Gabelli Funds LLC Invests $1.28 Million in Mission Produce, Inc. $AVO

Key Points

• Gabelli Funds initiated a Mission Produce stake of 92,772 shares valued at approximately $1.28 million, while institutional investors collectively own 63.57% of the company.
• Mission Produce approved a $100 million share buyback, authorizing repurchases of up to 13.8% of its outstanding shares. Insiders have also purchased approximately 3.35 million shares worth $42.5 million over the past three months.
• AVO shares recently opened at $12.85, compared with a Wall Street average price target of $16.67. Analysts’ consensus rating is “Moderate Buy,” although some firms recently downgraded the stock.

Gabelli Funds LLC purchased a new stake in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 92,772 shares of the company's stock, valued at approximately $1,277,000. Gabelli Funds LLC owned approximately 0.13% of Mission Produce at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of AVO. Quarry LP bought a new stake in Mission Produce in the 3rd quarter worth about $29,000. Leonteq Securities AG purchased a new position in Mission Produce in the 4th quarter worth about $31,000. GAMMA Investing LLC lifted its stake in Mission Produce by 87.1% during the 4th quarter. GAMMA Investing LLC now owns 4,589 shares of the company's stock valued at $53,000 after acquiring an additional 2,136 shares during the period. Tower Research Capital LLC TRC lifted its stake in Mission Produce by 211.8% during the 2nd 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 during the period. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of Mission Produce by 466.0% during the 4th 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 during the last quarter. 63.57% of the stock is owned by hedge funds and other institutional investors.

Mission Produce Stock Performance

Shares of AVO opened at $12.85 on Thursday. The firm has a market capitalization of $1.13 billion, a P/E ratio of 40.14 and a beta of 0.49. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. Mission Produce, Inc. has a one year low of $10.07 and a one year high of $15.53. The business has a fifty day moving average of $12.05 and a 200 day moving average of $13.01.

Mission Produce announced that its Board of Directors has approved a share buyback plan on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 13.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other Mission Produce news, Director Jay A. Pack purchased 40,000 shares of Mission Produce stock in a transaction dated Tuesday, June 30th. The stock was purchased at an average price of $12.10 per share, with a total value of $484,000.00. Following the transaction, the director directly owned 579,965 shares of the company's stock, valued at $7,017,576.50. This trade represents a 7.41% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bruce C. Taylor acquired 300,000 shares of the stock in a transaction dated Monday, June 15th. The stock was acquired at an average price of $11.29 per share, for a total transaction of $3,387,000.00. Following the purchase, the director directly owned 455,842 shares in the company, valued at approximately $5,146,456.18. This trade represents a 192.50% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 3,352,161 shares of company stock valued at $42,458,664. Insiders own 30.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AVO. Wall Street Zen lowered shares of Mission Produce from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. Weiss Ratings downgraded shares of 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 target price on shares of Mission Produce in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $16.67.

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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