Fresh Del Monte Produce (NYSE:DMC) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen downgraded shares of Fresh Del Monte Produce (NYSE:DMC) from a buy rating to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings initiated coverage on Fresh Del Monte Produce in a research report on Wednesday, August 5th. They set a “hold (c)” rating on the stock. One investment analyst has rated the stock with a Hold rating. According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Fresh Del Monte Produce Trading Down 1.6%

DMC opened at $27.33 on Friday. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 15.98 and a beta of 0.25. Fresh Del Monte Produce has a twelve month low of $26.47 and a twelve month high of $43.58. The stock’s 50-day simple moving average is $30.52. The company has a quick ratio of 1.04, a current ratio of 2.30 and a debt-to-equity ratio of 0.24.

Fresh Del Monte Produce (NYSE:DMC) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. Fresh Del Monte Produce had a net margin of 1.86% and a return on equity of 5.96%. The company had revenue of $1.10 billion during the quarter. During the same quarter in the previous year, the company posted $0.69 EPS. The firm’s revenue was up 7.2% on a year-over-year basis.

Fresh Del Monte Produce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Wednesday, November 11th will be given a $0.30 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $1.20 dividend on an annualized basis and a yield of 4.4%. Fresh Del Monte Produce’s payout ratio is currently 70.18%.

Insider Buying and Selling

In related news, COO Mohammed Abbas acquired 12,000 shares of Fresh Del Monte Produce stock in a transaction that occurred on Tuesday, August 4th. The shares were purchased at an average cost of $29.89 per share, for a total transaction of $358,680.00. Following the acquisition, the chief operating officer owned 71,930 shares in the company, valued at approximately $2,149,987.70. This represents a 20.02% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 30.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of DMC. NewEdge Advisors LLC acquired a new position in Fresh Del Monte Produce in the 2nd quarter valued at about $4,023,000. Engineers Gate Manager LP acquired a new stake in shares of Fresh Del Monte Produce during the second quarter worth about $1,141,000. SummerHaven Investment Management LLC grew its holdings in shares of Fresh Del Monte Produce by 56.3% in the third quarter. SummerHaven Investment Management LLC now owns 35,533 shares of the company’s stock valued at $1,050,000 after purchasing an additional 12,806 shares in the last quarter. Outfitters Financial LLC grew its stake in shares of Fresh Del Monte Produce by 1.2% in the third quarter. Outfitters Financial LLC now owns 33,070 shares of the company’s stock worth $991,000 after acquiring an additional 400 shares in the last quarter. Finally, Inspire Investing LLC acquired a new stake in shares of Fresh Del Monte Produce in the third quarter valued at $635,000. Hedge funds and other institutional investors own 64.83% of the company’s stock.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a vertically integrated producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, berries, grapes, tomatoes and other fresh produce, along with prepared fruit, vegetables, juices and snacks sold under the Del Monte brand and other labels.

The company manages activities across the produce supply chain, including cultivation, sourcing, harvesting, processing, packaging, transportation and distribution.