Fresh Del Monte Produce (NYSE:DMC) Raised to Buy at Wall Street Zen

Key Points

• Fresh Del Monte Produce was upgraded to “Buy” from “Hold” by Wall Street Zen, although Weiss Ratings initiated coverage with a “Hold” rating and the consensus remains “Hold.”
• The stock opened at $31.33, down 2.0%, with a $1.48 billion market capitalization. In its latest quarter, the company reported $0.72 EPS and $1.22 billion in revenue.
• COO Mohammed Abbas purchased 12,000 shares worth approximately $358,680, while insiders own 30.60% and institutional investors hold 64.83% of the company’s stock.

Fresh Del Monte Produce (NYSE:DMC - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued 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 on the stock. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold".

Fresh Del Monte Produce Trading Down 2.0%

Fresh Del Monte Produce stock opened at $31.33 on Friday. The stock has a market cap of $1.48 billion, a P/E ratio of 44.13 and a beta of 0.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.23 and a quick ratio of 1.04. Fresh Del Monte Produce has a 52 week low of $26.47 and a 52 week high of $43.58.

Fresh Del Monte Produce (NYSE:DMC - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.72 earnings per share (EPS) for the quarter. Fresh Del Monte Produce had a return on equity of 6.43% and a net margin of 0.79%.The firm had revenue of $1.22 billion for the quarter.

Insider Transactions at Fresh Del Monte Produce

In other news, COO Mohammed Abbas acquired 12,000 shares of the firm's stock in a transaction 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 acquisition, the chief operating officer directly owned 71,930 shares in the company, valued at $2,149,987.70. This represents a 20.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 30.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new position in shares of Fresh Del Monte Produce in the second quarter valued at about $26,000. Arizona State Retirement System bought a new stake in shares of Fresh Del Monte Produce during the 2nd quarter valued at $302,000. Outfitters Financial LLC acquired a new stake in shares of Fresh Del Monte Produce during the 2nd quarter worth $912,000. Engineers Gate Manager LP bought a new position in shares of Fresh Del Monte Produce in the second quarter worth $1,141,000. Finally, NewEdge Advisors LLC bought a new position in shares of Fresh Del Monte Produce in the second quarter worth $4,023,000. Institutional investors and hedge funds 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 food products. Its portfolio includes bananas, pineapples, melons, avocados, berries and other fresh fruits, along with vegetables, fresh-cut produce, juices, snacks and prepared foods. The company sells products under the Del Monte brand and other brands, as well as through private-label and foodservice channels.

Fresh Del Monte manages activities across much of the agricultural supply chain, including growing, sourcing, packing, transporting, marketing and distributing produce.

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