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Allianz Asset Management GmbH Boosts Stock Holdings in Fresh Del Monte Produce, Inc. $FDP

Fresh Del Monte Produce logo with Consumer Staples background

Key Points

  • Allianz Asset Management GmbH increased its stock holdings in Fresh Del Monte Produce, Inc. by 88.9% in the second quarter, acquiring a total of 712,931 shares valued at approximately $23.1 million.
  • Several hedge funds have notably lifted their stakes in Fresh Del Monte Produce, with the State of Wyoming increasing its position by 230.1% and 64.83% of the company's stock now held by institutional investors.
  • The company recently reported $1.23 earnings per share for the last quarter, exceeding analysts' expectations and indicating a 3.8% year-over-year revenue growth.
  • Five stocks to consider instead of Fresh Del Monte Produce.

Allianz Asset Management GmbH grew its position in shares of Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 88.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 712,931 shares of the company's stock after purchasing an additional 335,619 shares during the period. Allianz Asset Management GmbH owned approximately 1.49% of Fresh Del Monte Produce worth $23,113,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. State of Wyoming lifted its stake in shares of Fresh Del Monte Produce by 230.1% in the 1st quarter. State of Wyoming now owns 5,321 shares of the company's stock valued at $164,000 after purchasing an additional 3,709 shares during the last quarter. Parallel Advisors LLC lifted its position in Fresh Del Monte Produce by 81.0% in the second quarter. Parallel Advisors LLC now owns 5,475 shares of the company's stock worth $178,000 after buying an additional 2,450 shares during the last quarter. Blue Zone Wealth Advisors LLC purchased a new position in Fresh Del Monte Produce during the second quarter worth $222,000. Kestra Private Wealth Services LLC bought a new position in Fresh Del Monte Produce during the first quarter valued at $235,000. Finally, Magnetar Financial LLC purchased a new stake in shares of Fresh Del Monte Produce in the first quarter valued at $247,000. 64.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on FDP. Weiss Ratings reissued a "buy (b)" rating on shares of Fresh Del Monte Produce in a research note on Wednesday, October 8th. Wall Street Zen cut Fresh Del Monte Produce from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy".

Get Our Latest Stock Analysis on Fresh Del Monte Produce

Insider Activity at Fresh Del Monte Produce

In other news, SVP Gianpaolo Renino sold 12,192 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $36.53, for a total value of $445,373.76. Following the transaction, the senior vice president owned 3,197 shares in the company, valued at $116,786.41. This trade represents a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ghazaleh Mohammad Abu sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $35.92, for a total transaction of $1,796,000.00. Following the completion of the transaction, the chief executive officer directly owned 4,990,782 shares in the company, valued at $179,268,889.44. This trade represents a 0.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 137,039 shares of company stock valued at $5,010,709. 30.10% of the stock is currently owned by company insiders.

Fresh Del Monte Produce Trading Up 4.1%

Shares of NYSE:FDP opened at $34.45 on Monday. The business's 50-day moving average is $35.32 and its 200 day moving average is $34.15. Fresh Del Monte Produce, Inc. has a 1 year low of $26.50 and a 1 year high of $40.75. The firm has a market capitalization of $1.65 billion, a P/E ratio of 11.04 and a beta of 0.41. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.08 and a quick ratio of 1.11.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.28. Fresh Del Monte Produce had a return on equity of 6.84% and a net margin of 3.49%.The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business posted $1.06 EPS. The firm's quarterly revenue was up 3.8% on a year-over-year basis.

Fresh Del Monte Produce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Wednesday, August 13th were given a dividend of $0.30 per share. The ex-dividend date was Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.5%. Fresh Del Monte Produce's dividend payout ratio is currently 38.46%.

Fresh Del Monte Produce Company Profile

(Free Report)

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.

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Institutional Ownership by Quarter for Fresh Del Monte Produce (NYSE:FDP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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