Fresh Del Monte Produce (NYSE:FDP) Upgraded by StockNews.com to Buy Rating

Fresh Del Monte Produce (NYSE:FDP) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

Fresh Del Monte Produce Stock Up 0.6 %

Fresh Del Monte Produce stock traded up $0.18 during trading hours on Monday, reaching $30.23. The stock had a trading volume of 319,651 shares, compared to its average volume of 269,362. Fresh Del Monte Produce has a 52 week low of $21.23 and a 52 week high of $35.27. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 91.61 and a beta of 0.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. The business’s 50 day moving average price is $30.76 and its 200-day moving average price is $31.21.

Fresh Del Monte Produce (NYSE:FDP) last posted its earnings results on Monday, February 24th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.16). Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company earned $0.25 EPS. The company’s revenue was up .5% on a year-over-year basis.

Fresh Del Monte Produce announced that its Board of Directors has authorized a stock repurchase program on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 10.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Fresh Del Monte Produce

In related news, CFO Monica Vicente sold 2,532 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total value of $77,023.44. Following the transaction, the chief financial officer now directly owns 10,808 shares of the company’s stock, valued at $328,779.36. This represents a 18.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Mohammed Abbas sold 5,064 shares of Fresh Del Monte Produce stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.42, for a total value of $154,046.88. Following the sale, the chief operating officer now directly owns 45,560 shares of the company’s stock, valued at approximately $1,385,935.20. This represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,321 shares of company stock worth $283,545. Insiders own 30.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Parvin Asset Management LLC purchased a new stake in Fresh Del Monte Produce in the fourth quarter valued at approximately $30,000. Sterling Capital Management LLC lifted its stake in Fresh Del Monte Produce by 795.0% during the 4th quarter. Sterling Capital Management LLC now owns 1,083 shares of the company’s stock valued at $36,000 after acquiring an additional 962 shares during the period. McIlrath & Eck LLC purchased a new stake in shares of Fresh Del Monte Produce in the 4th quarter valued at $48,000. State of Wyoming acquired a new stake in shares of Fresh Del Monte Produce in the fourth quarter worth $54,000. Finally, Sherman Asset Management Inc. acquired a new stake in shares of Fresh Del Monte Produce in the fourth quarter worth $54,000. 64.83% of the stock is currently owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.