Fresh Del Monte Produce Inc. (NYSE:FDP - Get Free Report)'s stock price fell 4.7% during mid-day trading on Wednesday . The company traded as low as $33.20 and last traded at $33.38. 105,550 shares changed hands during trading, a decline of 68% from the average session volume of 333,460 shares. The stock had previously closed at $35.02.
Wall Street Analyst Weigh In
Separately, Wall Street Zen lowered Fresh Del Monte Produce from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th.
Read Our Latest Stock Report on FDP
Fresh Del Monte Produce Stock Performance
The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 98.34 and a beta of 0.41. The company has a fifty day moving average price of $32.93 and a two-hundred day moving average price of $32.10.
Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the business posted $0.34 earnings per share. Fresh Del Monte Produce's revenue was down .9% compared to the same quarter last year.
Fresh Del Monte Produce Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Wednesday, May 14th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.70%. The ex-dividend date of this dividend was Wednesday, May 14th. Fresh Del Monte Produce's dividend payout ratio is 39.22%.
Fresh Del Monte Produce declared that its board has authorized a stock repurchase plan on Monday, February 24th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 10.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.
Insider Activity at Fresh Del Monte Produce
In related news, SVP Marissa R. Tenazas sold 1,148 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $31.05, for a total transaction of $35,645.40. Following the transaction, the senior vice president now directly owns 3,573 shares of the company's stock, valued at approximately $110,941.65. The trade was a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 30.10% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio purchased a new position in Fresh Del Monte Produce in the first quarter valued at about $651,000. Jane Street Group LLC grew its stake in 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 valued at $3,783,000 after purchasing an additional 127,116 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 in the last quarter. Empowered Funds LLC grew its stake in Fresh Del Monte Produce by 2.1% in the first quarter. Empowered Funds LLC now owns 267,450 shares of the company's stock valued at $8,245,000 after purchasing an additional 5,387 shares in the last quarter. Finally, Great Lakes Advisors LLC grew its stake in Fresh Del Monte Produce by 84.1% in the first quarter. Great Lakes Advisors LLC now owns 13,086 shares of the company's stock valued at $403,000 after purchasing an additional 5,978 shares in the last quarter. Hedge funds and other institutional investors own 64.83% of the company's stock.
About Fresh Del Monte Produce
(
Get Free Report)
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.
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