Fresh Del Monte Produce (NYSE:FDP) Upgraded at StockNews.com

StockNews.com upgraded shares of Fresh Del Monte Produce (NYSE:FDP) from a hold rating to a buy rating in a research note issued to investors on Monday morning.

Fresh Del Monte Produce Stock Performance

Shares of Fresh Del Monte Produce stock opened at $30.23 on Monday. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 91.62 and a beta of 0.33. The stock’s 50-day moving average is $30.72 and its 200-day moving average is $31.21. Fresh Del Monte Produce has a one year low of $21.23 and a one year high of $35.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04.

Fresh Del Monte Produce (NYSE:FDP) last issued its quarterly 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). The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.14 billion. Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 earnings per share.

Fresh Del Monte Produce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.97%. This is a positive change from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 10th. Fresh Del Monte Produce’s payout ratio is 40.40%.

Fresh Del Monte Produce announced that its Board of Directors has approved a share repurchase plan on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 10.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

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

Institutional Trading of Fresh Del Monte Produce

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers raised its stake in Fresh Del Monte Produce by 0.3% in the fourth quarter. Rhumbline Advisers now owns 104,348 shares of the company’s stock valued at $3,465,000 after buying an additional 320 shares during the period. Carolina Wealth Advisors LLC raised its stake in Fresh Del Monte Produce by 2.6% in the fourth quarter. Carolina Wealth Advisors LLC now owns 19,403 shares of the company’s stock valued at $644,000 after buying an additional 486 shares during the period. Waterfront Wealth Inc. raised its stake in Fresh Del Monte Produce by 2.4% in the fourth quarter. Waterfront Wealth Inc. now owns 22,592 shares of the company’s stock valued at $750,000 after buying an additional 526 shares during the period. Bank of Montreal Can raised its stake in Fresh Del Monte Produce by 7.4% in the fourth quarter. Bank of Montreal Can now owns 9,669 shares of the company’s stock valued at $321,000 after buying an additional 666 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Fresh Del Monte Produce by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,211 shares of the company’s stock valued at $638,000 after buying an additional 684 shares during the period. Institutional investors own 64.83% of the company’s stock.

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.