Bank of America Corp DE Has $6.11 Million Stock Position in Mission Produce, Inc. $AVO

Key Points

• Bank of America increased its Mission Produce stake by 809.2% in the first quarter, holding 444,135 shares worth approximately $6.11 million, or 0.63% of the company.
• Institutional investors own 63.57% of Mission Produce, while insiders own 30.85%; recent insider activity included a director purchasing 70,283 shares and the CFO selling 5,000 shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $16.67, while Mission Produce authorized a $100 million share buyback covering up to 13.8% of its shares.

Bank of America Corp DE lifted its position in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 809.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 444,135 shares of the company's stock after acquiring an additional 395,287 shares during the quarter. Bank of America Corp DE owned approximately 0.63% of Mission Produce worth $6,111,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. AQR Capital Management LLC raised its holdings in Mission Produce by 228.4% during the 1st quarter. AQR Capital Management LLC now owns 95,816 shares of the company's stock worth $1,004,000 after purchasing an additional 66,640 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Mission Produce by 4.4% in 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 stake in shares of Mission Produce by 10.2% during the first 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 buying an additional 15,076 shares during the last quarter. Jane Street Group LLC lifted its holdings in Mission Produce by 179.7% in the first quarter. Jane Street Group LLC now owns 65,813 shares of the company's stock valued at $690,000 after buying an additional 42,284 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in Mission Produce in the first quarter valued at approximately $581,000. Institutional investors and hedge funds own 63.57% of the company's stock.

Insiders Place Their Bets

In other news, CFO Bryan E. Giles sold 5,000 shares of Mission Produce 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 completion of the sale, the chief financial officer owned 146,931 shares of the company's stock, valued at approximately $1,782,273.03. This trade represents a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bruce C. Taylor purchased 70,283 shares of the firm's stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $11.25 per share, for a total transaction of $790,683.75. Following the completion of the purchase, the director directly owned 855,842 shares of the company's stock, valued at $9,628,222.50. This represents a 8.95% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 3,352,161 shares of company stock worth $42,458,664. Company insiders own 30.85% of the company's stock.

Wall Street Analyst Weigh In

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

Mission Produce Stock Performance

Shares of NASDAQ AVO opened at $12.95 on Thursday. The company has a current ratio of 1.91, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $1.14 billion, a P/E ratio of 40.47 and a beta of 0.49. Mission Produce, Inc. has a 12 month low of $10.07 and a 12 month high of $15.53. The stock has a 50 day moving average of $12.75 and a 200-day moving average of $12.99.

Mission Produce announced that its board has initiated a share buyback plan on Monday, June 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 13.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is 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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