Fresh Del Monte Produce, Inc. $FDP Shares Sold by Martingale Asset Management L P

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 trimmed its position in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 31.1% during 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 about 0.12% of Fresh Del Monte Produce worth $1,746,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Fresh Del Monte Produce by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 4,943,089 shares of the company's stock worth $152,395,000 after purchasing an additional 133,638 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Fresh Del Monte Produce by 2.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,135,569 shares of the company's stock worth $35,010,000 after purchasing an additional 30,216 shares during the last quarter. American Century Companies Inc. boosted its stake in Fresh Del Monte Produce by 15.9% during the 1st quarter. American Century Companies Inc. now owns 1,101,091 shares of the company's stock worth $33,947,000 after purchasing an additional 150,983 shares during the last quarter. Invesco Ltd. boosted its stake in Fresh Del Monte Produce by 1.2% during the 1st quarter. Invesco Ltd. now owns 930,921 shares of the company's stock worth $28,700,000 after purchasing an additional 11,309 shares during the last quarter. Finally, LSV Asset Management boosted its stake in Fresh Del Monte Produce by 68.8% during the 1st quarter. LSV Asset Management now owns 580,018 shares of the company's stock worth $17,882,000 after purchasing an additional 236,476 shares during the last quarter. 64.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Ziad Nabulsi sold 1,000 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $35.95, for a total value of $35,950.00. Following the transaction, the senior vice president owned 10,498 shares of the company's stock, valued at $377,403.10. This represents a 8.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ghazaleh Mohammad Abu sold 50,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $35.92, for a total value of $1,796,000.00. Following the completion of the transaction, the chief executive officer directly owned 4,990,782 shares in the company, valued at approximately $179,268,889.44. This trade represents a 0.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 136,766 shares of company stock worth $5,000,949. Company insiders own 30.10% 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 Trading Up 0.9%

Shares of FDP traded up $0.34 during midday trading on Wednesday, reaching $36.50. The company had a trading volume of 250,298 shares, compared to its average volume of 375,717. Fresh Del Monte Produce, Inc. has a 1-year low of $26.50 and a 1-year high of $40.75. The stock has a market cap of $1.75 billion, a PE ratio of 11.70 and a beta of 0.42. The firm has a 50 day simple moving average of $34.79 and a 200-day simple moving average of $32.88. The company has a quick ratio of 1.11, a current ratio of 2.08 and a debt-to-equity ratio of 0.10.

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

Fresh Del Monte Produce Dividend Announcement

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

About Fresh Del Monte Produce

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.