Fresh Del Monte Produce (NYSE:FDP) Hits New 52-Week High Following Earnings Beat

Fresh Del Monte Produce Inc. (NYSE:FDP) shares reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $33.61 and last traded at $33.06, with a volume of 82153 shares trading hands. The stock had previously closed at $29.09.

The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.30. Fresh Del Monte Produce had a negative net margin of 0.43% and a positive return on equity of 4.87%. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $989.45 million. During the same period last year, the firm earned $0.35 EPS. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year.

Fresh Del Monte Produce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Thursday, November 14th. Fresh Del Monte Produce’s payout ratio is -263.16%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Fresh Del Monte Produce from a “hold” rating to a “buy” rating in a report on Monday, August 5th.

Insider Activity

In related news, Director Mary Ann Cloyd sold 1,689 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $27.20, for a total transaction of $45,940.80. Following the completion of the sale, the director now owns 22,188 shares in the company, valued at $603,513.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Mary Ann Cloyd sold 1,689 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $27.20, for a total transaction of $45,940.80. Following the completion of the sale, the director now directly owns 22,188 shares of the company’s stock, valued at $603,513.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Alexandre Apparecido sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $27.56, for a total value of $41,340.00. Following the completion of the transaction, the vice president now directly owns 1,139 shares in the company, valued at approximately $31,390.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,915 shares of company stock worth $301,603. Corporate insiders own 30.10% of the company’s stock.

Institutional Investors Weigh In On Fresh Del Monte Produce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Fresh Del Monte Produce by 3.2% in the first quarter. Vanguard Group Inc. now owns 4,600,314 shares of the company’s stock valued at $119,194,000 after purchasing an additional 143,363 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Fresh Del Monte Produce by 29.8% in the 2nd quarter. American Century Companies Inc. now owns 681,344 shares of the company’s stock valued at $14,887,000 after buying an additional 156,344 shares during the period. Millennium Management LLC raised its position in shares of Fresh Del Monte Produce by 17.5% during the second quarter. Millennium Management LLC now owns 636,423 shares of the company’s stock worth $13,906,000 after acquiring an additional 94,854 shares during the last quarter. Invenomic Capital Management LP lifted its stake in shares of Fresh Del Monte Produce by 11.8% during the first quarter. Invenomic Capital Management LP now owns 385,584 shares of the company’s stock valued at $9,990,000 after acquiring an additional 40,609 shares during the period. Finally, LSV Asset Management boosted its holdings in Fresh Del Monte Produce by 31.4% in the second quarter. LSV Asset Management now owns 370,095 shares of the company’s stock valued at $8,087,000 after acquiring an additional 88,498 shares during the last quarter. Institutional investors and hedge funds own 64.83% of the company’s stock.

Fresh Del Monte Produce Stock Performance

The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of -83.39 and a beta of 0.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 1.07. The stock has a 50-day moving average of $29.25 and a 200 day moving average of $25.91.

About Fresh Del Monte Produce

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.