Dole (NYSE:DOLE) Shares Gap Down - Here's What Happened

Key Points

• Dole shares fell sharply at Monday’s open, dropping from a $13.83 close to $12.96 and recently trading near $12.87 on volume of about 268,000 shares.
• Analysts maintain a consensus “Hold” rating with an average price target of $15.50, implying potential upside from the trading price.
• Dole’s latest quarterly results met earnings expectations at $0.46 per share, while revenue of $2.50 billion missed estimates and increased 2.9% year over year.

Dole PLC (NYSE:DOLE - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $13.83, but opened at $12.96. Dole shares last traded at $12.8690, with a volume of 267,803 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Dole in a research note on Friday, July 24th. Zacks Research upgraded Dole from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $15.50.

Dole Price Performance

The business has a fifty day moving average price of $14.08 and a 200 day moving average price of $14.73. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.25 and a quick ratio of 0.91. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 28.65, a price-to-earnings-growth ratio of 1.54 and a beta of 0.63.

Dole (NYSE:DOLE - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.53 billion. Dole had a net margin of 0.46% and a return on equity of 7.63%. The company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.55 earnings per share. On average, research analysts expect that Dole PLC will post 1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DOLE. Y Intercept Hong Kong Ltd increased its position in shares of Dole by 784.5% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 125,705 shares of the company's stock valued at $1,796,000 after purchasing an additional 111,493 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Dole by 24.8% in the first quarter. Renaissance Technologies LLC now owns 753,774 shares of the company's stock valued at $10,771,000 after buying an additional 149,674 shares during the period. LSV Asset Management lifted its holdings in shares of Dole by 16.9% in the fourth quarter. LSV Asset Management now owns 702,900 shares of the company's stock valued at $10,536,000 after buying an additional 101,500 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Dole by 273,334.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 150,389 shares of the company's stock valued at $2,254,000 after buying an additional 150,334 shares in the last quarter. Finally, Pale Fire Capital SE boosted its stake in Dole by 0.6% during the first quarter. Pale Fire Capital SE now owns 9,427,476 shares of the company's stock valued at $134,719,000 after buying an additional 54,700 shares in the last quarter.

About Dole

Dole plc is a global producer, marketer and distributor of fresh fruits and vegetables. The company's product range includes bananas, pineapples, berries, grapes, salads and a variety of other fresh and packaged produce, sold under the Dole brand and through private-label arrangements. Dole's operations span the full fresh-produce value chain, from farming and sourcing to packing, ripening, cold‑chain logistics and wholesale and retail distribution, supporting both retail grocery and foodservice customers.

The company traces its commercial heritage to the early 20th century Hawaiian pineapple business founded by James Dole and has evolved through subsequent corporate restructurings and combinations.

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