Fresh Del Monte Produce (NYSE:FDP) Posts Earnings Results, Beats Expectations By $0.28 EPS

Key Points

• Fresh Del Monte Produce reported a **Q3 EPS of $1.23**, exceeding the consensus estimate of $0.95 and showing a **3.8% increase in revenue** year-over-year to **$1.18 billion**.
• The company announced a quarterly dividend of **$0.30 per share**, equating to an annualized dividend of **$1.20** and a **dividend yield of 3.05%**.
• Institutional ownership in Fresh Del Monte Produce has risen, with notable increases from firms like Jane Street Group LLC and Millennium Management LLC, resulting in **64.83% of shares owned by institutional investors**.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) released its earnings results on Wednesday. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.28, Zacks reports. Fresh Del Monte Produce had a return on equity of 6.84% and a net margin of 3.49%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the firm posted $1.06 earnings per share. The business's revenue was up 3.8% compared to the same quarter last year.

Fresh Del Monte Produce Stock Down 0.7%

FDP stock traded down $0.26 during trading on Friday, reaching $37.33. 525,663 shares of the company traded hands, compared to its average volume of 382,051. The business has a 50 day simple moving average of $33.84 and a 200 day simple moving average of $32.24. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.01 and a current ratio of 2.08. Fresh Del Monte Produce has a 12 month low of $25.32 and a 12 month high of $40.75. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 11.96 and a beta of 0.38.

Fresh Del Monte Produce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Wednesday, August 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. Fresh Del Monte Produce's dividend payout ratio (DPR) is presently 38.46%.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC raised its stake in shares of Fresh Del Monte Produce by 2,889.0% in the first quarter. Jane Street Group LLC now owns 122,716 shares of the company's stock worth $3,783,000 after purchasing an additional 127,116 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Fresh Del Monte Produce by 10.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 94,910 shares of the company's stock valued at $2,926,000 after purchasing an additional 9,202 shares during the period. Millennium Management LLC grew its holdings in Fresh Del Monte Produce by 1,647.2% in the first quarter. Millennium Management LLC now owns 596,496 shares of the company's stock valued at $18,390,000 after purchasing an additional 562,356 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Fresh Del Monte Produce by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,090 shares of the company's stock worth $619,000 after acquiring an additional 879 shares during the last quarter. 64.83% of the stock is currently owned by hedge funds and other institutional investors.

About Fresh Del Monte Produce

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.