Russell Investments Group Ltd. Has $1.10 Million Stake in Mission Produce, Inc. $AVO

Key Points

• Russell Investments Group Ltd. has significantly increased its stake in Mission Produce by 6,802.2%, now owning approximately 105,534 shares valued at $1.1 million.
• Mission Produce's CFO, Bryan E. Giles, recently sold 3,500 shares at an average price of $11.43, reducing his total holdings by 2.6%.
• Following its latest earnings report, Zacks Research downgraded Mission Produce's stock rating from "strong-buy" to "hold," despite a consensus target price of $15.50.

Russell Investments Group Ltd. grew its holdings in Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 6,802.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,534 shares of the company's stock after acquiring an additional 104,005 shares during the quarter. Russell Investments Group Ltd. owned 0.15% of Mission Produce worth $1,104,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of AVO. PNC Financial Services Group Inc. grew its holdings in shares of Mission Produce by 123.1% during the first quarter. PNC Financial Services Group Inc. now owns 2,950 shares of the company's stock worth $31,000 after buying an additional 1,628 shares in the last quarter. Ameriflex Group Inc. bought a new position in shares of Mission Produce during the fourth quarter worth about $57,000. State of Wyoming bought a new position in shares of Mission Produce during the fourth quarter worth about $63,000. Diversified Trust Co bought a new position in shares of Mission Produce during the first quarter worth about $137,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Mission Produce during the first quarter worth about $144,000. 63.57% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Bryan E. Giles sold 3,500 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $11.43, for a total value of $40,005.00. Following the completion of the sale, the chief financial officer directly owned 131,062 shares of the company's stock, valued at $1,498,038.66. This trade represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 35.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded Mission Produce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 26th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $15.50.

Mission Produce Stock Down 1.1%

AVO stock traded down $0.14 during mid-day trading on Monday, reaching $12.51. The company had a trading volume of 254,737 shares, compared to its average volume of 238,305. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.98 and a quick ratio of 1.23. The stock has a 50 day simple moving average of $12.24 and a two-hundred day simple moving average of $11.34. The company has a market capitalization of $883.43 million, a price-to-earnings ratio of 25.02 and a beta of 0.57. Mission Produce, Inc. has a 52 week low of $9.56 and a 52 week high of $15.25.

Mission Produce (NASDAQ:AVO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.09. Mission Produce had a return on equity of 7.82% and a net margin of 2.63%.The company had revenue of $380.30 million during the quarter, compared to analysts' expectations of $296.15 million. During the same period last year, the firm posted $0.14 earnings per share. The business's revenue was up 27.8% on a year-over-year basis. As a group, equities analysts predict that Mission Produce, Inc. will post 0.34 earnings per share for the current fiscal year.

Mission Produce Company Profile

Mission Produce, Inc engages in the sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries to food retailers, distributors, and foodservice customers in the United States and internationally. The company operates through three segments, Marketing and Distribution; International Farming; and Blueberries.