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

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

Fresh Del Monte Produce Stock Performance

Shares of FDP stock opened at $29.89 on Monday. 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 has a 52 week low of $21.23 and a 52 week high of $35.27. The stock has a market capitalization of $1.43 billion, a PE ratio of 90.58 and a beta of 0.33. The firm has a 50 day moving average of $30.73 and a two-hundred day moving average of $31.22.

Fresh Del Monte Produce (NYSE:FDP) last released its quarterly earnings data 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). The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the firm posted $0.25 earnings per share.

Fresh Del Monte Produce announced that its Board of Directors has approved a stock buyback program on Monday, February 24th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 10.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Monica Vicente sold 2,532 shares of the business’s 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 transaction, the chief financial officer now directly owns 10,808 shares in the company, valued at $328,779.36. The trade was a 18.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 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. Insiders have sold 9,321 shares of company stock worth $283,545 in the last ninety days. 30.10% of the stock is owned by corporate insiders.

Institutional Trading of Fresh Del Monte Produce

Several institutional investors and hedge funds have recently modified their holdings of FDP. Public Employees Retirement System of Ohio purchased a new position in shares of Fresh Del Monte Produce during the fourth quarter valued at approximately $350,000. McIlrath & Eck LLC purchased a new position in shares of Fresh Del Monte Produce during the fourth quarter valued at approximately $48,000. Teza Capital Management LLC lifted its stake in shares of Fresh Del Monte Produce by 99.6% during the fourth quarter. Teza Capital Management LLC now owns 16,989 shares of the company’s stock valued at $564,000 after buying an additional 8,476 shares during the period. State of Wyoming purchased a new position in shares of Fresh Del Monte Produce during the fourth quarter valued at approximately $54,000. Finally, ProShare Advisors LLC lifted its stake in shares of Fresh Del Monte Produce by 44.5% during the fourth quarter. ProShare Advisors LLC now owns 10,182 shares of the company’s stock valued at $338,000 after buying an additional 3,135 shares during the period. Hedge funds and other institutional investors own 64.83% of the company’s stock.

About Fresh Del Monte Produce

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.