Fresh Del Monte Produce (NYSE:FDP) Issues Earnings Results

Fresh Del Monte Produce (NYSE:FDP) announced its earnings results on Wednesday. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.42, FiscalAI reports. The business had revenue of $968.20 million for the quarter, compared to analyst estimates of $1.01 billion. Fresh Del Monte Produce had a return on equity of 6.63% and a net margin of 1.84%.The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.26 EPS.

Fresh Del Monte Produce Trading Up 3.4%

Fresh Del Monte Produce stock traded up $1.39 during trading hours on Wednesday, reaching $41.71. The stock had a trading volume of 59,999 shares, compared to its average volume of 222,910. The company has a fifty day simple moving average of $37.63 and a 200-day simple moving average of $36.28. Fresh Del Monte Produce has a 52 week low of $26.50 and a 52 week high of $42.90. The stock has a market cap of $1.99 billion, a PE ratio of 25.60 and a beta of 0.30. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.09 and a quick ratio of 1.07.

Insider Buying and Selling at Fresh Del Monte Produce

In related news, CEO Ghazaleh Mohammad Abu sold 28,558 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $38.42, for a total transaction of $1,097,198.36. Following the transaction, the chief executive officer owned 4,962,224 shares in the company, valued at $190,648,646.08. The trade was a 0.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 30.10% of the company’s stock.

Institutional Investors Weigh In On Fresh Del Monte Produce

Hedge funds have recently made changes to their positions in the company. Wasatch Advisors LP purchased a new position in Fresh Del Monte Produce during the 2nd quarter valued at about $44,011,000. Millennium Management LLC increased its stake in shares of Fresh Del Monte Produce by 1,647.2% during the first quarter. Millennium Management LLC now owns 596,496 shares of the company’s stock valued at $18,390,000 after purchasing an additional 562,356 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Fresh Del Monte Produce by 289.6% during the second quarter. First Trust Advisors LP now owns 243,686 shares of the company’s stock valued at $7,900,000 after purchasing an additional 181,145 shares during the last quarter. Public Sector Pension Investment Board boosted its position in shares of Fresh Del Monte Produce by 104.9% in the 4th quarter. Public Sector Pension Investment Board now owns 311,534 shares of the company’s stock worth $11,100,000 after purchasing an additional 159,490 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Fresh Del Monte Produce by 19.2% in the 3rd quarter. Invesco Ltd. now owns 931,653 shares of the company’s stock worth $32,347,000 after buying an additional 150,092 shares during the last quarter. 64.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wall Street Zen cut Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fresh Del Monte Produce in a research report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold”.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc is a leading producer, marketer and distributor of fresh and fresh-cut fruits and vegetables worldwide. The company offers a wide range of products including bananas, pineapples, melons, grapes and avocados, along with value-added items such as fruit salads, vegetable trays and snack packs under the Del Monte® brand.

Founded in 1989 as a spin-off from Del Monte, Fresh Del Monte has developed a global supply chain that spans production farms, ripening facilities and packaging centers across Latin America, North America, Europe, Asia and Africa.