Capula Management Ltd Invests $3.55 Million in Mission Produce, Inc. $AVO

Key Points

• Capula Management Ltd disclosed a new stake in Mission Produce, buying 258,000 shares valued at about $3.55 million in the first quarter, equal to roughly 0.36% of the company.
• Analyst sentiment remains mostly positive, with an average Moderate Buy rating and a consensus price target of $16.67, despite a recent downgrade from Wall Street Zen to sell.
• Mission Produce’s board authorized a $100 million stock repurchase program, which could cover up to 13.8% of outstanding shares and signals management may view the stock as undervalued.

Capula Management Ltd purchased a new stake in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 258,000 shares of the company's stock, valued at approximately $3,550,000. Capula Management Ltd owned about 0.36% of Mission Produce as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in AVO. Quarry LP acquired a new position in Mission Produce during the third quarter worth $29,000. Leonteq Securities AG acquired a new stake in Mission Produce during the fourth quarter worth $31,000. GAMMA Investing LLC increased its position in shares of Mission Produce by 87.1% during the 4th quarter. GAMMA Investing LLC now owns 4,589 shares of the company's stock worth $53,000 after purchasing an additional 2,136 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of 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 acquiring an additional 3,158 shares during the period. Finally, Public Employees Retirement System of Ohio raised its position in Mission Produce by 466.0% in the fourth 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. 63.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. UBS Group set a $16.00 price target on shares of Mission Produce in a research report on Wednesday, June 10th. Wall Street Zen cut Mission Produce from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. 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 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 company presently has an average rating of "Moderate Buy" and a consensus target price of $16.67.

Insider Activity at Mission Produce

In related news, Director Bruce C. Taylor acquired 70,283 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average cost of $11.25 per share, with a total value of $790,683.75. Following the purchase, the director directly owned 855,842 shares of the company's stock, valued at approximately $9,628,222.50. This represents a 8.95% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Bryan E. Giles sold 5,000 shares of Mission Produce stock in a transaction on Monday, June 29th. The shares were sold at an average price of $12.13, for a total transaction of $60,650.00. Following the transaction, the chief financial officer owned 146,931 shares in the company, valued at $1,782,273.03. The trade was a 3.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders acquired a total of 3,352,161 shares of company stock valued at $42,458,664 over the last three months. Insiders own 30.85% of the company's stock.

Mission Produce Stock Performance

Shares of AVO stock opened at $12.22 on Friday. The stock has a fifty day moving average price of $12.01 and a 200 day moving average price of $12.98. The stock has a market cap of $1.08 billion, a PE ratio of 38.19 and a beta of 0.49. Mission Produce, Inc. has a 1 year low of $10.07 and a 1 year high of $15.53. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91.

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

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.

Want to see what other hedge funds are holding AVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mission Produce, Inc. (NASDAQ:AVO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.