Fresh Del Monte Produce (NYSE:FDP) Cut to "Hold" at Wall Street Zen

Key Points

• Fresh Del Monte Produce was downgraded by Wall Street Zen from “buy” to “hold”, though Weiss Ratings separately upgraded the stock to “buy”. MarketBeat says the overall analyst consensus remains a Buy.
• The stock was down 1.9% and opened at $36.82, below both its 50-day average ($41.46) and 200-day average ($38.65). The company has a market cap of about $1.75 billion.
• In its latest quarter, Fresh Del Monte posted $0.63 EPS, slightly beating estimates, and $1.04 billion in revenue, also topping expectations, though revenue declined 4.9% year over year. Insider selling has also been notable, with executives selling shares in recent months.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday.

Separately, Weiss Ratings raised Fresh Del Monte Produce from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Fresh Del Monte Produce has an average rating of "Buy".

Fresh Del Monte Produce Stock Down 1.9%

Fresh Del Monte Produce stock opened at $36.82 on Friday. Fresh Del Monte Produce has a twelve month low of $31.43 and a twelve month high of $43.58. The stock's fifty day simple moving average is $41.46 and its 200-day simple moving average is $38.65. The company has a current ratio of 2.34, a quick ratio of 1.06 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.75 billion, a P/E ratio of 25.39 and a beta of 0.30.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.01. Fresh Del Monte Produce had a return on equity of 7.61% and a net margin of 1.63%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company earned $0.63 earnings per share. The company's revenue was down 4.9% on a year-over-year basis.

Insider Buying and Selling

In other Fresh Del Monte Produce news, SVP Ziad Nabulsi sold 7,395 shares of the firm's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $42.01, for a total value of $310,663.95. Following the sale, the senior vice president directly owned 8,397 shares in the company, valued at $352,757.97. This trade represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marissa R. Tenazas sold 1,046 shares of the firm's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $40.40, for a total value of $42,258.40. Following the completion of the sale, the senior vice president owned 8,050 shares in the company, valued at approximately $325,220. This represents a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 33,151 shares of company stock valued at $1,391,225 over the last 90 days. 30.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Fresh Del Monte Produce

A number of hedge funds and other institutional investors have recently bought and sold shares of FDP. EverSource Wealth Advisors LLC raised its stake in Fresh Del Monte Produce by 390.8% in the second quarter. EverSource Wealth Advisors LLC now owns 962 shares of the company's stock valued at $31,000 after buying an additional 766 shares in the last quarter. Larson Financial Group LLC raised its stake in Fresh Del Monte Produce by 1,488.5% in the third quarter. Larson Financial Group LLC now owns 969 shares of the company's stock valued at $34,000 after buying an additional 908 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Fresh Del Monte Produce by 238.1% in the second quarter. Geneos Wealth Management Inc. now owns 1,065 shares of the company's stock valued at $35,000 after buying an additional 750 shares in the last quarter. Leonteq Securities AG purchased a new position in shares of Fresh Del Monte Produce during the fourth quarter worth about $39,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Fresh Del Monte Produce during the fourth quarter worth about $61,000. 64.83% of the stock is currently owned by institutional investors and hedge funds.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a leading producer, marketer and distributor of fresh and fresh-cut fruits and vegetables worldwide. The company offers a wide range of products including bananas, pineapples, melons, grapes and avocados, along with value-added items such as fruit salads, vegetable trays and snack packs under the Del Monte® brand.

Founded in 1989 as a spin-off from Del Monte, Fresh Del Monte has developed a global supply chain that spans production farms, ripening facilities and packaging centers across Latin America, North America, Europe, Asia and Africa.

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