Mission Produce (NASDAQ:AVO) Announces Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Q4 results beat: Mission Produce reported EPS of $0.10, beating the $0.07 consensus by $0.03, with revenue of $278.6M slightly above estimates and a net margin of 2.71% and ROE of 8.18%.
• Significant insider buying: Major shareholder Holdings Venture Globalharvest bought 71,750 shares (raising its stake to 9.77M shares) and insiders have purchased 2,141,484 shares in the past 90 days, with insiders owning 30.85% of the company.
• Market view and valuation: The stock traded at $13.23 (down on the day), has a market cap of about $937M and a P/E of 25.4, while analysts hold a consensus "Moderate Buy" rating with a $17 target.

Mission Produce (NASDAQ:AVO - Get Free Report) issued its quarterly earnings data on Thursday. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03, FiscalAI reports. The business had revenue of $278.60 million during the quarter, compared to analysts' expectations of $277.33 million. Mission Produce had a net margin of 2.71% and a return on equity of 8.18%.

Mission Produce Price Performance

Mission Produce stock traded down $0.09 during trading hours on Thursday, reaching $13.23. 511,174 shares of the stock were exchanged, compared to its average volume of 760,139. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19. Mission Produce has a twelve month low of $9.60 and a twelve month high of $15.02. The company has a market cap of $937.29 million, a P/E ratio of 25.44 and a beta of 0.60. The stock has a 50 day moving average of $13.40 and a two-hundred day moving average of $12.58.

Insider Buying and Selling at Mission Produce

In other news, major shareholder Holdings Venture Globalharvest purchased 71,750 shares of the business's stock in a transaction dated Thursday, January 22nd. The stock was bought at an average price of $13.80 per share, with a total value of $990,150.00. Following the acquisition, the insider owned 9,770,608 shares in the company, valued at approximately $134,834,390.40. The trade was a 0.74% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have purchased 2,141,484 shares of company stock worth $25,996,353. Corporate insiders own 30.85% of the company's stock.

Institutional Investors Weigh In On Mission Produce

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. increased its stake in shares of Mission Produce by 287.6% in the 2nd quarter. Invesco Ltd. now owns 360,863 shares of the company's stock valued at $4,229,000 after purchasing an additional 267,752 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Mission Produce by 174.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 366,957 shares of the company's stock valued at $4,411,000 after buying an additional 233,447 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Mission Produce by 6.6% in the third quarter. Dimensional Fund Advisors LP now owns 2,570,868 shares of the company's stock valued at $30,901,000 after acquiring an additional 159,726 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in Mission Produce during the fourth quarter worth about $1,343,000. Finally, Goldman Sachs Group Inc. raised its stake in Mission Produce by 26.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 510,340 shares of the company's stock worth $5,920,000 after acquiring an additional 108,124 shares in the last quarter. 63.57% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AVO. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Mission Produce in a report on Wednesday, January 21st. Lake Street Capital reiterated a "buy" rating on shares of Mission Produce in a research note on Thursday, January 15th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Mission Produce presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

About Mission Produce

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.

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