Mission Produce (NASDAQ:AVO) Posts Earnings Results, Beats Expectations By $0.11 EPS

Key Points

• Mission Produce reported earnings of $0.24 per share for the quarter, exceeding expectations by $0.11, with a net margin of 2.63% and a return on equity of 7.82%.
• The company’s stock price rose 1.9% on the trading day to $12.87, finishing with a market capitalization of approximately $908.88 million.
• Insider trading activity included CFO Bryan E. Giles selling 3,500 shares, reducing his ownership by 2.60%, while hedge funds have increased their stakes in the company significantly during the second quarter.

Mission Produce (NASDAQ:AVO - Get Free Report) issued its quarterly earnings data on Monday. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.11, Zacks reports. Mission Produce had a net margin of 2.63% and a return on equity of 7.82%.

Mission Produce Trading Up 1.9%

AVO traded up $0.24 on Monday, hitting $12.87. 1,587,025 shares of the company were exchanged, compared to its average volume of 329,136. The stock has a market capitalization of $908.88 million, a PE ratio of 25.74 and a beta of 0.57. Mission Produce has a 12 month low of $9.56 and a 12 month high of $15.25. The firm has a fifty day simple moving average of $12.29 and a two-hundred day simple moving average of $11.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.23 and a current ratio of 1.98.

Insider Transactions at Mission Produce

In other news, CFO Bryan E. Giles sold 3,500 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $11.43, for a total value of $40,005.00. Following the completion of the transaction, the chief financial officer owned 131,062 shares in the company, valued at $1,498,038.66. The trade was a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 35.41% of the company's stock.

Institutional Trading of Mission Produce

Hedge funds have recently modified their holdings of the company. Invesco Ltd. grew its stake in Mission Produce by 287.6% in the second quarter. Invesco Ltd. now owns 360,863 shares of the company's stock worth $4,229,000 after purchasing an additional 267,752 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Mission Produce by 69.9% in the second quarter. Lazard Asset Management LLC now owns 187,970 shares of the company's stock valued at $2,203,000 after acquiring an additional 77,327 shares during the last quarter. Man Group plc lifted its stake in Mission Produce by 105.5% during the second quarter. Man Group plc now owns 169,505 shares of the company's stock worth $1,987,000 after purchasing an additional 87,011 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Mission Produce by 10.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,304 shares of the company's stock worth $1,711,000 after acquiring an additional 15,076 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Mission Produce by 228.4% in the first quarter. AQR Capital Management LLC now owns 95,816 shares of the company's stock valued at $1,004,000 after buying an additional 66,640 shares during the last quarter. 63.57% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Zacks Research cut Mission Produce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 26th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Mission Produce presently has an average rating of "Moderate Buy" and an average target price of $15.50.

Mission Produce Company Profile

Mission Produce, Inc engages in the sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries to food retailers, distributors, and foodservice customers in the United States and internationally. The company operates through three segments, Marketing and Distribution; International Farming; and Blueberries.

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