Bank of New York Mellon Corp Acquires 26,423 Shares of Fresh Del Monte Produce Inc. (NYSE:FDP)

Bank of New York Mellon Corp boosted its holdings in Fresh Del Monte Produce Inc. (NYSE:FDP) 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

Separately, StockNews.com cut shares of Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research note on Friday, March 7th.

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) 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.