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

Other hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in shares of Mission Produce by 123.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,950 shares of the company's stock worth $31,000 after acquiring an additional 1,628 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Mission Produce by 1,255.4% during the first quarter. GAMMA Investing LLC now owns 3,375 shares of the company's stock valued at $322,000 after acquiring an additional 3,126 shares during the period. Ameriflex Group Inc. acquired a new stake in shares of Mission Produce during the fourth quarter valued at approximately $57,000. State of Wyoming purchased a new stake in shares of Mission Produce in the 4th quarter valued at approximately $63,000. Finally, ProShare Advisors LLC purchased a new stake in shares of Mission Produce in the 4th quarter valued at approximately $176,000. 63.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded shares of Mission Produce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $15.50.

Insider Activity

In related news, CFO Bryan E. Giles sold 3,500 shares of the business'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 owned 131,062 shares of the company's stock, valued at approximately $1,498,038.66. The trade was a 2.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 35.41% of the stock is currently owned by corporate insiders.

Mission Produce Stock Down 1.1%

Shares of AVO stock traded down $0.14 during trading on Friday, hitting $12.51. 254,737 shares of the company were exchanged, compared to its average volume of 236,162. 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 market capitalization of $883.46 million, a price-to-earnings ratio of 25.02 and a beta of 0.57. The business's 50-day simple moving average is $12.24 and its 200 day simple moving average is $11.35. Mission Produce, Inc. has a twelve month low of $9.56 and a twelve month high of $15.25.

Mission Produce (NASDAQ:AVO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The company reported $0.12 EPS for the quarter, topping 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 business had revenue of $380.30 million during the quarter, compared to analysts' expectations of $296.15 million. During the same period last year, the company posted $0.14 earnings per share. The firm's quarterly revenue was up 27.8% compared to the same quarter last year. As a group, analysts forecast that Mission Produce, Inc. will post 0.34 EPS for the current fiscal year.

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.