Engineers Gate Manager LP Takes $1.14 Million Position in Fresh Del Monte Produce Inc $DMC

Key Points

• Engineers Gate Manager LP acquired 40,890 shares of Fresh Del Monte Produce in the second quarter, valued at approximately $1.14 million and representing a 0.09% stake.
• Institutional ownership remains substantial at 64.83%, with several other investors also establishing new positions during the quarter.
• Fresh Del Monte reported quarterly revenue of $1.22 billion and earnings of $0.72 per share, while paying a $0.30 quarterly dividend. Analysts maintain a consensus “Hold” rating, despite one upgrade to “Buy.”

Engineers Gate Manager LP acquired a new stake in Fresh Del Monte Produce Inc (NYSE:DMC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,890 shares of the company's stock, valued at approximately $1,141,000. Engineers Gate Manager LP owned 0.09% of Fresh Del Monte Produce at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NewEdge Advisors LLC acquired a new stake in shares of Fresh Del Monte Produce during the 2nd quarter worth approximately $4,023,000. Outfitters Financial LLC purchased a new position in Fresh Del Monte Produce in the second quarter worth approximately $912,000. Arizona State Retirement System acquired a new stake in Fresh Del Monte Produce during the second quarter worth $302,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Fresh Del Monte Produce in the second quarter valued at $26,000. 64.83% of the stock is currently owned by institutional investors and hedge funds.

Fresh Del Monte Produce Price Performance

Shares of DMC stock opened at $30.44 on Friday. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 42.87 and a beta of 0.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.23 and a quick ratio of 1.04. Fresh Del Monte Produce Inc has a 52 week low of $26.47 and a 52 week high of $43.58.

Fresh Del Monte Produce (NYSE:DMC - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.72 earnings per share for the quarter. Fresh Del Monte Produce had a return on equity of 6.43% and a net margin of 0.79%.The business had revenue of $1.22 billion for the quarter.

Fresh Del Monte Produce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Wednesday, August 12th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Wednesday, August 12th. Fresh Del Monte Produce's dividend payout ratio (DPR) is presently 169.01%.

Insider Activity at Fresh Del Monte Produce

In related news, COO Mohammed Abbas acquired 12,000 shares of the stock in a transaction dated Tuesday, August 4th. The stock was acquired at an average cost of $29.89 per share, with a total value of $358,680.00. Following the completion of the transaction, the chief operating officer owned 71,930 shares in the company, valued at $2,149,987.70. This represents a 20.02% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 30.60% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on DMC. Weiss Ratings assumed coverage on shares of Fresh Del Monte Produce in a report on Wednesday, August 5th. They issued a "hold (c)" rating on the stock. Wall Street Zen raised shares of Fresh Del Monte Produce from a "hold" rating to a "buy" rating in a research note on Saturday, September 12th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of "Hold".

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc is a global producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, berries, grapes, tomatoes and other vegetables, as well as prepared fruit, juices and vegetable products.

The company serves retail, foodservice and other customers through an integrated network that includes farming, sourcing, processing, packaging, distribution and marketing. Its products are sold under the Del Monte brand and other company and private-label brands in North America, Europe, Asia, the Middle East and Africa.

Fresh Del Monte traces its brand heritage to the late 19th century and has developed agricultural and distribution operations across multiple regions.

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