Magnetar Financial LLC Purchases New Shares in Fresh Del Monte Produce, Inc. $FDP

Key Points

• Magnetar Financial LLC has acquired a new stake in Fresh Del Monte Produce, Inc. (NYSE:FDP), buying 8,010 shares valued at approximately $247,000 during the 1st quarter.
• Insider activity includes CEO Ghazaleh Mohammad Abu selling 7,575 shares, representing a 0.15% decrease in ownership, while corporate insiders sold a total of 136,766 shares valued at over $5 million in the last 90 days.
• Fresh Del Monte Produce reported earnings of $1.23 per share for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.30 per share, reflecting a 3.3% yield.

Magnetar Financial LLC bought a new stake in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,010 shares of the company's stock, valued at approximately $247,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. SummerHaven Investment Management LLC grew its holdings in Fresh Del Monte Produce by 1.3% in the 1st quarter. SummerHaven Investment Management LLC now owns 36,004 shares of the company's stock valued at $1,110,000 after buying an additional 471 shares during the last quarter. Arizona State Retirement System grew its holdings in Fresh Del Monte Produce by 5.0% in the 1st quarter. Arizona State Retirement System now owns 11,688 shares of the company's stock valued at $360,000 after buying an additional 558 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Fresh Del Monte Produce by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,211 shares of the company's stock valued at $638,000 after acquiring an additional 684 shares in the last quarter. McIlrath & Eck LLC acquired a new position in Fresh Del Monte Produce in the 4th quarter valued at approximately $48,000. Finally, State of Wyoming acquired a new position in Fresh Del Monte Produce in the 4th quarter valued at approximately $54,000. Institutional investors and hedge funds own 64.83% of the company's stock.

Fresh Del Monte Produce Price Performance

NYSE FDP traded down $0.44 during trading on Monday, reaching $35.46. 26,073 shares of the company traded hands, compared to its average volume of 371,502. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.11 and a current ratio of 2.08. The stock's 50 day moving average price is $35.33 and its two-hundred day moving average price is $33.21. The company 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, Inc. has a 1-year low of $26.50 and a 1-year high of $40.75.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. Fresh Del Monte Produce had a return on equity of 6.84% and a net margin of 3.49%.The company's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.06 earnings per share.

Fresh Del Monte Produce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Wednesday, August 13th were issued 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 payout ratio is presently 38.46%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, SVP Ziad Nabulsi sold 1,000 shares of the firm's stock in a transaction that occurred 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 owned 10,498 shares of the company's stock, valued at approximately $377,403.10. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ghazaleh Mohammad Abu sold 7,575 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $36.61, for a total transaction of $277,320.75. Following the sale, the chief executive officer directly owned 5,040,782 shares of the company's stock, valued at approximately $184,543,029.02. The trade was a 0.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 136,766 shares of company stock valued at $5,000,949 over the last ninety days. Company insiders own 30.10% 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.