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

Other institutional investors also recently modified their holdings of the company. McIlrath & Eck LLC bought a new position in Fresh Del Monte Produce in the fourth quarter worth about $48,000. State of Wyoming bought a new stake in Fresh Del Monte Produce in the 4th quarter worth approximately $54,000. Quantinno Capital Management LP bought a new stake in Fresh Del Monte Produce in the 4th quarter worth approximately $202,000. Kestra Private Wealth Services LLC bought a new stake in Fresh Del Monte Produce in the 1st quarter worth approximately $235,000. Finally, Magnetar Financial LLC purchased a new position in shares of Fresh Del Monte Produce during the 1st quarter worth $247,000. 64.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Fresh Del Monte Produce from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th.

Insider Buying and Selling at Fresh Del Monte Produce

In other news, SVP Ziad Nabulsi sold 1,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $35.95, for a total value of $35,950.00. Following the sale, the senior vice president directly owned 10,498 shares in the company, valued at $377,403.10. The trade was a 8.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 transaction, the senior vice president owned 7,377 shares in the company, valued at $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. In the last 90 days, insiders have sold 137,039 shares of company stock valued at $5,010,709. Corporate insiders own 31.60% of the company's stock.

Fresh Del Monte Produce Price Performance

FDP stock traded up $0.61 during mid-day trading on Thursday, hitting $36.30. The company had a trading volume of 424,821 shares, compared to its average volume of 270,132. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 11.63 and a beta of 0.43. Fresh Del Monte Produce, Inc. has a 12-month low of $26.50 and a 12-month high of $40.75. The company has a quick ratio of 1.11, a current ratio of 2.08 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average price of $35.79 and a 200 day moving average price of $33.50.

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

Fresh Del Monte Produce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Wednesday, August 13th were issued a $0.30 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.3%. Fresh Del Monte Produce's payout ratio is 38.46%.

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.