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

Key Points

• Wall Street Zen downgraded Fresh Del Monte Produce to “Hold” from “Buy,” while Weiss Ratings also issued a “Hold (C)” rating, resulting in a consensus “Hold.”
• Shares opened at $27.33, down 1.6%, near the company’s 12-month low of $26.47 and well below its 12-month high of $43.58.
• Fresh Del Monte reported quarterly EPS of $0.50, beating expectations of $0.46, while revenue rose 7.2% year over year to $1.10 billion; its COO also increased his stake by purchasing 12,000 shares.

Fresh Del Monte Produce (NYSE:DMC - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings initiated coverage on Fresh Del Monte Produce in a research note on Wednesday, August 5th. They issued a "hold (c)" rating for the company. One investment analyst has rated the stock with a Hold rating. According to MarketBeat, the company has a consensus rating of "Hold".

Fresh Del Monte Produce Trading Down 1.6%

Shares of Fresh Del Monte Produce stock opened at $27.33 on Friday. The firm has a 50-day moving average of $30.52. Fresh Del Monte Produce has a 12-month low of $26.47 and a 12-month high of $43.58. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.04 and a current ratio of 2.30. The stock has a market capitalization of $1.29 billion, a PE ratio of 10.89 and a beta of 0.25.

Fresh Del Monte Produce (NYSE:DMC - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.46 by $0.04. The business had revenue of $1.10 billion for the quarter. Fresh Del Monte Produce had a return on equity of 5.96% and a net margin of 1.86%. Fresh Del Monte Produce's revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm earned $0.69 EPS.

Insider Activity at Fresh Del Monte Produce

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

Hedge Funds Weigh In On Fresh Del Monte Produce

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Moss Adams Wealth Advisors LLC purchased a new position in shares of Fresh Del Monte Produce during the 3rd quarter worth approximately $201,000. MGO One Seven LLC purchased a new stake in Fresh Del Monte Produce in the 3rd quarter valued at approximately $233,000. Signaturefd LLC lifted its stake in Fresh Del Monte Produce by 212.0% in the 3rd quarter. Signaturefd LLC now owns 4,374 shares of the company's stock valued at $131,000 after buying an additional 2,972 shares in the last quarter. Outfitters Financial LLC lifted its stake in Fresh Del Monte Produce by 1.2% in the 3rd quarter. Outfitters Financial LLC now owns 33,070 shares of the company's stock valued at $991,000 after buying an additional 400 shares in the last quarter. Finally, Inspire Investing LLC acquired a new stake in Fresh Del Monte Produce during the 3rd quarter valued at $635,000. Institutional investors and hedge funds own 64.83% of the company's stock.

About Fresh Del Monte Produce

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.