Vanguard Group Inc. Purchases 85,984 Shares of Mission Produce, Inc. $AVO

Key Points

• Vanguard Group Inc. has increased its stake in Mission Produce by 3.0%, now owning approximately 4.11% of the company worth about $30.61 million.
• Mission Produce reported $0.12 earnings per share for the last quarter, significantly exceeding analysts' expectations of $0.03, with revenues of $380.30 million, up 27.8% from the previous year.
• Other institutional investors, including PNC Financial Services and GAMMA Investing, have also increased their holdings in Mission Produce, contributing to a total of 63.57% institutional ownership of the stock.

Vanguard Group Inc. grew its holdings in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 3.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,920,349 shares of the company's stock after purchasing an additional 85,984 shares during the quarter. Vanguard Group Inc. owned about 4.11% of Mission Produce worth $30,605,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in Mission Produce by 92.3% during the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 85,670 shares of the company's stock worth $898,000 after purchasing an additional 41,125 shares during the period. PNC Financial Services Group Inc. boosted its position in 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 purchasing an additional 1,628 shares during the period. Jefferies Financial Group Inc. bought a new position in shares of Mission Produce in the first quarter valued at approximately $661,000. Mackenzie Financial Corp boosted its position in shares of Mission Produce by 251.0% in the first quarter. Mackenzie Financial Corp now owns 139,429 shares of the company's stock valued at $1,461,000 after acquiring an additional 99,700 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Mission Produce by 35.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,964 shares of the company's stock valued at $178,000 after acquiring an additional 4,466 shares during the period. Institutional investors own 63.57% of the company's stock.

Insider Activity at Mission Produce

In related news, CFO Bryan E. Giles sold 3,500 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were 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 approximately $1,498,038.66. This represents a 2.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 35.41% of the stock is owned by insiders.

Mission Produce Stock Performance

Shares of NASDAQ AVO traded down $0.08 during midday trading on Tuesday, hitting $12.43. 312,045 shares of the company's stock traded hands, compared to its average volume of 228,345. Mission Produce, Inc. has a 1 year low of $9.56 and a 1 year high of $15.25. The stock has a market capitalization of $877.81 million, a price-to-earnings ratio of 24.86 and a beta of 0.57. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.23 and a current ratio of 1.98. The firm has a fifty day moving average of $12.25 and a 200 day moving average of $11.35.

Mission Produce (NASDAQ:AVO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.03 by $0.09. Mission Produce had a net margin of 2.63% and a return on equity of 7.82%. The firm had revenue of $380.30 million during the quarter, compared to analyst estimates of $296.15 million. During the same quarter in the prior year, the firm earned $0.14 EPS. The business's revenue for the quarter was up 27.8% compared to the same quarter last year. On average, analysts forecast that Mission Produce, Inc. will post 0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Mission Produce 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.