Shares of Fresh Del Monte Produce Inc. (NYSE:FDP - Get Free Report) were down 4.7% during trading on Wednesday . The company traded as low as $33.20 and last traded at $33.38. Approximately 105,550 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 333,460 shares. The stock had previously closed at $35.02.
Analysts Set New Price Targets
Separately, Wall Street Zen downgraded Fresh Del Monte Produce from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th.
Check Out Our Latest Research Report on FDP
Fresh Del Monte Produce Stock Performance
The company has a quick ratio of 1.04, a current ratio of 2.09 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $32.90 and a 200-day moving average price of $32.13. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 99.39 and a beta of 0.41.
Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.01. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. The business's revenue was down .9% on a year-over-year basis. During the same period in the previous year, the firm 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. Stockholders of record on Wednesday, May 14th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.66%. Fresh Del Monte Produce's dividend payout ratio is presently 39.22%.
Fresh Del Monte Produce declared that its Board of Directors has initiated a stock buyback program on Monday, February 24th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 10.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.
Insider Transactions at Fresh Del Monte Produce
In related news, SVP Marissa R. Tenazas sold 1,148 shares of the business's stock in a transaction that occurred 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 sale, the senior vice president now owns 3,573 shares of the company's stock, valued at $110,941.65. The trade was a 24.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 30.10% of the company's stock.
Institutional Investors Weigh In On Fresh Del Monte Produce
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FDP. Millennium Management LLC raised its holdings in Fresh Del Monte Produce by 1,647.2% during 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 in the last quarter. LSV Asset Management raised its holdings in Fresh Del Monte Produce by 68.8% during the first 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 in the last quarter. Advisors Preferred LLC bought a new stake in Fresh Del Monte Produce during the fourth quarter worth approximately $7,459,000. Cubist Systematic Strategies LLC bought a new stake in Fresh Del Monte Produce during the first quarter worth approximately $6,523,000. Finally, GAMMA Investing LLC raised its holdings in Fresh Del Monte Produce by 2,671.9% during the first quarter. GAMMA Investing LLC now owns 207,393 shares of the company's stock worth $6,727,000 after purchasing an additional 199,911 shares in the last quarter. 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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