Penn Capital Management Company LLC Trims Position in Calavo Growers, Inc. $CVGW

Key Points

• Penn Capital Management Company LLC has significantly reduced its stake in Calavo Growers, cutting its ownership by 74.6% to approximately 42,730 shares, valued at about $1,025,000.
• Calavo Growers reported Q2 EPS of $0.40, missing the analysts' consensus estimate of $0.53, while its revenue of $190.55 million was slightly below the expected $192.75 million.
• The company's recent dividend declaration was $0.20 per share, with an annualized dividend yield of 2.9%, reflecting a high dividend payout ratio of 137.93%.

Penn Capital Management Company LLC reduced its stake in shares of Calavo Growers, Inc. (NASDAQ:CVGW - Free Report) by 74.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 42,730 shares of the company's stock after selling 125,614 shares during the period. Penn Capital Management Company LLC owned approximately 0.24% of Calavo Growers worth $1,025,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Quantbot Technologies LP raised its holdings in Calavo Growers by 85.6% during the 1st quarter. Quantbot Technologies LP now owns 11,480 shares of the company's stock worth $275,000 after buying an additional 5,295 shares during the period. Teacher Retirement System of Texas raised its holdings in shares of Calavo Growers by 390.5% in the first quarter. Teacher Retirement System of Texas now owns 60,533 shares of the company's stock valued at $1,452,000 after purchasing an additional 48,193 shares during the last quarter. New York State Teachers Retirement System acquired a new stake in shares of Calavo Growers in the first quarter valued at approximately $36,000. GAMMA Investing LLC raised its holdings in shares of Calavo Growers by 1,994.0% in the first quarter. GAMMA Investing LLC now owns 13,171 shares of the company's stock valued at $316,000 after purchasing an additional 12,542 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Calavo Growers in the fourth quarter valued at approximately $561,000. 81.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Calavo Growers from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $35.00.

Calavo Growers Price Performance

NASDAQ CVGW traded up $0.11 during trading on Friday, hitting $27.39. 23,005 shares of the company's stock were exchanged, compared to its average volume of 248,124. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.02. The company has a market cap of $488.66 million, a PE ratio of 47.26 and a beta of 0.42. Calavo Growers, Inc. has a fifty-two week low of $21.46 and a fifty-two week high of $30.02. The stock's 50 day moving average price is $26.98 and its two-hundred day moving average price is $25.69.

Calavo Growers (NASDAQ:CVGW - Get Free Report) last announced its earnings results on Monday, June 9th. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.13). The company had revenue of $190.55 million during the quarter, compared to the consensus estimate of $192.75 million. Calavo Growers had a net margin of 1.50% and a return on equity of 11.79%. The business's revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 earnings per share. Research analysts expect that Calavo Growers, Inc. will post 1.87 EPS for the current year.

Calavo Growers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 30th. Shareholders of record on Monday, June 30th were paid a $0.20 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.80 annualized dividend and a yield of 2.9%. Calavo Growers's dividend payout ratio (DPR) is currently 137.93%.

About Calavo Growers

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers worldwide. It operates through Grown and Prepared segments. The Grown segment distributes tomatoes and papayas; and procures avocados grown in California, Mexico, Peru, and Colombia.