Jacobs Levy Equity Management Inc. Decreases Stake in Fresh Del Monte Produce, Inc. $FDP

Key Points

• Jacobs Levy Equity Management Inc. significantly reduced its holding in Fresh Del Monte Produce, selling 79,244 shares and lowering its stake by 76.7% to 24,137 shares.
• Several institutional investors, including Waterfront Wealth Inc. and GAMMA Investing LLC, increased their positions in Fresh Del Monte Produce during the same quarter.
• The company recently announced a quarterly dividend of $0.30 per share, representing an annual yield of 3.4% and a payout ratio of 38.46%.

Jacobs Levy Equity Management Inc. lowered its position in shares of Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 76.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,137 shares of the company's stock after selling 79,244 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.05% of Fresh Del Monte Produce worth $744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FDP. McIlrath & Eck LLC acquired a new stake in Fresh Del Monte Produce during the 4th quarter worth $48,000. State of Wyoming acquired a new position in shares of Fresh Del Monte Produce during the fourth quarter worth about $54,000. Quantinno Capital Management LP purchased a new stake in Fresh Del Monte Produce during the fourth quarter worth about $202,000. Kestra Private Wealth Services LLC purchased a new stake in Fresh Del Monte Produce during the first quarter worth about $235,000. Finally, Magnetar Financial LLC purchased a new stake in shares of Fresh Del Monte Produce in the first quarter valued at about $247,000. Hedge funds and other institutional investors own 64.83% of the company's stock.

Fresh Del Monte Produce Stock Down 0.5%

Fresh Del Monte Produce stock traded down $0.16 during trading on Monday, reaching $35.45. 268,253 shares of the company's stock were exchanged, compared to its average volume of 283,492. The company's 50-day moving average is $35.63 and its two-hundred day moving average is $33.43. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.11 and a current ratio of 2.08. Fresh Del Monte Produce, Inc. has a 52-week low of $26.50 and a 52-week high of $40.75. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 11.36 and a beta of 0.43.

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

Fresh Del Monte Produce Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Fresh Del Monte Produce

In related news, SVP Ziad Nabulsi sold 1,000 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $35.95, for a total transaction of $35,950.00. Following the completion of the sale, the senior vice president directly owned 10,498 shares of the company's stock, valued at approximately $377,403.10. This represents a 8.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Effie D. Silva sold 1,315 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $37.54, for a total transaction of $49,365.10. Following the completion of the transaction, the senior vice president directly owned 7,377 shares of the company's stock, valued at approximately $276,932.58. The trade was a 15.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,039 shares of company stock valued at $5,010,709 in the last quarter. Company insiders own 30.10% of the company's stock.

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.