Alberta Investment Management Corp Invests $3.25 Million in Mission Produce, Inc. $AVO

Key Points

• Alberta Investment Management Corp. acquired 275,539 Mission Produce shares worth approximately $3.25 million, representing about 0.31% of the company. Institutional investors collectively own 63.57% of Mission Produce.
• Analyst sentiment is moderately positive, with a consensus “Moderate Buy” rating and an average price target of $16.67, although some firms downgraded the stock, including Wall Street Zen’s move to “Sell.”
• Mission Produce announced a $100 million share buyback program covering up to 13.8% of outstanding shares, while insiders purchased more than 3.35 million shares valued at $42.46 million over the past 90 days.

Alberta Investment Management Corp purchased a new position in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 275,539 shares of the company's stock, valued at approximately $3,249,000. Alberta Investment Management Corp owned approximately 0.31% of Mission Produce as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in Mission Produce in the 3rd quarter valued at approximately $29,000. Leonteq Securities AG purchased a new position in shares of Mission Produce during the 4th quarter worth approximately $31,000. Tower Research Capital LLC TRC lifted its holdings in shares of Mission Produce by 211.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company's stock valued at $54,000 after buying an additional 3,158 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of Mission Produce by 466.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company's stock valued at $82,000 after buying an additional 5,792 shares during the period. Finally, Virtus Advisers LLC purchased a new stake in shares of Mission Produce in the third quarter valued at approximately $95,000. Institutional investors and hedge funds own 63.57% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings downgraded Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, June 9th. Wall Street Zen cut shares of Mission Produce from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. Finally, UBS Group set a $16.00 price target on shares of Mission Produce in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $16.67.

Insider Activity

In related news, major shareholder Holdings Venture Globalharvest acquired 687,222 shares of the business's stock in a transaction dated Wednesday, July 8th. The shares were acquired at an average cost of $13.42 per share, for a total transaction of $9,222,519.24. Following the acquisition, the insider directly owned 12,370,439 shares in the company, valued at approximately $166,011,291.38. The trade was a 5.88% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jay A. Pack bought 40,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The stock was bought at an average cost of $12.10 per share, for a total transaction of $484,000.00. Following the completion of the transaction, the director directly owned 579,965 shares of the company's stock, valued at approximately $7,017,576.50. The trade was a 7.41% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 3,352,161 shares of company stock valued at $42,458,664 in the last 90 days. 30.85% of the stock is currently owned by insiders.

Mission Produce Stock Performance

NASDAQ:AVO opened at $12.95 on Tuesday. The firm has a 50 day simple moving average of $12.48 and a 200-day simple moving average of $13.01. 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 firm has a market cap of $1.14 billion, a PE ratio of 40.47 and a beta of 0.49. Mission Produce, Inc. has a 1-year low of $10.07 and a 1-year high of $15.53.

Mission Produce declared that its board has authorized a share buyback program on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 13.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

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.

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