Mission Produce (NASDAQ:AVO) Stock: Insider Luis Gonzalez Acquires 22,026 Shares

Key Points

• Director Luis Gonzalez bought 22,026 Mission Produce shares at an average price of $11.22, increasing his direct ownership by 0.31% to more than 7 million shares.
• Mission Produce shares rose 2.2% to $11.81, while the company’s latest quarterly results exceeded expectations: EPS was $0.18 versus $0.12 expected, and revenue increased 25.8% year over year to $450 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $16 price target; institutional investors own approximately 63.57% of the company.

Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) Director Luis Gonzalez acquired 22,026 shares of the firm's stock in a transaction dated Monday, October 12th. The stock was bought at an average price of $11.22 per share, with a total value of $247,131.72. Following the purchase, the director directly owned 7,026,165 shares in the company, valued at approximately $78,833,571.30. This trade represents a 0.31% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Mission Produce Stock Up 2.2%

Shares of Mission Produce stock traded up $0.25 on Tuesday, reaching $11.81. 835,594 shares of the company were exchanged, compared to its average volume of 1,033,076. The stock's 50 day moving average price is $12.79 and its 200-day moving average price is $12.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.92 and a quick ratio of 1.24. Mission Produce, Inc. has a 1-year low of $10.07 and a 1-year high of $15.53. The company has a market cap of $1.04 billion, a P/E ratio of 393.80 and a beta of 0.43.

Mission Produce (NASDAQ:AVO - Get Free Report) last issued its earnings results on Tuesday, September 8th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.06. Mission Produce had a net margin of 0.12% and a return on equity of 5.91%. The firm had revenue of $450.00 million for the quarter, compared to analysts' expectations of $367.57 million. During the same quarter last year, the company earned $0.26 earnings per share. The firm's revenue was up 25.8% compared to the same quarter last year. As a group, equities analysts forecast that Mission Produce, Inc. will post 0.61 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on AVO. Stephens reissued an "overweight" rating and issued a $15.00 price objective on shares of Mission Produce in a research report on Friday. Roth Capital reaffirmed a "buy" rating and set a $17.00 price objective on shares of Mission Produce in a research report on Thursday, September 10th. Weiss Ratings upgraded shares of Mission Produce from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday. Finally, Wall Street Zen raised Mission Produce from a "sell" rating to a "hold" rating in a report on Saturday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $16.00.

Institutional Investors Weigh In On Mission Produce

Several hedge funds and other institutional investors have recently made changes to their positions in AVO. State Street Corp boosted its holdings in Mission Produce by 41.3% in the second quarter. State Street Corp now owns 1,423,029 shares of the company's stock valued at $16,778,000 after purchasing an additional 416,126 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Mission Produce by 31.2% during the second quarter. The Manufacturers Life Insurance Company now owns 16,671 shares of the company's stock worth $197,000 after purchasing an additional 3,961 shares in the last quarter. Capital Advantage Inc. acquired a new stake in Mission Produce during the second quarter worth approximately $311,000. Squarepoint Ops LLC purchased a new stake in shares of Mission Produce during the 2nd quarter worth approximately $2,836,000. Finally, Arizona State Retirement System lifted its position in shares of Mission Produce by 20.8% during the 2nd quarter. Arizona State Retirement System now owns 15,236 shares of the company's stock worth $180,000 after buying an additional 2,628 shares during the last quarter. Institutional investors and hedge funds own 63.57% of the company's stock.

Mission Produce Company Profile

Mission Produce, Inc is a global avocado sourcing, distribution and marketing company headquartered in Oxnard, California. The company supplies fresh avocados to retailers, foodservice operators, wholesalers and other customers, managing activities that include procurement, quality control, ripening, packaging and distribution.

Mission Produce sources avocados from growing regions in North and South America and other international markets. Its operations are supported by ripening and distribution facilities designed to provide customers with avocados at different stages of readiness.

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