Wells Fargo & Company MN Boosts Stock Position in Fresh Del Monte Produce Inc. (NYSE:FDP)

Wells Fargo & Company MN increased its stake in Fresh Del Monte Produce Inc. (NYSE:FDP - Free Report) by 36.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 36,565 shares of the company's stock after buying an additional 9,673 shares during the quarter. Wells Fargo & Company MN owned 0.08% of Fresh Del Monte Produce worth $1,214,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in shares of Fresh Del Monte Produce by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 776,161 shares of the company's stock valued at $25,782,000 after buying an additional 3,045 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Fresh Del Monte Produce by 60.6% during the 4th quarter. Franklin Resources Inc. now owns 58,962 shares of the company's stock valued at $1,958,000 after buying an additional 22,252 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Fresh Del Monte Produce during the 4th quarter valued at $174,000. Brandywine Global Investment Management LLC lifted its position in shares of Fresh Del Monte Produce by 11.3% during the 4th quarter. Brandywine Global Investment Management LLC now owns 162,629 shares of the company's stock valued at $5,401,000 after buying an additional 16,558 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. purchased a new position in shares of Fresh Del Monte Produce during the 4th quarter valued at $425,000. Institutional investors own 64.83% of the company's stock.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Fresh Del Monte Produce from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th.

Fresh Del Monte Produce Price Performance

Shares of NYSE:FDP opened at $34.52 on Tuesday. The company has a 50 day moving average of $30.89 and a 200 day moving average of $31.67. The stock has a market cap of $1.65 billion, a P/E ratio of 104.61 and a beta of 0.36. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Fresh Del Monte Produce Inc. has a 12 month low of $21.23 and a 12 month high of $35.27.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.16). The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.14 billion. Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The business's revenue was up .5% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 EPS.

Fresh Del Monte Produce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Monday, March 10th were issued a $0.30 dividend. This is a positive change from Fresh Del Monte Produce's previous quarterly dividend of $0.25. The ex-dividend date was Monday, March 10th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.48%. Fresh Del Monte Produce's dividend payout ratio is presently 40.40%.

Fresh Del Monte Produce declared that its Board of Directors has authorized a share buyback plan on Monday, February 24th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 10.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Insider Activity

In related news, COO Mohammed Abbas sold 5,064 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $154,046.88. Following the transaction, the chief operating officer now directly owns 45,560 shares of the company's stock, valued at approximately $1,385,935.20. This trade represents a 10.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Marissa R. Tenazas sold 1,148 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $31.05, for a total value of $35,645.40. Following the transaction, the senior vice president now directly owns 3,573 shares in the company, valued at approximately $110,941.65. This represents a 24.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,469 shares of company stock worth $319,190. 30.10% of the stock is currently owned by corporate insiders.

Fresh Del Monte Produce 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.

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