Fresh Del Monte Produce (NYSE:FDP) Hits New 1-Year High - Here's Why

Key Points

• Fresh Del Monte Produce reached a new 52-week high of $36.08, with the stock last trading at $35.65 and a trading volume of 371,489 shares.
• The company reported quarterly earnings of $0.63 per share, slightly beating expectations, despite a revenue decline of 0.9% compared to the same quarter last year.
• Fresh Del Monte announced a quarterly dividend of $0.30 per share, resulting in an annualized dividend of $1.20 and a dividend yield of 3.37%.

Fresh Del Monte Produce, Inc. (NYSE:FDP - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $36.08 and last traded at $35.65, with a volume of 371489 shares traded. The stock had previously closed at $35.63.

Fresh Del Monte Produce Stock Performance

The company has a market capitalization of $1.79 billion, a PE ratio of 11.96 and a beta of 0.38. The business's fifty day moving average is $33.84 and its two-hundred day moving average is $32.24. The company has a current ratio of 2.08, a quick ratio of 1.01 and a debt-to-equity ratio of 0.10.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.28. Fresh Del Monte Produce had a net margin of 3.49% and a return on equity of 6.84%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the business earned $1.06 EPS. The firm's revenue for the quarter was up 3.8% on a year-over-year basis.

Fresh Del Monte Produce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Wednesday, August 13th will be paid a dividend of $0.30 per share. The ex-dividend date 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 payout ratio is currently 38.46%.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of hedge funds have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd purchased a new stake in Fresh Del Monte Produce during the 2nd quarter valued at $1,663,000. Carrera Capital Advisors purchased a new stake in Fresh Del Monte Produce during the 2nd quarter valued at $4,124,000. Allianz Asset Management GmbH increased its stake in shares of Fresh Del Monte Produce by 88.9% in the 2nd quarter. Allianz Asset Management GmbH now owns 712,931 shares of the company's stock worth $23,113,000 after purchasing an additional 335,619 shares in the last quarter. Blue Zone Wealth Advisors LLC purchased a new stake in shares of Fresh Del Monte Produce in the 2nd quarter worth $222,000. Finally, KLP Kapitalforvaltning AS increased its stake in shares of Fresh Del Monte Produce by 4.2% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 34,500 shares of the company's stock worth $1,118,000 after purchasing an additional 1,400 shares in 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.