Fresh Del Monte Produce (NYSE:FDP) Reaches New 1-Year Low – Time to Sell?

Fresh Del Monte Produce, Inc. (NYSE:FDP) hit a new 52-week low during trading on Wednesday . The stock traded as low as $27.89 and last traded at $28.0160, with a volume of 504246 shares changing hands. The stock had previously closed at $28.90.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Weiss Ratings downgraded Fresh Del Monte Produce from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Wall Street Zen cut shares of Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold”.

Fresh Del Monte Produce Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.10 and a current ratio of 2.34. The stock’s 50-day simple moving average is $35.96 and its two-hundred day simple moving average is $37.93. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 19.13 and a beta of 0.22.

Fresh Del Monte Produce (NYSE:FDP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.01. Fresh Del Monte Produce had a return on equity of 7.61% and a net margin of 1.63%.The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the business posted $0.63 earnings per share. The firm’s revenue was down 4.9% compared to the same quarter last year.

Fresh Del Monte Produce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Tuesday, May 19th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, May 19th. Fresh Del Monte Produce’s payout ratio is currently 82.76%.

Insider Buying and Selling

In related news, SVP Marissa R. Tenazas sold 1,046 shares of the company’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $40.40, for a total transaction of $42,258.40. Following the completion of the transaction, the senior vice president directly owned 8,050 shares in the company, valued at $325,220. This represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ahmad Abu-Ghazaleh purchased 4,000 shares of Fresh Del Monte Produce stock in a transaction on Thursday, June 11th. The stock was bought at an average cost of $29.41 per share, with a total value of $117,640.00. Following the completion of the acquisition, the director owned 4,000 shares in the company, valued at approximately $117,640. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 30.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

Several hedge funds have recently made changes to their positions in FDP. EverSource Wealth Advisors LLC grew its position in Fresh Del Monte Produce by 390.8% during the second quarter. EverSource Wealth Advisors LLC now owns 962 shares of the company’s stock worth $31,000 after buying an additional 766 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Fresh Del Monte Produce by 1,488.5% in the 3rd quarter. Larson Financial Group LLC now owns 969 shares of the company’s stock worth $34,000 after acquiring an additional 908 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Fresh Del Monte Produce by 238.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,065 shares of the company’s stock worth $35,000 after acquiring an additional 750 shares during the period. Leonteq Securities AG acquired a new stake in shares of Fresh Del Monte Produce during the 4th quarter worth approximately $39,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Fresh Del Monte Produce during the fourth quarter valued at approximately $61,000. Institutional investors own 64.83% of the company’s stock.

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.