Magnetar Financial LLC Invests $247,000 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 position in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,010 shares of the company's stock, valued at approximately $247,000.

A number of other institutional investors have also recently modified their holdings of FDP. LSV Asset Management grew its stake 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 acquiring an additional 236,476 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Fresh Del Monte Produce by 2,671.9% in the first quarter. GAMMA Investing LLC now owns 207,393 shares of the company's stock worth $6,727,000 after acquiring an additional 199,911 shares during the last quarter. Allianz Asset Management GmbH boosted its position in shares of Fresh Del Monte Produce by 95.8% during the first quarter. Allianz Asset Management GmbH now owns 377,312 shares of the company's stock valued at $11,633,000 after buying an additional 184,573 shares during the last quarter. American Century Companies Inc. boosted its position 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. Finally, Edgestream Partners L.P. purchased a new stake in shares of Fresh Del Monte Produce during the first quarter valued at $4,242,000. 64.83% of the stock is owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Stock Performance

NYSE:FDP traded up $0.13 on Friday, hitting $35.84. The stock had a trading volume of 271,022 shares, compared to its average volume of 298,302. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 11.49 and a beta of 0.43. 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 business's 50-day simple moving average is $35.33 and its two-hundred day simple moving average is $33.19. Fresh Del Monte Produce, Inc. has a 52-week low of $26.50 and a 52-week high of $40.75.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last announced its earnings results 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. 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 return on equity of 6.84% and a net margin of 3.49%.The business's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $1.06 earnings per share.

Fresh Del Monte Produce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Wednesday, August 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, August 13th. Fresh Del Monte Produce's dividend payout ratio (DPR) is presently 38.46%.

Insider Transactions at Fresh Del Monte Produce

In other Fresh Del Monte Produce news, SVP Gianpaolo Renino sold 12,192 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $36.53, for a total value of $445,373.76. Following the transaction, the senior vice president directly owned 3,197 shares of the company's stock, valued at approximately $116,786.41. This trade represents a 79.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Effie D. Silva sold 1,315 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $37.54, for a total value of $49,365.10. Following the completion of the transaction, the senior vice president directly 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. Over the last three months, insiders sold 136,766 shares of company stock valued at $5,000,949. Company insiders own 31.60% of the company's stock.

Wall Street Analyst Weigh In

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

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.