Martingale Asset Management L P Acquires 41,601 Shares of Mission Produce, Inc. $AVO

Key Points

• Martingale Asset Management L P has significantly increased its stake in Mission Produce, Inc. by 178.0% in the first quarter, owning 64,969 shares valued at $681,000.
• Several institutional investors, including Millennium Management and American Century Companies, have also boosted their positions in Mission Produce, resulting in 63.57% of the stock being owned by these entities.
• Mission Produce reported a strong quarterly earnings performance, with a net income of $380.30 million and an earnings per share (EPS) of $0.12, surpassing analysts' expectations.

Martingale Asset Management L P lifted its holdings in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 178.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,969 shares of the company's stock after buying an additional 41,601 shares during the quarter. Martingale Asset Management L P owned about 0.09% of Mission Produce worth $681,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. PNC Financial Services Group Inc. boosted its holdings in shares of Mission Produce by 123.1% in the first quarter. PNC Financial Services Group Inc. now owns 2,950 shares of the company's stock worth $31,000 after acquiring an additional 1,628 shares during the period. Ameriflex Group Inc. purchased a new position in Mission Produce during the 4th quarter valued at about $57,000. State of Wyoming bought a new stake in shares of Mission Produce during the fourth quarter valued at about $63,000. Diversified Trust Co purchased a new stake in shares of Mission Produce in the first quarter worth about $137,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Mission Produce in the first quarter valued at approximately $144,000. 63.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Zacks Research lowered shares of Mission Produce from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.50.

Insider Activity

In other news, CFO Bryan E. Giles sold 3,500 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $11.43, for a total transaction of $40,005.00. Following the transaction, the chief financial officer directly owned 131,062 shares in the company, valued at approximately $1,498,038.66. This represents a 2.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 35.41% of the company's stock.

Mission Produce Price Performance

AVO stock traded down $0.14 during midday trading on Friday, reaching $12.51. The company had a trading volume of 254,737 shares, compared to its average volume of 236,162. The firm has a 50-day moving average price of $12.24 and a 200-day moving average price of $11.34. The company has a market capitalization of $883.46 million, a P/E ratio of 25.02 and a beta of 0.57. Mission Produce, Inc. has a 1 year low of $9.56 and a 1 year high of $15.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.98 and a quick ratio of 1.23.

Mission Produce (NASDAQ:AVO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.09. The company had revenue of $380.30 million during the quarter, compared to the consensus estimate of $296.15 million. Mission Produce had a net margin of 2.63% and a return on equity of 7.82%. The firm's revenue was up 27.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 EPS. On average, research analysts anticipate that Mission Produce, Inc. will post 0.34 earnings per share for the current fiscal year.

Mission Produce Company Profile

Mission Produce, Inc engages in the sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries to food retailers, distributors, and foodservice customers in the United States and internationally. The company operates through three segments, Marketing and Distribution; International Farming; and Blueberries.