Russell Investments Group Ltd. Raises Position in Fresh Del Monte Produce, Inc. $FDP

Key Points

• Russell Investments Group Ltd. increased its stake in Fresh Del Monte Produce by 478.5%, acquiring an additional 39,095 shares and bringing its total to 47,265 shares, valued at approximately $1.46 million.
• Several other large investors, including Vanguard Group and LSV Asset Management, also raised their holdings, resulting in 64.83% of the stock being owned by institutional investors.
• Fresh Del Monte Produce announced a quarterly dividend of $0.30, reflecting a 3.3% dividend yield, with an upcoming payment date of September 5th for investors of record on August 13th.

Russell Investments Group Ltd. raised its stake in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 478.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,265 shares of the company's stock after acquiring an additional 39,095 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.10% of Fresh Del Monte Produce worth $1,457,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Parvin Asset Management LLC acquired a new position in shares of Fresh Del Monte Produce in the fourth quarter worth $30,000. McIlrath & Eck LLC acquired a new position in shares of Fresh Del Monte Produce in the fourth quarter worth $48,000. State of Wyoming acquired a new position in shares of Fresh Del Monte Produce in the fourth quarter worth $54,000. Quantinno Capital Management LP acquired a new position in shares of Fresh Del Monte Produce in the fourth quarter worth $202,000. Finally, Kestra Private Wealth Services LLC acquired a new position in shares of Fresh Del Monte Produce in the first quarter worth $235,000. 64.83% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Gianpaolo Renino sold 12,192 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $36.53, for a total value of $445,373.76. Following the completion of the sale, the senior vice president owned 3,197 shares of the company's stock, valued at $116,786.41. This represents a 79.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Effie D. Silva sold 1,315 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $37.54, for a total value of $49,365.10. Following the completion of the sale, the senior vice president directly owned 7,377 shares of the company's stock, valued at $276,932.58. The trade was a 15.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 136,766 shares of company stock worth $5,000,949 over the last three months. 30.10% of the stock is currently owned by corporate insiders.

Fresh Del Monte Produce Trading Down 0.3%

FDP stock traded down $0.12 during trading on Tuesday, reaching $36.16. 211,189 shares of the stock traded hands, compared to its average volume of 304,515. The business's 50 day moving average price is $35.10 and its 200-day moving average price is $33.07. Fresh Del Monte Produce, Inc. has a 52-week low of $26.50 and a 52-week high of $40.75. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.08 and a quick ratio of 1.11. The firm has a market capitalization of $1.73 billion, a PE ratio of 11.59 and a beta of 0.43.

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, beating analysts' consensus estimates of $0.95 by $0.28. Fresh Del Monte Produce had a return on equity of 6.84% and a net margin of 3.49%.The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the business earned $1.06 earnings per share. The firm's quarterly revenue was up 3.8% compared to the same quarter last year.

Fresh Del Monte Produce Dividend Announcement

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 given a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.3%. Fresh Del Monte Produce's dividend payout ratio is presently 38.46%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Fresh Del Monte Produce from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th.

Fresh Del Monte Produce Company 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.