Ancora Advisors LLC Boosts Stock Position in Mission Produce, Inc. $AVO

Key Points

• Ancora Advisors increased its Mission Produce position by 84.1% in the second quarter, bringing its holdings to 213,190 shares valued at approximately $2.5 million. Institutional investors own 63.57% of the company.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $16.67, although some firms recently downgraded or lowered their assessments.
• Mission Produce authorized a $100 million share-buyback program, covering up to 13.8% of outstanding shares. Insider activity was mixed, with a director purchasing 40,000 shares while the CFO sold 5,000 shares.

Ancora Advisors LLC grew its position in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 84.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 213,190 shares of the company's stock after purchasing an additional 97,420 shares during the quarter. Ancora Advisors LLC owned approximately 0.24% of Mission Produce worth $2,514,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of Mission Produce by 228.4% during the first quarter. AQR Capital Management LLC now owns 95,816 shares of the company's stock worth $1,004,000 after acquiring an additional 66,640 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Mission Produce by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company's stock valued at $271,000 after purchasing an additional 1,092 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Mission Produce by 10.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,304 shares of the company's stock worth $1,711,000 after purchasing an additional 15,076 shares during the period. Jane Street Group LLC lifted its stake in Mission Produce by 179.7% in the first quarter. Jane Street Group LLC now owns 65,813 shares of the company's stock worth $690,000 after purchasing an additional 42,284 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in Mission Produce during the first quarter valued at about $581,000. Institutional investors own 63.57% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, CFO Bryan E. Giles sold 5,000 shares of the company's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $12.13, for a total transaction of $60,650.00. Following the transaction, the chief financial officer directly owned 146,931 shares of the company's stock, valued at $1,782,273.03. This represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jay A. Pack bought 40,000 shares of the firm's stock in a transaction on Tuesday, June 30th. The stock was acquired at an average cost of $12.10 per share, with a total value of $484,000.00. Following the transaction, the director owned 579,965 shares in the company, valued at $7,017,576.50. The trade was a 7.41% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have acquired 3,352,161 shares of company stock valued at $42,458,664. 30.85% of the stock is currently owned by company insiders.

Mission Produce Stock Down 0.4%

Shares of Mission Produce stock opened at $12.77 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91. The stock has a market capitalization of $1.13 billion, a PE ratio of 39.91 and a beta of 0.48. Mission Produce, Inc. has a 52-week low of $10.07 and a 52-week high of $15.53. The company has a 50-day simple moving average of $12.86 and a two-hundred day simple moving average of $12.95.

Mission Produce declared that its Board of Directors has authorized a share buyback plan 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 stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its shares are undervalued.

Mission Produce 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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