Corient Private Wealth LP Has $2.52 Million Stake in Mission Produce, Inc. $AVO

Key Points

• Corient Private Wealth LP increased its Mission Produce stake by 660.8% in the second quarter, owning 213,417 shares valued at approximately $2.52 million. Institutional investors collectively hold 63.57% of the company.
• Mission Produce reported quarterly EPS of $0.18, exceeding the $0.12 consensus estimate, while revenue rose 25.8% year over year to $450 million. The company also authorized a $100 million share-repurchase program.
• Insiders showed strong buying activity, purchasing 2.46 million shares worth $32.45 million over the past 90 days. Analysts’ average rating is “Moderate Buy,” with an average price target of $16.50 versus the stock’s reported price of $12.66.

Corient Private Wealth LP boosted its position in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 660.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 213,417 shares of the company's stock after acquiring an additional 185,366 shares during the quarter. Corient Private Wealth LP owned 0.24% of Mission Produce worth $2,516,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in AVO. Diversified Trust Co raised its holdings in shares of Mission Produce by 12.0% in the 1st quarter. Diversified Trust Co now owns 19,373 shares of the company's stock valued at $267,000 after purchasing an additional 2,074 shares during the period. Principal Financial Group Inc. increased its position in Mission Produce by 5.9% during the second quarter. Principal Financial Group Inc. now owns 37,509 shares of the company's stock worth $442,000 after buying an additional 2,082 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Mission Produce during the second quarter worth approximately $26,000. Leonteq Securities AG bought a new stake in Mission Produce in the fourth quarter valued at approximately $31,000. Finally, Quantbot Technologies LP bought a new stake in Mission Produce in the second quarter valued at approximately $44,000. Institutional investors and hedge funds own 63.57% of the company's stock.

Analyst Upgrades and Downgrades

AVO has been the subject of several research analyst reports. UBS Group set a $16.00 target price on Mission Produce in a research note on Wednesday, June 10th. Roth Capital restated a "buy" rating and issued a $17.00 price target on shares of Mission Produce in a research note on Thursday, September 10th. Weiss Ratings downgraded Mission Produce from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday. Finally, Wall Street Zen upgraded shares of Mission Produce from a "sell" rating to a "hold" rating in a report on Saturday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Mission Produce currently has an average rating of "Moderate Buy" and an average price target of $16.50.

Insider Buying and Selling at Mission Produce

In related news, Director Jay A. Pack purchased 40,000 shares of the business's stock in a transaction that occurred on Tuesday, June 30th. The stock was acquired 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 in the company, valued at approximately $7,017,576.50. This represents a 7.41% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holdings Venture Globalharvest purchased 687,222 shares of Mission Produce stock in a transaction that occurred on Wednesday, July 8th. The shares were bought at an average cost of $13.42 per share, for a total transaction of $9,222,519.24. Following the transaction, the insider directly owned 12,370,439 shares of the company's stock, valued at $166,011,291.38. This represents a 5.88% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 2,462,459 shares of company stock valued at $32,451,762 and sold 122,058 shares valued at $1,569,231. 30.85% of the stock is currently owned by company insiders.

Mission Produce Stock Down 1.1%

AVO stock opened at $12.66 on Wednesday. Mission Produce, Inc. has a fifty-two week low of $10.07 and a fifty-two week high of $15.53. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.92 and a quick ratio of 1.24. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 422.14 and a beta of 0.48. The business's fifty day moving average price is $12.86 and its two-hundred day moving average price is $12.79.

Mission Produce (NASDAQ:AVO - Get Free Report) last released its quarterly earnings results on Tuesday, September 8th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.12 by $0.06. Mission Produce had a net margin of 0.12% and a return on equity of 5.91%. The business had revenue of $450.00 million for the quarter, compared to the consensus estimate of $367.57 million. During the same period in the prior year, the company posted $0.26 earnings per share. Mission Produce's revenue was up 25.8% compared to the same quarter last year. On average, equities analysts anticipate that Mission Produce, Inc. will post 0.61 earnings per share for the current year.

Mission Produce announced that its board has initiated a stock repurchase program on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 13.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

About Mission Produce

Mission Produce, Inc NASDAQ: AVO is an avocado sourcing, production, distribution and marketing company headquartered in Oxnard, California. The company supplies fresh Hass avocados and other avocado varieties to retail, foodservice and wholesale customers, managing activities across the supply chain from growing and procurement to ripening, packing and delivery.

Mission Produce works with avocado growers and operates or manages production and distribution activities in several major growing regions, including Mexico, Peru, Colombia, Chile, Brazil and the United States.

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