Martingale Asset Management L P Sells 25,528 Shares of Fresh Del Monte Produce, Inc. $FDP

Key Points

• Martingale Asset Management L P reduced its stake in Fresh Del Monte Produce by 31.1%, now holding 56,620 shares valued at approximately $1.75 million.
• Several hedge funds increased their positions in Fresh Del Monte Produce during the first quarter, with LSV Asset Management boosting its stake by 68.8% and GAMMA Investing LLC by an astonishing 2,671.9%.
• Fresh Del Monte Produce's stock was upgraded to a "strong-buy" rating by Wall Street Zen, following a quarterly earnings report that surpassed analyst expectations with a 3.8% year-over-year revenue increase.

Martingale Asset Management L P decreased its position in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 31.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 56,620 shares of the company's stock after selling 25,528 shares during the period. Martingale Asset Management L P owned approximately 0.12% of Fresh Del Monte Produce worth $1,746,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FDP. Humankind Investments LLC increased its position in Fresh Del Monte Produce by 11.5% in the 1st quarter. Humankind Investments LLC now owns 24,829 shares of the company's stock valued at $765,000 after acquiring an additional 2,557 shares during the period. Quantbot Technologies LP bought a new stake in shares of Fresh Del Monte Produce during the first quarter valued at about $1,453,000. Wellington Management Group LLP acquired a new stake in Fresh Del Monte Produce in the first quarter worth about $2,116,000. American Century Companies Inc. grew its position in Fresh Del Monte Produce by 15.9% in the 1st 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 in the last quarter. Finally, Brandywine Global Investment Management LLC increased its stake in Fresh Del Monte Produce by 7.4% during the 1st quarter. Brandywine Global Investment Management LLC now owns 174,715 shares of the company's stock valued at $5,386,000 after buying an additional 12,086 shares during the period. Institutional investors own 64.83% of the company's stock.

Fresh Del Monte Produce Price Performance

Shares of NYSE FDP traded down $0.92 during midday trading on Thursday, reaching $35.61. The company's stock had a trading volume of 66,369 shares, compared to its average volume of 374,490. Fresh Del Monte Produce, Inc. has a one year low of $26.50 and a one year high of $40.75. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 11.43 and a beta of 0.42. The company has a 50 day moving average price of $34.85 and a 200 day moving average price of $32.91. The company has a current ratio of 2.08, a quick ratio of 1.11 and a debt-to-equity ratio of 0.10.

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

Fresh Del Monte Produce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Wednesday, August 13th. Fresh Del Monte Produce's dividend payout ratio is currently 38.46%.

Insider Buying and Selling

In other news, SVP Gianpaolo Renino sold 12,192 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $36.53, for a total transaction of $445,373.76. Following the sale, the senior vice president owned 3,197 shares in the company, valued at $116,786.41. The trade was a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ziad Nabulsi sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $35.95, for a total transaction of $35,950.00. Following the completion of the transaction, the senior vice president directly owned 10,498 shares of the company's stock, valued at $377,403.10. This represents a 8.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 136,766 shares of company stock worth $5,000,949. Company insiders own 31.60% of the company's stock.

Wall Street Analyst Weigh In

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