Invenomic Capital Management LP Buys 124,105 Shares of Fresh Del Monte Produce, Inc. $FDP

Key Points

• Invenomic Capital Management LP increased its stake in Fresh Del Monte Produce, owning 395,989 shares after purchasing 124,105 additional shares, marking a 45.6% increase in the first quarter.
• Fresh Del Monte Produce reported earnings per share of $1.23, exceeding analysts' expectations of $0.95, with a revenue increase of 3.8% year-over-year.
• The company declared a quarterly dividend of $0.30, with an annualized yield of 3.4%, set to be paid on September 5th.

Invenomic Capital Management LP increased its holdings in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 45.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 395,989 shares of the company's stock after buying an additional 124,105 shares during the period. Invenomic Capital Management LP owned 0.83% of Fresh Del Monte Produce worth $12,208,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Fresh Del Monte Produce by 2.8% during the 1st 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 last quarter. Charles Schwab Investment Management Inc. grew 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 buying an additional 30,216 shares during the period. American Century Companies Inc. grew its position in 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 period. Invesco Ltd. boosted its position in shares of Fresh Del Monte Produce by 1.2% in the first quarter. Invesco Ltd. now owns 930,921 shares of the company's stock worth $28,700,000 after purchasing an additional 11,309 shares during the period. Finally, LSV Asset Management boosted its position in shares of Fresh Del Monte Produce by 68.8% in the first quarter. LSV Asset Management now owns 580,018 shares of the company's stock worth $17,882,000 after purchasing an additional 236,476 shares during the period. 64.83% of the stock is currently owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Stock Down 1.2%

Shares of Fresh Del Monte Produce stock opened at $35.68 on Friday. The stock's fifty day moving average is $35.25 and its 200-day moving average is $33.13. 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, Inc. has a 12-month low of $26.50 and a 12-month high of $40.75. The firm has a market capitalization of $1.71 billion, a PE ratio of 11.44 and a beta of 0.43.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $1.16 billion. During the same quarter in the prior year, the business posted $1.06 EPS. The firm's quarterly revenue was up 3.8% on a year-over-year basis.

Fresh Del Monte Produce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Wednesday, August 13th will be given a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.4%. Fresh Del Monte Produce's dividend payout ratio (DPR) is presently 38.46%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Fresh Del Monte Produce from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th.

Insider Activity

In other news, CEO Ghazaleh Mohammad Abu sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $35.92, for a total value of $1,796,000.00. Following the sale, the chief executive officer directly owned 4,990,782 shares of the company's stock, valued at approximately $179,268,889.44. The trade was a 0.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Gianpaolo Renino sold 12,192 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $36.53, for a total transaction of $445,373.76. Following the completion of the sale, the senior vice president owned 3,197 shares of the company's stock, valued at $116,786.41. This trade represents a 79.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 136,766 shares of company stock worth $5,000,949 over the last three months. Corporate insiders own 31.60% of the company's stock.

Fresh Del Monte Produce Profile

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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