Wall Street Zen Upgrades Fresh Del Monte Produce (NYSE:FDP) to Strong-Buy

Key Points

• Fresh Del Monte Produce has been upgraded from a "buy" to a "strong-buy" rating by Wall Street Zen, signaling increased confidence from analysts.
• The company recently reported earnings of $1.23 per share, surpassing analysts' expectations of $0.95, with a 3.8% year-over-year revenue increase.
• Institutional investors own 64.83% of Fresh Del Monte's stock, indicating significant institutional confidence in the company's performance.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday.

Fresh Del Monte Produce Price Performance

NYSE:FDP traded up $0.66 during mid-day trading on Friday, hitting $37.01. 181,279 shares of the stock traded hands, compared to its average volume of 380,357. The business's 50-day moving average price is $34.07 and its 200 day moving average price is $32.50. The company has a market cap of $1.78 billion, a PE ratio of 11.86 and a beta of 0.42. The company has a quick ratio of 1.11, a current ratio of 2.08 and a debt-to-equity ratio of 0.10. Fresh Del Monte Produce has a 12-month low of $26.50 and a 12-month high of $40.75.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm posted $1.06 earnings per share. The firm's revenue for the quarter was up 3.8% on a year-over-year basis.

Insider Transactions at Fresh Del Monte Produce

In related news, SVP Ziad Nabulsi sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $35.95, for a total value of $35,950.00. Following the transaction, the senior vice president owned 10,498 shares of the company's stock, valued at approximately $377,403.10. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ghazaleh Mohammad Abu sold 39,130 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $37.22, for a total transaction of $1,456,418.60. Following the sale, the chief executive officer owned 5,093,911 shares in the company, valued at approximately $189,595,367.42. The trade was a 0.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,445 shares of company stock worth $1,541,734 over the last quarter. 30.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Parvin Asset Management LLC bought a new stake in Fresh Del Monte Produce in the fourth quarter worth $30,000. Sterling Capital Management LLC lifted its position 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 worth $36,000 after buying an additional 962 shares during the last quarter. McIlrath & Eck LLC bought a new stake in Fresh Del Monte Produce in the fourth quarter worth $48,000. State of Wyoming bought a new position in Fresh Del Monte Produce in the 4th quarter valued at $54,000. Finally, Parallel Advisors LLC boosted its stake in shares of Fresh Del Monte Produce by 81.0% during the second quarter. Parallel Advisors LLC now owns 5,475 shares of the company's stock valued at $178,000 after purchasing an additional 2,450 shares during the period. 64.83% of the stock is currently owned by 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.