Fresh Del Monte Produce (NYSE:FDP) Sets New 52-Week High - Time to Buy?

Fresh Del Monte Produce, Inc. (NYSE:FDP - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $35.97 and last traded at $35.86, with a volume of 33677 shares traded. The stock had previously closed at $35.44.

Fresh Del Monte Produce Price Performance

The business has a 50-day simple moving average of $33.58 and a 200 day simple moving average of $32.08. The stock has a market cap of $1.71 billion, a P/E ratio of 11.65 and a beta of 0.38. The company has a current ratio of 2.05, a quick ratio of 1.01 and a debt-to-equity ratio of 0.12.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.01. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Fresh Del Monte Produce had a return on equity of 6.52% and a net margin of 3.45%. Fresh Del Monte Produce's revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.34 earnings per share.

Fresh Del Monte Produce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Wednesday, May 14th were given a $0.30 dividend. The ex-dividend date was Wednesday, May 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.37%. Fresh Del Monte Produce's dividend payout ratio is currently 39.22%.

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. Millennium Management LLC lifted its stake 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 worth $18,390,000 after purchasing an additional 562,356 shares during the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Fresh Del Monte Produce in the second quarter worth about $9,254,000. LSV Asset Management raised its position in shares of Fresh Del Monte Produce by 68.8% during the 1st quarter. LSV Asset Management now owns 580,018 shares of the company's stock worth $17,882,000 after purchasing an additional 236,476 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in Fresh Del Monte Produce in the 1st quarter worth approximately $6,523,000. Finally, GAMMA Investing LLC increased its holdings in shares of Fresh Del Monte Produce by 2,671.9% during the 1st quarter. GAMMA Investing LLC now owns 207,393 shares of the company's stock worth $6,727,000 after buying an additional 199,911 shares during the last quarter. 64.83% of the stock is currently owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Company Profile

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.