BlackRock Inc. Buys 1,286,263 Shares of Mission Produce, Inc. $AVO

Key Points

• BlackRock increased its Mission Produce stake by 36.9% in the second quarter, purchasing 1.29 million shares and bringing its ownership to approximately 5.41% of the company. Institutional investors collectively own 63.57% of AVO.
• Mission Produce approved a $100 million share-repurchase program, allowing it to buy back up to 13.8% of its outstanding shares. The company’s stock opened at $12.72, below its 12-month high of $15.53.
• Analyst sentiment remains moderately positive, with an average price target of $16.67, while company insiders bought more than 3.35 million shares worth $42.5 million over the past 90 days.

BlackRock Inc. raised its stake in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 36.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,775,250 shares of the company's stock after buying an additional 1,286,263 shares during the quarter. BlackRock Inc. owned about 5.41% of Mission Produce worth $56,300,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP bought a new stake in Mission Produce during the 3rd quarter worth approximately $29,000. Leonteq Securities AG purchased a new stake in Mission Produce in the 4th quarter worth approximately $31,000. Tower Research Capital LLC TRC boosted its holdings in Mission Produce by 211.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company's stock valued at $54,000 after purchasing an additional 3,158 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Mission Produce by 466.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company's stock valued at $82,000 after purchasing an additional 5,792 shares during the period. Finally, Virtus Advisers LLC purchased a new position in shares of Mission Produce during the 3rd quarter valued at $95,000. 63.57% of the stock is currently owned by institutional investors.

Mission Produce Stock Down 0.4%

AVO opened at $12.72 on Tuesday. Mission Produce, Inc. has a 12 month low of $10.07 and a 12 month high of $15.53. 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 business's 50-day moving average price is $12.83 and its 200-day moving average price is $12.97. The company has a market cap of $1.12 billion, a P/E ratio of 39.75 and a beta of 0.49.

Mission Produce declared that its Board of Directors has approved a stock repurchase plan on Monday, June 8th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 13.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Director Bruce C. Taylor bought 300,000 shares of the business's stock in a transaction dated Monday, June 15th. The shares were purchased at an average price of $11.29 per share, for a total transaction of $3,387,000.00. Following the completion of the acquisition, the director owned 455,842 shares of the company's stock, valued at approximately $5,146,456.18. This trade represents a 192.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jay A. Pack bought 40,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average cost of $12.10 per share, for a total transaction of $484,000.00. Following the completion of the purchase, the director owned 579,965 shares of the company's stock, valued at $7,017,576.50. This trade represents a 7.41% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 3,352,161 shares of company stock worth $42,458,664 in the last ninety days. 30.85% of the stock is owned by insiders.

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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