Ancora Advisors LLC Takes $2.51 Million Position in Mission Produce, Inc. $AVO

Key Points

• Ancora Advisors LLC acquired 213,190 shares of Mission Produce during the second quarter, establishing a position worth approximately $2.51 million and representing 0.24% of the company.
• Mission Produce has a “Moderate Buy” consensus rating from analysts, with an average price target of $16.67 versus the stock’s recent price near $12.95.
• The company authorized a $100 million share-repurchase program, while insiders bought more than 3.35 million shares worth approximately $42.5 million over the past 90 days.

Ancora Advisors LLC bought a new position in Mission Produce, Inc. (NASDAQ:AVO - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 213,190 shares of the company's stock, valued at approximately $2,514,000. Ancora Advisors LLC owned 0.24% of Mission Produce at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Mission Produce by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company's stock worth $271,000 after acquiring an additional 1,092 shares during the period. Magnetar Financial LLC lifted its position in shares of Mission Produce by 12.6% in the third quarter. Magnetar Financial LLC now owns 12,106 shares of the company's stock valued at $146,000 after acquiring an additional 1,351 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Mission Produce by 12.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company's stock worth $218,000 after purchasing an additional 2,040 shares during the period. Diversified Trust Co boosted its position in shares of Mission Produce by 12.0% during the first quarter. Diversified Trust Co now owns 19,373 shares of the company's stock worth $267,000 after acquiring an additional 2,074 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Mission Produce by 5.9% during the 2nd quarter. Principal Financial Group Inc. now owns 37,509 shares of the company's stock valued at $442,000 after purchasing an additional 2,082 shares during the last quarter. Hedge funds and other institutional investors own 63.57% of the company's stock.

Analyst Ratings Changes

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

Mission Produce Trading Down 0.6%

AVO opened at $12.95 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's 50 day moving average price is $12.75 and its 200-day moving average price is $12.99. Mission Produce, Inc. has a one year low of $10.07 and a one year high of $15.53. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 40.47 and a beta of 0.49.

Mission Produce declared that its board has initiated a stock repurchase plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 13.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, 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 directly owned 579,965 shares in the company, valued at approximately $7,017,576.50. This trade represents a 7.41% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holdings Venture Globalharvest acquired 687,222 shares of the firm's stock in a transaction that occurred on Wednesday, July 8th. The stock was purchased at an average price of $13.42 per share, with a total value of $9,222,519.24. Following the completion of the acquisition, the insider directly owned 12,370,439 shares of the company's stock, valued at $166,011,291.38. This represents a 5.88% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 3,352,161 shares of company stock valued at $42,458,664 in the last 90 days. Company insiders own 30.85% of the company's stock.

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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