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

StockNews.com lowered shares of Fresh Del Monte Produce (NYSE:FDP) from a buy rating to a hold rating in a research report released on Tuesday.

Fresh Del Monte Produce Stock Performance

Shares of FDP opened at $29.20 on Tuesday. Fresh Del Monte Produce has a 12 month low of $21.23 and a 12 month high of $35.27. The business’s fifty day simple moving average is $30.59 and its two-hundred day simple moving average is $31.22. 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 company has a market cap of $1.40 billion, a price-to-earnings ratio of 88.49 and a beta of 0.33.

Fresh Del Monte Produce (NYSE:FDP) last released its quarterly earnings data on Monday, February 24th. The company reported $0.26 EPS 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 the consensus estimate of $1.14 billion. Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. Fresh Del Monte Produce’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share.

Fresh Del Monte Produce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be issued a $0.30 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.20 annualized dividend and a yield of 4.11%. This is a boost from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s dividend payout ratio (DPR) is currently 40.40%.

Fresh Del Monte Produce announced that its board has approved a share repurchase program on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 10.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Fresh Del Monte Produce

In other Fresh Del Monte Produce news, COO Mohammed Abbas sold 5,064 shares of the business’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 completion of the sale, the chief operating officer now directly owns 45,560 shares in the company, valued at $1,385,935.20. The trade was a 10.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 sale, the senior vice president now directly owns 11,498 shares of the company’s stock, valued at approximately $349,769.16. This represents a 13.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,321 shares of company stock worth $283,545. Insiders own 30.10% of the company’s stock.

Institutional Trading of Fresh Del Monte Produce

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