Connor Clark & Lunn Investment Management Ltd. Grows Stock Holdings in Mission Produce, Inc. (NASDAQ:AVO)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has increased its stake in Mission Produce, Inc. by 29.8%, bringing its total ownership to 204,889 shares valued at approximately $2.14 million.
• Despite these institutional investments, Mission Produce's stock recently fell by 2.4%, trading at $12.21 with a market cap of $862.27 million.
• Mission Produce reported earnings of $0.12 per share for the last quarter, significantly exceeding the consensus estimate of $0.03, and revenue increased by 27.8% year-over-year.

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 29.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,889 shares of the company's stock after acquiring an additional 46,992 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.29% of Mission Produce worth $2,147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVO. Millennium Management LLC increased its stake in Mission Produce by 153.3% in the fourth quarter. Millennium Management LLC now owns 453,757 shares of the company's stock valued at $6,520,000 after purchasing an additional 274,591 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Mission Produce by 16.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,787,778 shares of the company's stock valued at $25,691,000 after acquiring an additional 257,344 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Mission Produce in the first quarter valued at about $1,339,000. D. E. Shaw & Co. Inc. boosted its holdings in shares of Mission Produce by 96.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 225,025 shares of the company's stock valued at $3,234,000 after acquiring an additional 110,198 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Mission Produce by 251.0% in the first quarter. Mackenzie Financial Corp now owns 139,429 shares of the company's stock valued at $1,461,000 after acquiring an additional 99,700 shares in the last quarter. 63.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Bryan E. Giles sold 3,500 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $11.43, for a total transaction of $40,005.00. Following the sale, the chief financial officer owned 131,062 shares of the company's stock, valued at approximately $1,498,038.66. The trade was a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 35.41% of the company's stock.

Mission Produce Stock Performance

Shares of NASDAQ:AVO traded up $0.27 during midday trading on Friday, hitting $12.48. The stock had a trading volume of 455,574 shares, compared to its average volume of 200,230. The company has a market capitalization of $881.31 million, a PE ratio of 24.96 and a beta of 0.57. The stock has a 50 day moving average price of $12.17 and a two-hundred day moving average price of $11.28. The company has a current ratio of 1.98, a quick ratio of 1.23 and a debt-to-equity ratio of 0.29. Mission Produce, Inc. has a 1 year low of $9.56 and a 1 year high of $15.25.

Mission Produce (NASDAQ:AVO - Get Free Report) last issued its earnings results on Thursday, June 5th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.09. The business had revenue of $380.30 million for the quarter, compared to the consensus estimate of $296.15 million. Mission Produce had a net margin of 2.63% and a return on equity of 7.82%. The business's quarterly revenue was up 27.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 earnings per share. As a group, equities analysts predict that Mission Produce, Inc. will post 0.34 earnings per share for the current fiscal year.

About Mission Produce

Mission Produce, Inc engages in the sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries to food retailers, distributors, and foodservice customers in the United States and internationally. The company operates through three segments, Marketing and Distribution; International Farming; and Blueberries.