Bank of New York Mellon Corp boosted its holdings in Fresh Del Monte Produce Inc. (NYSE:FDP – Free Report) by 10.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 271,318 shares of the company’s stock after acquiring an additional 26,423 shares during the quarter. Bank of New York Mellon Corp owned 0.57% of Fresh Del Monte Produce worth $9,010,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in FDP. Entropy Technologies LP bought a new stake in Fresh Del Monte Produce in the third quarter valued at about $314,000. Aigen Investment Management LP bought a new stake in Fresh Del Monte Produce during the third quarter worth about $290,000. Victory Capital Management Inc. bought a new stake in Fresh Del Monte Produce during the third quarter worth about $342,000. Royce & Associates LP bought a new stake in Fresh Del Monte Produce during the third quarter worth about $201,000. Finally, Empowered Funds LLC grew its stake in Fresh Del Monte Produce by 5.3% during the third quarter. Empowered Funds LLC now owns 249,340 shares of the company’s stock worth $7,366,000 after buying an additional 12,596 shares during the last quarter. Institutional investors own 64.83% of the company’s stock.
Insider Transactions at Fresh Del Monte Produce
In other news, SVP Ziad Nabulsi sold 1,725 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.42, for a total transaction of $52,474.50. Following the transaction, the senior vice president now directly owns 11,498 shares in the company, valued at approximately $349,769.16. This represents a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Monica Vicente sold 2,532 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.42, for a total transaction of $77,023.44. Following the completion of the transaction, the chief financial officer now owns 10,808 shares in the company, valued at $328,779.36. This represents a 18.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,321 shares of company stock worth $283,545. Corporate insiders own 30.10% of the company’s stock.
Wall Street Analyst Weigh In
Read Our Latest Analysis on Fresh Del Monte Produce
Fresh Del Monte Produce Price Performance
Shares of Fresh Del Monte Produce stock opened at $29.97 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 90.81 and a beta of 0.33. Fresh Del Monte Produce Inc. has a 1-year low of $21.23 and a 1-year high of $35.27. The firm’s 50-day moving average price is $30.78 and its two-hundred day moving average price is $31.17.
Fresh Del Monte Produce (NYSE:FDP – Get Free Report) last issued its quarterly earnings data 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). Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the company posted $0.25 earnings per share. Fresh Del Monte Produce’s quarterly revenue was up .5% compared to the same quarter last year.
Fresh Del Monte Produce declared that its Board of Directors has authorized a stock buyback plan on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 10.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Fresh Del Monte Produce Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.00%. This is a positive change from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 10th. Fresh Del Monte Produce’s dividend payout ratio is presently 40.40%.
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.
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