Fresh Del Monte Produce, Inc. $FDP Stake Lowered by Wasatch Advisors LP

Key Points

• Wasatch Advisors LP cut its Fresh Del Monte Produce stake by 22.4% in the first quarter, reducing holdings to 1.38 million shares valued at about $55.8 million.
• Fresh Del Monte Produce shares were up 2.9% to $29.19, but the stock remains well below its 52-week high of $43.58 and trades under both its 50-day and 200-day moving averages.
• The company posted Q1 earnings of $0.63 per share, slightly above estimates, and paid a $0.30 quarterly dividend for a 4.1% annualized yield, though the payout ratio is relatively high at 82.76%.

Wasatch Advisors LP reduced its stake in shares of Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 22.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,384,961 shares of the company's stock after selling 400,348 shares during the period. Wasatch Advisors LP owned 2.91% of Fresh Del Monte Produce worth $55,759,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Louisiana State Employees Retirement System acquired a new stake in Fresh Del Monte Produce during the first quarter valued at $588,000. Baker Ellis Asset Management LLC acquired a new position in Fresh Del Monte Produce in the 1st quarter worth about $447,000. SG Americas Securities LLC raised its stake in shares of Fresh Del Monte Produce by 56.8% during the 1st quarter. SG Americas Securities LLC now owns 43,207 shares of the company's stock worth $1,740,000 after purchasing an additional 15,644 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Fresh Del Monte Produce by 44.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,569 shares of the company's stock worth $92,000 after purchasing an additional 793 shares in the last quarter. Finally, Corient Private Wealth LLC raised its stake in shares of Fresh Del Monte Produce by 20.5% during the 4th quarter. Corient Private Wealth LLC now owns 9,527 shares of the company's stock worth $339,000 after purchasing an additional 1,623 shares in the last quarter. 64.83% of the stock is owned by institutional investors and hedge funds.

Fresh Del Monte Produce Trading Up 2.9%

Shares of NYSE:FDP opened at $29.19 on Friday. The stock has a market capitalization of $1.39 billion, a PE ratio of 20.13 and a beta of 0.22. Fresh Del Monte Produce, Inc. has a 1 year low of $26.47 and a 1 year high of $43.58. The firm has a fifty day moving average price of $33.73 and a 200 day moving average price of $37.44. The company has a current ratio of 2.34, a quick ratio of 1.10 and a debt-to-equity ratio of 0.22.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the company earned $0.63 earnings per share. The business's revenue was down 4.9% compared to the same quarter last year.

Fresh Del Monte Produce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, May 19th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.1%. Fresh Del Monte Produce's dividend payout ratio is currently 82.76%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Weiss Ratings cut Fresh Del Monte Produce from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, June 17th. Wall Street Zen lowered shares of Fresh Del Monte Produce from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Fresh Del Monte Produce currently has an average rating of "Hold".

Insider Transactions at Fresh Del Monte Produce

In related news, Director Ahmad Abu-Ghazaleh bought 4,000 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was purchased at an average price of $29.41 per share, with a total value of $117,640.00. Following the completion of the transaction, the director directly owned 4,000 shares of the company's stock, valued at $117,640. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Marissa R. Tenazas sold 1,046 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $40.40, for a total value of $42,258.40. Following the transaction, the senior vice president owned 8,050 shares in the company, valued at approximately $325,220. This trade represents a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 30.60% of the company's stock.

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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