Mission Produce, Inc. $AVO Shares Purchased by Inspire Investing LLC

Key Points

• Inspire Investing LLC boosted its stake in Mission Produce by 312.3% in the first quarter, ending with 167,220 shares valued at about $2.3 million.
• The company’s board approved a $100 million stock buyback program, which could repurchase up to 13.8% of outstanding shares and may signal management thinks the stock is undervalued.
• Insider activity was mixed: Director Bruce C. Taylor bought 300,000 shares, while CFO Bryan E. Giles sold 5,000 shares. Analysts currently have a consensus rating of Moderate Buy with an average target price of $16.67.

Inspire Investing LLC increased its holdings in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 312.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,220 shares of the company's stock after purchasing an additional 126,658 shares during the period. Inspire Investing LLC owned approximately 0.24% of Mission Produce worth $2,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. OP Asset Management Ltd acquired a new stake in Mission Produce during the 1st quarter worth about $1,404,000. Diversified Trust Co lifted its holdings in shares of Mission Produce by 12.0% in the 1st quarter. Diversified Trust Co now owns 19,373 shares of the company's stock valued at $267,000 after buying an additional 2,074 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Mission Produce by 191.6% in the fourth quarter. Hsbc Holdings PLC now owns 44,961 shares of the company's stock worth $520,000 after buying an additional 29,543 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Mission Produce in the fourth quarter worth about $133,000. Finally, Zacks Investment Management purchased a new stake in shares of Mission Produce in the fourth quarter worth about $216,000. 63.57% of the stock is currently owned by institutional investors and hedge funds.

Mission Produce Stock Down 2.2%

Shares of NASDAQ AVO opened at $11.79 on Wednesday. The company's 50-day simple moving average is $12.11 and its 200-day simple moving average is $12.88. Mission Produce, Inc. has a 52-week low of $10.07 and a 52-week high of $15.53. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 36.84 and a beta of 0.50. The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22.

Mission Produce declared that its board has authorized a stock buyback program on Monday, June 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 13.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wall Street Zen cut Mission Produce from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. Weiss Ratings lowered Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, June 9th. UBS Group set a $16.00 price objective on shares of Mission Produce in a research note on Wednesday, June 10th. Finally, Freedom Capital raised shares of Mission Produce to a "strong-buy" rating in a report on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $16.67.

Insider Activity at Mission Produce

In other news, Director Bruce C. Taylor bought 300,000 shares of Mission Produce stock in a transaction on Monday, June 15th. The stock was acquired at an average price of $11.29 per share, with a total value of $3,387,000.00. Following the completion of the acquisition, the director directly owned 455,842 shares of the company's stock, valued at $5,146,456.18. The trade was a 192.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Bryan E. Giles sold 5,000 shares of Mission Produce stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $12.13, for a total value of $60,650.00. Following the completion of the sale, the chief financial officer directly owned 146,931 shares in the company, valued at $1,782,273.03. This represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have purchased 929,702 shares of company stock valued at $10,490,901. 30.85% of the stock is owned by corporate insiders.

About Mission Produce

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.

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