Bank of America Corp DE Sells 72,329 Shares of Fresh Del Monte Produce Inc. (NYSE:FDP)

Bank of America Corp DE lowered its stake in Fresh Del Monte Produce Inc. (NYSE:FDP - Free Report) by 47.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,840 shares of the company's stock after selling 72,329 shares during the quarter. Bank of America Corp DE owned 0.17% of Fresh Del Monte Produce worth $2,651,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Parvin Asset Management LLC bought a new position in Fresh Del Monte Produce in the fourth quarter worth approximately $30,000. Sterling Capital Management LLC boosted its stake in shares of Fresh Del Monte Produce by 795.0% during the 4th quarter. Sterling Capital Management LLC now owns 1,083 shares of the company's stock worth $36,000 after acquiring an additional 962 shares during the last quarter. Sherman Asset Management Inc. purchased a new position in shares of Fresh Del Monte Produce during the 4th quarter worth $54,000. Signaturefd LLC boosted its stake in shares of Fresh Del Monte Produce by 244.3% during the 4th quarter. Signaturefd LLC now owns 1,663 shares of the company's stock worth $55,000 after acquiring an additional 1,180 shares during the last quarter. Finally, HHM Wealth Advisors LLC boosted its stake in shares of Fresh Del Monte Produce by 75.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 1,750 shares of the company's stock worth $58,000 after acquiring an additional 750 shares during the last quarter. Hedge funds and other institutional investors own 64.83% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of Fresh Del Monte Produce from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th.

Insider Activity

In other news, SVP Marissa R. Tenazas sold 1,148 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.05, for a total transaction of $35,645.40. Following the sale, the senior vice president now directly owns 3,573 shares in the company, valued at $110,941.65. This trade represents a 24.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 30.10% of the company's stock.

Fresh Del Monte Produce Stock Performance

Shares of Fresh Del Monte Produce stock traded down $0.33 on Thursday, hitting $32.80. 384,790 shares of the company's stock were exchanged, compared to its average volume of 334,253. The company has a 50-day simple moving average of $32.90 and a 200-day simple moving average of $32.13. The stock has a market capitalization of $1.57 billion, a PE ratio of 99.39 and a beta of 0.41. Fresh Del Monte Produce Inc. has a 1 year low of $21.23 and a 1 year high of $35.69. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 2.09.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.01. The business had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.12 billion. Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The company's revenue was down .9% compared to the same quarter last year. During the same quarter last year, the company posted $0.34 EPS.

Fresh Del Monte Produce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Wednesday, May 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.66%. Fresh Del Monte Produce's payout ratio is 39.22%.

Fresh Del Monte Produce announced that its Board of Directors has approved a stock buyback plan on Monday, February 24th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 10.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Fresh Del Monte Produce Company Profile

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.