Renaissance Technologies LLC Raises Stock Position in Mission Produce, Inc. $AVO

Renaissance Technologies LLC lifted its holdings in shares of Mission Produce, Inc. (NASDAQ:AVO) by 44.9% during the 1st quarter, Holdings Channel reports. The firm owned 151,900 shares of the company’s stock after buying an additional 47,100 shares during the period. Renaissance Technologies LLC’s holdings in Mission Produce were worth $2,090,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Inspire Investing LLC grew its holdings in shares of Mission Produce by 312.3% in the first quarter. Inspire Investing LLC now owns 167,220 shares of the company’s stock valued at $2,301,000 after purchasing an additional 126,658 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Mission Produce in the 1st quarter valued at approximately $1,183,000. Gabelli Funds LLC purchased a new position in Mission Produce in the 1st quarter valued at approximately $1,277,000. Capula Management Ltd acquired a new position in shares of Mission Produce in the first quarter worth $3,550,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Mission Produce by 12.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company’s stock worth $41,614,000 after acquiring an additional 334,629 shares in the last quarter. Hedge funds and other institutional investors own 63.57% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AVO. Wall Street Zen cut Mission Produce from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings downgraded Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. Finally, UBS Group set a $16.00 price target on Mission Produce in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $16.67.

Mission Produce Stock Performance

Shares of AVO stock opened at $13.15 on Tuesday. The company has a current ratio of 1.91, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. The firm has a fifty day moving average price of $12.24 and a 200 day moving average price of $13.02. The company has a market cap of $1.16 billion, a P/E ratio of 41.10 and a beta of 0.49. Mission Produce, Inc. has a 12 month low of $10.07 and a 12 month high of $15.53.

Mission Produce announced that its board has authorized a share repurchase program on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 13.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Mission Produce news, Director Jay A. Pack acquired 40,000 shares of the stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average cost of $12.10 per share, with a total value of $484,000.00. Following the transaction, the director owned 579,965 shares in the company, valued at $7,017,576.50. The trade was a 7.41% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Bryan E. Giles sold 5,000 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $12.13, for a total value of $60,650.00. Following the completion of the transaction, the chief financial officer owned 146,931 shares in the company, valued at approximately $1,782,273.03. The trade was a 3.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders purchased 3,352,161 shares of company stock valued at $42,458,664 over the last quarter. Corporate insiders own 30.85% of the company’s stock.

About Mission Produce

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.