quarter, Holdings Channel reports. The institutional investor acquired 102,064 shares of the company’s stock, valued at approximately $1,404,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Platform Wealth Management LLC purchased a new position in shares of Mission Produce in the fourth quarter worth about $12,130,000. Quantbot Technologies LP boosted its holdings in Mission Produce by 1,889.0% during the 3rd quarter. Quantbot Technologies LP now owns 39,979 shares of the company’s stock valued at $481,000 after acquiring an additional 37,969 shares during the period. Fourth Sail Capital LP purchased a new stake in Mission Produce during the 4th quarter valued at about $725,000. Hsbc Holdings PLC grew its position in Mission Produce by 191.6% during the 4th quarter. Hsbc Holdings PLC now owns 44,961 shares of the company’s stock worth $520,000 after acquiring an additional 29,543 shares during the last quarter. Finally, Nuance Investments LLC increased its stake in Mission Produce by 10.7% in the 4th quarter. Nuance Investments LLC now owns 491,807 shares of the company’s stock worth $5,705,000 after purchasing an additional 47,519 shares during the period. Institutional investors own 63.57% of the company’s stock.

Mission Produce Stock Down 1.6%

NASDAQ AVO opened at $12.06 on Tuesday. Mission Produce, Inc. has a 1 year low of $10.07 and a 1 year high of $15.53. The stock has a market capitalization of $1.07 billion, a PE ratio of 37.69 and a beta of 0.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. The business’s 50-day moving average is $12.16 and its 200 day moving average is $12.88.

Mission Produce declared that its Board of Directors has initiated a share buyback plan on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 13.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CFO Bryan E. Giles sold 5,000 shares of Mission Produce stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $12.13, for a total value of $60,650.00. Following the sale, the chief financial officer directly owned 146,931 shares in the company, valued at approximately $1,782,273.03. This trade represents a 3.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce C. Taylor acquired 70,283 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average price of $11.25 per share, for a total transaction of $790,683.75. Following the completion of the transaction, the director owned 855,842 shares in the company, valued at approximately $9,628,222.50. The trade was a 8.95% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders acquired 889,702 shares of company stock worth $10,006,901. 30.85% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wall Street Zen downgraded Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. UBS Group set a $16.00 target price on shares of Mission Produce in a report on Wednesday, June 10th. Weiss Ratings downgraded shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, June 9th. Finally, Freedom Capital upgraded shares of Mission Produce to a “strong-buy” rating in a report on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.67.

Mission Produce Company Profile

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.