Hennessy Advisors Inc. Acquires Shares of 285,445 Fresh Del Monte Produce, Inc. $FDP

Key Points

• Hennessy Advisors Inc. has acquired 285,445 shares of Fresh Del Monte Produce, Inc. valued at approximately $9.25 million, increasing their ownership to 0.60% of the company.
• Fresh Del Monte Produce recently reported $1.18 billion in revenue for the quarter, surpassing analysts' expectations of $1.16 billion, and announced a $0.30 quarterly dividend, yielding 3.4%.
• Insider transactions revealed that CEO Ghazaleh Mohammad Abu sold 50,000 shares at an average price of $35.92, reducing her stake in the company slightly.

Hennessy Advisors Inc. acquired a new stake in shares of Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 285,445 shares of the company's stock, valued at approximately $9,254,000. Hennessy Advisors Inc. owned 0.60% of Fresh Del Monte Produce at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Fresh Del Monte Produce by 2.8% during the first quarter. Vanguard Group Inc. now owns 4,943,089 shares of the company's stock valued at $152,395,000 after purchasing an additional 133,638 shares during the period. Charles Schwab Investment Management Inc. raised its position in Fresh Del Monte Produce by 2.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,135,569 shares of the company's stock valued at $35,010,000 after purchasing an additional 30,216 shares during the period. American Century Companies Inc. grew its stake in shares of Fresh Del Monte Produce by 15.9% during the first quarter. American Century Companies Inc. now owns 1,101,091 shares of the company's stock valued at $33,947,000 after buying an additional 150,983 shares during the last quarter. Invesco Ltd. grew its stake in shares of Fresh Del Monte Produce by 1.2% during the first quarter. Invesco Ltd. now owns 930,921 shares of the company's stock valued at $28,700,000 after buying an additional 11,309 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Fresh Del Monte Produce by 1,647.2% during the first 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 during the last quarter. 64.83% of the stock is currently owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Stock Up 1.6%

Shares of NYSE:FDP opened at $35.38 on Friday. Fresh Del Monte Produce, Inc. has a 52-week low of $26.50 and a 52-week high of $40.75. The stock has a market cap of $1.70 billion, a P/E ratio of 11.34 and a beta of 0.41. The business's 50 day moving average is $35.93 and its 200 day moving average is $33.86. The company has a quick ratio of 1.11, a current ratio of 2.08 and a debt-to-equity ratio of 0.10.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.28. Fresh Del Monte Produce had a return on equity of 6.84% and a net margin of 3.49%.The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the prior year, the firm earned $1.06 earnings per share. Fresh Del Monte Produce's revenue was up 3.8% compared to the same quarter last year.

Fresh Del Monte Produce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Wednesday, August 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $1.20 annualized dividend and a yield of 3.4%. Fresh Del Monte Produce's dividend payout ratio is 38.46%.

Analyst Ratings Changes

A number of research analysts have recently commented on FDP shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fresh Del Monte Produce in a research note on Saturday, September 27th. Wall Street Zen cut Fresh Del Monte Produce from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Fresh Del Monte Produce currently has an average rating of "Buy".

Insider Transactions at Fresh Del Monte Produce

In related news, CEO Ghazaleh Mohammad Abu sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $35.92, for a total value of $1,796,000.00. Following the transaction, the chief executive officer owned 4,990,782 shares of the company's stock, valued at $179,268,889.44. This represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Ziad Nabulsi sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $35.95, for a total value of $35,950.00. Following the completion of the transaction, the senior vice president directly owned 10,498 shares in the company, valued at approximately $377,403.10. This trade represents a 8.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,039 shares of company stock worth $5,010,709 in the last ninety days. 31.60% of the stock is owned by company insiders.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.

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