Fresh Del Monte Produce (NYSE:FDP) Stock Rating Lowered by StockNews.com

Fresh Del Monte Produce (NYSE:FDP) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Fresh Del Monte Produce Stock Down 1.4 %

Shares of NYSE:FDP opened at $29.23 on Tuesday. The business’s 50 day moving average is $30.64 and its 200 day moving average is $31.22. Fresh Del Monte Produce has a 12-month low of $21.23 and a 12-month high of $35.27. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 88.59 and a beta of 0.33. The company has a quick ratio of 1.04, a current ratio of 2.09 and a debt-to-equity ratio of 0.14.

Fresh Del Monte Produce (NYSE:FDP) last posted its earnings results on Monday, February 24th. The company reported $0.26 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the company earned $0.25 EPS. The business’s revenue was up .5% compared to the same quarter last year.

Fresh Del Monte Produce declared that its board has initiated a stock repurchase plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 10.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Fresh Del Monte Produce

In related news, CFO Monica Vicente sold 2,532 shares of the stock in a transaction dated 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 approximately $328,779.36. This represents a 18.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Mohammed Abbas sold 5,064 shares of Fresh Del Monte Produce 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 completion of the sale, the chief operating officer now directly owns 45,560 shares in the company, valued at approximately $1,385,935.20. This represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,321 shares of company stock valued at $283,545. 30.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Parvin Asset Management LLC purchased a new position in Fresh Del Monte Produce in the fourth quarter valued at approximately $30,000. Sterling Capital Management LLC raised its stake in shares of Fresh Del Monte Produce by 795.0% in the fourth quarter. Sterling Capital Management LLC now owns 1,083 shares of the company’s stock valued at $36,000 after buying an additional 962 shares during the period. McIlrath & Eck LLC purchased a new position in shares of Fresh Del Monte Produce during the 4th quarter valued at $48,000. Sherman Asset Management Inc. bought a new position in shares of Fresh Del Monte Produce during the 4th quarter worth $54,000. Finally, State of Wyoming purchased a new stake in Fresh Del Monte Produce in the 4th quarter worth about $54,000. 64.83% of the stock is owned by institutional investors.

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.