Fisher Asset Management LLC Buys New Stake in Fresh Del Monte Produce, Inc. $FDP

Key Points

• Fisher Asset Management initiated a new stake in Fresh Del Monte Produce in the fourth quarter, buying 594,268 shares worth about $21.2 million and ending with roughly 1.24% ownership.
• The stock was down 1.7% and opened at $32.74, near its 52-week low of $31.68. Fresh Del Monte also reported quarterly EPS of $0.63, slightly ahead of estimates, on revenue of $1.04 billion.
• The company declared a quarterly dividend of $0.30 per share, implying a 3.7% annualized yield, while analysts currently maintain a Hold consensus rating on FDP.

Fisher Asset Management LLC purchased a new position in shares of Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 594,268 shares of the company's stock, valued at approximately $21,174,000. Fisher Asset Management LLC owned about 1.24% of Fresh Del Monte Produce at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FDP. Wasatch Advisors LP boosted its holdings in Fresh Del Monte Produce by 41.1% in the third quarter. Wasatch Advisors LP now owns 1,915,156 shares of the company's stock valued at $66,494,000 after purchasing an additional 557,638 shares in the last quarter. LSV Asset Management raised its holdings in Fresh Del Monte Produce by 0.6% during the fourth quarter. LSV Asset Management now owns 1,741,494 shares of the company's stock worth $62,049,000 after purchasing an additional 10,246 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Fresh Del Monte Produce by 9.5% during the 3rd quarter. American Century Companies Inc. now owns 1,359,355 shares of the company's stock worth $47,197,000 after buying an additional 117,567 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Fresh Del Monte Produce by 19.2% in the 3rd quarter. Invesco Ltd. now owns 931,653 shares of the company's stock valued at $32,347,000 after buying an additional 150,092 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Fresh Del Monte Produce by 1,647.2% in the 1st quarter. Millennium Management LLC now owns 596,496 shares of the company's stock valued at $18,390,000 after buying an additional 562,356 shares in the last quarter. Hedge funds and other institutional investors own 64.83% of the company's stock.

Fresh Del Monte Produce Trading Down 1.7%

NYSE FDP opened at $32.74 on Wednesday. The firm's fifty day moving average is $39.34 and its two-hundred day moving average is $38.56. Fresh Del Monte Produce, Inc. has a one year low of $31.68 and a one year high of $43.58. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.10 and a current ratio of 2.34. The firm has a market cap of $1.56 billion, a PE ratio of 22.58 and a beta of 0.30.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.01. Fresh Del Monte Produce had a return on equity of 7.61% and a net margin of 1.63%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the company posted $0.63 earnings per share. The business's revenue was down 4.9% on a year-over-year basis.

Fresh Del Monte Produce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Shareholders of record on Tuesday, May 19th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, May 19th. Fresh Del Monte Produce's payout ratio is currently 82.76%.

Wall Street Analyst Weigh In

Several brokerages recently commented on FDP. Weiss Ratings lowered shares of Fresh Del Monte Produce from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, May 11th. Wall Street Zen lowered Fresh Del Monte Produce from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold".

Insider Buying and Selling

In other Fresh Del Monte Produce news, SVP Ziad Nabulsi sold 7,395 shares of the business's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $42.01, for a total transaction of $310,663.95. Following the transaction, the senior vice president owned 8,397 shares in the company, valued at approximately $352,757.97. The trade was a 46.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Danny Dumas sold 818 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $42.28, for a total value of $34,585.04. Following the completion of the sale, the senior vice president directly owned 2,560 shares of the company's stock, valued at approximately $108,236.80. This trade represents a 24.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 33,151 shares of company stock worth $1,391,225. 30.60% of the stock is currently owned by insiders.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc is a leading producer, marketer and distributor of fresh and fresh-cut fruits and vegetables worldwide. The company offers a wide range of products including bananas, pineapples, melons, grapes and avocados, along with value-added items such as fruit salads, vegetable trays and snack packs under the Del Monte® brand.

Founded in 1989 as a spin-off from Del Monte, Fresh Del Monte has developed a global supply chain that spans production farms, ripening facilities and packaging centers across Latin America, North America, Europe, Asia and Africa.

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