Fresh Del Monte Produce (NYSE:FDP) Reaches New 1-Year High - Here's What Happened

Fresh Del Monte Produce Inc. (NYSE:FDP - Get Free Report) shares reached a new 52-week high on Friday . The stock traded as high as $35.34 and last traded at $35.28, with a volume of 444718 shares trading hands. The stock had previously closed at $34.78.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Fresh Del Monte Produce from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th.

Fresh Del Monte Produce Trading Up 1.4%

The stock has a 50-day simple moving average of $32.60 and a two-hundred day simple moving average of $32.10. The firm has a market capitalization of $1.69 billion, a P/E ratio of 106.91 and a beta of 0.36. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.01. The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.12 billion. Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. The firm's revenue was down .9% compared to the same quarter last year. During the same period last year, the business posted $0.34 earnings per share.

Fresh Del Monte Produce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Wednesday, May 14th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.40%. The ex-dividend date is Wednesday, May 14th. Fresh Del Monte Produce's payout ratio is 39.22%.

Fresh Del Monte Produce announced that its Board of Directors has approved a share repurchase program on Monday, February 24th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 10.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, SVP Marissa R. Tenazas sold 1,148 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.05, for a total value of $35,645.40. Following the completion of the sale, the senior vice president now owns 3,573 shares of the company's stock, valued at approximately $110,941.65. The trade was a 24.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Ziad Nabulsi sold 1,725 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.42, for a total transaction of $52,474.50. Following the completion of the transaction, the senior vice president now directly owns 11,498 shares in the company, valued at $349,769.16. This represents a 13.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,469 shares of company stock valued at $319,190 in the last three months. 31.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Parvin Asset Management LLC acquired a new position in Fresh Del Monte Produce in the 4th quarter valued at about $30,000. Sterling Capital Management LLC increased its holdings in Fresh Del Monte Produce by 795.0% in the fourth quarter. Sterling Capital Management LLC now owns 1,083 shares of the company's stock valued at $36,000 after buying an additional 962 shares during the last quarter. McIlrath & Eck LLC acquired a new stake in Fresh Del Monte Produce during the fourth quarter worth approximately $48,000. State of Wyoming purchased a new stake in shares of Fresh Del Monte Produce in the 4th quarter valued at about $54,000. Finally, Sherman Asset Management Inc. purchased a new stake in Fresh Del Monte Produce in the 4th quarter valued at $54,000. 64.83% of the stock is currently owned by institutional investors and hedge funds.

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.