Dole (NYSE:DOLE) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Dole PLC (NYSE:DOLE)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $14.04 and traded as high as $14.92. Dole shares last traded at $14.8950, with a volume of 414,494 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on DOLE shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dole in a research report on Monday, December 29th. Wall Street Zen raised Dole from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $16.00.

Dole Price Performance

The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 97.70, a P/E/G ratio of 1.79 and a beta of 0.64. The company has a current ratio of 1.21, a quick ratio of 0.90 and a debt-to-equity ratio of 0.60. The company’s fifty day moving average is $14.62 and its two-hundred day moving average is $14.04.

Dole (NYSE:DOLE) last released its quarterly earnings results on Monday, November 10th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Dole had a return on equity of 7.98% and a net margin of 0.17%.The firm had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter last year, the company earned $0.19 earnings per share. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, research analysts predict that Dole PLC will post 1.19 earnings per share for the current year.

Dole Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 6th. Shareholders of record on Tuesday, December 9th were given a $0.085 dividend. This represents a $0.34 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Tuesday, December 9th. Dole’s payout ratio is currently 226.67%.

Dole announced that its Board of Directors has initiated a share buyback program on Monday, November 10th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. raised its holdings in shares of Dole by 15.8% in the 2nd quarter. American Century Companies Inc. now owns 1,830,254 shares of the company’s stock valued at $25,605,000 after purchasing an additional 249,842 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Dole during the second quarter worth $411,000. Impax Asset Management Group plc increased its holdings in Dole by 7.0% in the second quarter. Impax Asset Management Group plc now owns 1,526,649 shares of the company’s stock valued at $21,358,000 after buying an additional 100,338 shares during the last quarter. Integrated Quantitative Investments LLC raised its stake in Dole by 53.0% in the second quarter. Integrated Quantitative Investments LLC now owns 63,800 shares of the company’s stock valued at $893,000 after buying an additional 22,100 shares in the last quarter. Finally, River Road Asset Management LLC raised its stake in Dole by 2.8% in the second quarter. River Road Asset Management LLC now owns 4,073,685 shares of the company’s stock valued at $58,009,000 after buying an additional 111,081 shares in the last quarter.

Dole Company Profile

Dole plc is a global producer, marketer and distributor of fresh fruits and vegetables. The company’s product range includes bananas, pineapples, berries, grapes, salads and a variety of other fresh and packaged produce, sold under the Dole brand and through private-label arrangements. Dole’s operations span the full fresh-produce value chain, from farming and sourcing to packing, ripening, cold‑chain logistics and wholesale and retail distribution, supporting both retail grocery and foodservice customers.

The company traces its commercial heritage to the early 20th century Hawaiian pineapple business founded by James Dole and has evolved through subsequent corporate restructurings and combinations.