PNC Financial Services Group Inc. Decreases Stake in Calavo Growers Inc. (CVGW)
PNC Financial Services Group Inc. reduced its stake in Calavo Growers Inc. (NASDAQ:CVGW) by 53.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,059 shares of the company’s stock after selling 3,571 shares during the period. PNC Financial Services Group Inc.’s holdings in Calavo Growers were worth $205,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its position in shares of Calavo Growers by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 6,600 shares of the company’s stock valued at $442,000 after buying an additional 100 shares during the period. Suntrust Banks Inc. boosted its position in shares of Calavo Growers by 2.2% in the second quarter. Suntrust Banks Inc. now owns 6,167 shares of the company’s stock valued at $413,000 after buying an additional 135 shares during the period. Capstone Asset Management Co. boosted its position in shares of Calavo Growers by 13.7% in the second quarter. Capstone Asset Management Co. now owns 6,573 shares of the company’s stock valued at $440,000 after buying an additional 790 shares during the period. BlackRock Group LTD boosted its position in shares of Calavo Growers by 3.2% in the first quarter. BlackRock Group LTD now owns 34,942 shares of the company’s stock valued at $1,994,000 after buying an additional 1,097 shares during the period. Finally, California State Teachers Retirement System boosted its position in shares of Calavo Growers by 4.1% in the second quarter. California State Teachers Retirement System now owns 32,455 shares of the company’s stock valued at $2,174,000 after buying an additional 1,285 shares during the period. 63.25% of the stock is owned by hedge funds and other institutional investors.
Shares of Calavo Growers Inc. (NASDAQ:CVGW) traded up 0.52% during mid-day trading on Wednesday, hitting $65.23. The stock had a trading volume of 29,272 shares. The company has a market capitalization of $1.14 billion, a P/E ratio of 33.78 and a beta of 0.55. Calavo Growers Inc. has a 1-year low of $44.78 and a 1-year high of $71.48. The stock’s 50-day moving average price is $64.36 and its 200 day moving average price is $61.75.
Calavo Growers (NASDAQ:CVGW) last issued its quarterly earnings data on Wednesday, September 7th. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.14. Calavo Growers had a return on equity of 16.80% and a net margin of 3.75%. The firm had revenue of $263.15 million for the quarter, compared to analyst estimates of $243.80 million. During the same period in the prior year, the firm posted $0.54 EPS. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, analysts predict that Calavo Growers Inc. will post $2.11 EPS for the current fiscal year.
The company also recently disclosed an annual dividend, which will be paid on Thursday, December 8th. Shareholders of record on Thursday, November 17th will be issued a $0.90 dividend. This represents a yield of 1.36%. This is a positive change from Calavo Growers’s previous annual dividend of $0.80. The ex-dividend date is Tuesday, November 15th. Calavo Growers’s dividend payout ratio is currently 41.24%.
Several research analysts recently commented on the company. DA Davidson set a $65.00 target price on Calavo Growers and gave the stock a “hold” rating in a research report on Sunday, August 28th. Zacks Investment Research cut Calavo Growers from a “buy” rating to a “hold” rating in a report on Tuesday, August 9th. Stephens cut Calavo Growers from an “overweight” rating to an “equal weight” rating in a report on Tuesday, August 9th. Lake Street Capital lifted their price objective on Calavo Growers from $68.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, September 8th. Finally, Wunderlich initiated coverage on Calavo Growers in a report on Wednesday, June 22nd. They set a “buy” rating and a $75.00 price objective for the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Calavo Growers presently has an average rating of “Buy” and an average target price of $65.94.
In other Calavo Growers news, Director Donald M. Sanders sold 2,500 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $53.50, for a total value of $133,750.00. Following the transaction, the director now directly owns 15,137 shares of the company’s stock, valued at approximately $809,829.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kenneth J. Catchot sold 35,647 shares of the company’s stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $69.42, for a total value of $2,474,614.74. Following the completion of the transaction, the insider now directly owns 441,472 shares in the company, valued at $30,646,986.24. The disclosure for this sale can be found here. 10.20% of the stock is owned by company insiders.
About Calavo Growers
Calavo Growers, Inc (Calavo) is a provider of fresh food. The Company is engaged in the marketing and distribution of avocados, prepared avocados and other perishable foods. It also delivers an array of fresh and prepared food products to food distributors, produce wholesalers, supermarkets, convenience stores and restaurants.
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