Fourth Sail Capital LP Has $46.88 Million Position in Mission Produce, Inc. $AVO

Key Points

• Fourth Sail Capital increased its Mission Produce stake by 258.5% in the second quarter, acquiring 2.87 million additional shares. Its 3.98 million shares were valued at approximately $46.88 million, representing a 4.5% company stake and 7.1% of the fund’s portfolio.
• Mission Produce received further support from insiders, who bought 3.35 million shares worth about $42.46 million over the past three months. Institutional investors own 63.57% of the stock, while insiders hold 30.85%.
• Analysts maintain a “Moderate Buy” consensus with a $16.67 average price target, despite some downgrades. The company also authorized a $100 million share-repurchase program covering up to 13.8% of outstanding shares.

Fourth Sail Capital LP increased its stake in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 258.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,976,272 shares of the company's stock after acquiring an additional 2,867,072 shares during the period. Mission Produce comprises about 7.1% of Fourth Sail Capital LP's portfolio, making the stock its 3rd largest position. Fourth Sail Capital LP owned about 4.50% of Mission Produce worth $46,880,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of Mission Produce in the third quarter valued at approximately $29,000. Leonteq Securities AG acquired a new position in Mission Produce during the fourth quarter worth $31,000. Tower Research Capital LLC TRC boosted its holdings in Mission Produce by 211.8% during the second quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company's stock worth $54,000 after purchasing an additional 3,158 shares during the last quarter. 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 purchasing an additional 5,792 shares in the last quarter. Finally, Virtus Advisers LLC acquired a new stake in Mission Produce in the 3rd quarter valued at $95,000. 63.57% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Transactions at Mission Produce

In other Mission Produce news, Director Bruce C. Taylor bought 300,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were acquired at an average cost of $11.29 per share, with a total value of $3,387,000.00. Following the acquisition, the director owned 455,842 shares of the company's stock, valued at $5,146,456.18. The trade was a 192.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holdings Venture Globalharvest bought 687,222 shares of the firm's stock in a transaction that occurred on Wednesday, July 8th. The shares were acquired at an average cost of $13.42 per share, for a total transaction of $9,222,519.24. Following the completion of the acquisition, the insider directly owned 12,370,439 shares in the company, valued at $166,011,291.38. The trade was a 5.88% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 3,352,161 shares of company stock worth $42,458,664. 30.85% of the stock is owned by company insiders.

Mission Produce Price Performance

Shares of NASDAQ AVO opened at $13.06 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22. The business's 50 day moving average price is $12.42 and its two-hundred day moving average price is $13.02. The company has a market cap of $1.15 billion, a PE ratio of 40.81 and a beta of 0.49. Mission Produce, Inc. has a twelve month low of $10.07 and a twelve month high of $15.53.

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

Mission Produce Company Profile

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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