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

Key Points

• Corient Private Wealth acquired 213,417 Mission Produce shares worth approximately $2.52 million, giving it a 0.24% stake. Institutional investors collectively own 63.57% of the company.
• Mission Produce insiders made significant purchases, acquiring 3.35 million shares worth about $42.46 million over the last quarter. The company also authorized a $100 million share-repurchase program, covering up to 13.8% of outstanding shares.
• Mission Produce shares opened at $12.77, near their 50- and 200-day moving averages. Analysts maintain a “Moderate Buy” consensus with a $16.67 price target, though some ratings were recently downgraded.

Corient Private Wealth LP bought a new stake in Mission Produce, Inc. (NASDAQ:AVO - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 213,417 shares of the company's stock, valued at approximately $2,516,000. Corient Private Wealth LP owned about 0.24% of Mission Produce at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in Mission Produce during the third quarter worth about $29,000. Leonteq Securities AG purchased a new position in Mission Produce in the 4th quarter worth approximately $31,000. Quantbot Technologies LP purchased a new position in Mission Produce in the 2nd quarter worth approximately $44,000. Tower Research Capital LLC TRC grew its position in Mission Produce by 211.8% in the second 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 in the last quarter. Finally, Public Employees Retirement System of Ohio grew 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 acquiring an additional 5,792 shares in the last quarter. 63.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Mission Produce

In other Mission Produce news, major shareholder Holdings Venture Globalharvest purchased 687,222 shares of the stock in a transaction dated Wednesday, July 8th. The shares were bought at an average cost of $13.42 per share, with a total value of $9,222,519.24. Following the completion of the acquisition, the insider owned 12,370,439 shares of the company's stock, valued at approximately $166,011,291.38. This trade represents a 5.88% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jay A. Pack acquired 40,000 shares of the business's stock in a transaction that occurred on Tuesday, June 30th. The shares were bought at an average price 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 approximately $7,017,576.50. This represents a 7.41% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 3,352,161 shares of company stock valued at $42,458,664. 30.85% of the stock is currently owned by corporate insiders.

Mission Produce Stock Down 0.4%

AVO opened at $12.77 on Thursday. The stock's 50 day moving average price is $12.86 and its 200 day moving average price is $12.95. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. The stock has a market cap of $1.13 billion, a P/E ratio of 39.91 and a beta of 0.48. Mission Produce, Inc. has a 12 month low of $10.07 and a 12 month high of $15.53.

Mission Produce declared that its board has initiated a stock repurchase plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 13.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wall Street Zen lowered Mission Produce from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. Weiss Ratings cut Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, June 9th. Finally, UBS Group set a $16.00 price target on Mission Produce in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $16.67.

About Mission Produce

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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