Russell Investments Group Ltd. Boosts Stake in Mission Produce, Inc. $AVO

Russell Investments Group Ltd. increased its holdings in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 251.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 269,286 shares of the company's stock after acquiring an additional 192,741 shares during the quarter. Russell Investments Group Ltd. owned about 0.30% of Mission Produce worth $3,175,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AVO. Dean Capital Management acquired a new position in shares of Mission Produce during the 1st quarter worth approximately $2,058,000. Inspire Investing LLC grew its position in shares of Mission Produce by 312.3% in the first quarter. Inspire Investing LLC now owns 167,220 shares of the company's stock valued at $2,301,000 after purchasing an additional 126,658 shares in the last quarter. Rubric Capital Management LP acquired a new stake in shares of Mission Produce in the first quarter valued at approximately $23,756,000. Quantinno Capital Management LP lifted its position in Mission Produce by 437.3% during the first quarter. Quantinno Capital Management LP now owns 361,837 shares of the company's stock worth $4,979,000 after buying an additional 294,494 shares in the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Mission Produce during the first quarter worth approximately $1,183,000. Hedge funds and other institutional investors own 63.57% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on AVO shares. Weiss Ratings lowered Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, June 9th. UBS Group set a $16.00 price target on Mission Produce in a report on Wednesday, June 10th. Finally, Wall Street Zen lowered Mission Produce from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.67.

Insider Activity at Mission Produce

In other Mission Produce news, Director Jay A. Pack bought 40,000 shares of the business's stock in a transaction on Tuesday, June 30th. The stock was bought at an average price of $12.10 per share, with a total value of $484,000.00. Following the completion of the purchase, the director directly owned 579,965 shares in the company, valued at $7,017,576.50. The trade was a 7.41% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holdings Venture Globalharvest bought 687,222 shares of Mission Produce stock in a transaction on Wednesday, July 8th. The stock was acquired at an average price of $13.42 per share, for a total transaction of $9,222,519.24. Following the transaction, the insider directly owned 12,370,439 shares of the company's stock, valued at approximately $166,011,291.38. This trade represents a 5.88% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 3,352,161 shares of company stock worth $42,458,664. Insiders own 30.85% of the company's stock.

Mission Produce Stock Performance

Mission Produce stock opened at $13.06 on Friday. The firm has a 50 day simple moving average of $12.42 and a 200-day simple moving average of $13.02. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 40.81 and a beta of 0.49. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. Mission Produce, Inc. has a 1-year low of $10.07 and a 1-year high of $15.53.

Mission Produce announced that its Board of Directors has initiated a share repurchase program on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 13.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Mission Produce Company Profile

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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