Fresh Del Monte Produce (NYSE:FDP) Shares Gap Down After Earnings Miss

Shares of Fresh Del Monte Produce Inc. (NYSE:FDP) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $26.03, but opened at $25.28. Fresh Del Monte Produce shares last traded at $24.20, with a volume of 73,934 shares.

The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.26). The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.15 billion. Fresh Del Monte Produce had a positive return on equity of 4.55% and a negative net margin of 0.56%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 earnings per share.

Fresh Del Monte Produce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Thursday, May 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Wednesday, May 15th. Fresh Del Monte Produce’s dividend payout ratio is presently -196.07%.

Analyst Ratings Changes

Separately, TheStreet cut shares of Fresh Del Monte Produce from a “b-” rating to a “c” rating in a research report on Monday, February 26th.

Insider Activity

In related news, SVP Jesus Rodriguez Calvo sold 2,402 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $24.59, for a total transaction of $59,065.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Jesus Rodriguez Calvo sold 2,402 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $24.59, for a total value of $59,065.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ghazaleh Amir Abu purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were bought at an average price of $23.62 per share, for a total transaction of $236,200.00. Following the completion of the purchase, the director now directly owns 3,264,308 shares in the company, valued at $77,102,954.96. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 10,569 shares of company stock worth $258,509. 29.70% of the stock is currently owned by insiders.

Institutional Trading of Fresh Del Monte Produce

A number of large investors have recently made changes to their positions in the company. Allianz Asset Management GmbH boosted its stake in Fresh Del Monte Produce by 107.6% during the 4th quarter. Allianz Asset Management GmbH now owns 477,811 shares of the company’s stock worth $12,543,000 after purchasing an additional 247,702 shares during the period. Advisors Preferred LLC purchased a new position in shares of Fresh Del Monte Produce during the third quarter worth about $4,389,000. AQR Capital Management LLC grew its holdings in shares of Fresh Del Monte Produce by 83.8% during the third quarter. AQR Capital Management LLC now owns 280,064 shares of the company’s stock worth $7,237,000 after buying an additional 127,682 shares during the last quarter. LSV Asset Management increased its position in Fresh Del Monte Produce by 91.2% in the 3rd quarter. LSV Asset Management now owns 204,204 shares of the company’s stock valued at $5,277,000 after acquiring an additional 97,404 shares during the period. Finally, Invenomic Capital Management LP raised its stake in Fresh Del Monte Produce by 29.2% during the 4th quarter. Invenomic Capital Management LP now owns 344,975 shares of the company’s stock valued at $9,056,000 after acquiring an additional 78,067 shares during the last quarter. 64.83% of the stock is owned by institutional investors and hedge funds.

Fresh Del Monte Produce Stock Down 5.8 %

The business has a 50-day simple moving average of $25.08 and a two-hundred day simple moving average of $24.80. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of -48.08 and a beta of 0.54. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.01 and a current ratio of 2.12.

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.