Charles Schwab Investment Management Inc. Grows Stake in Fresh Del Monte Produce Inc. (NYSE:FDP)

Charles Schwab Investment Management Inc. increased its stake in Fresh Del Monte Produce Inc. (NYSE:FDP) by 4.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,105,353 shares of the company’s stock after acquiring an additional 44,777 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Fresh Del Monte Produce were worth $36,709,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in FDP. Bailard Inc. boosted its holdings in Fresh Del Monte Produce by 100.0% in the fourth quarter. Bailard Inc. now owns 21,800 shares of the company’s stock worth $724,000 after acquiring an additional 10,900 shares in the last quarter. Sherman Asset Management Inc. purchased a new stake in Fresh Del Monte Produce in the fourth quarter worth about $54,000. Proficio Capital Partners LLC bought a new stake in Fresh Del Monte Produce during the 4th quarter worth approximately $909,000. Bank of New York Mellon Corp increased its stake in Fresh Del Monte Produce by 10.8% in the 4th quarter. Bank of New York Mellon Corp now owns 271,318 shares of the company’s stock worth $9,010,000 after buying an additional 26,423 shares in the last quarter. Finally, Outfitter Financial LLC purchased a new position in Fresh Del Monte Produce in the 4th quarter worth approximately $733,000. 64.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a report on Friday, March 7th.

Insider Transactions at Fresh Del Monte Produce

In other news, CFO Monica Vicente sold 2,532 shares of the 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 transaction, the chief financial officer now directly owns 10,808 shares of the company’s stock, valued at approximately $328,779.36. This represents a 18.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Ziad Nabulsi sold 1,725 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $30.42, for a total transaction of $52,474.50. Following the completion of the sale, the senior vice president now directly owns 11,498 shares in the company, valued at $349,769.16. This trade represents a 13.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,321 shares of company stock valued at $283,545 in the last 90 days. Insiders own 30.10% of the company’s stock.

Fresh Del Monte Produce Trading Down 0.5 %

Shares of FDP opened at $29.97 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Fresh Del Monte Produce Inc. has a twelve month low of $21.23 and a twelve month high of $35.27. The company has a market cap of $1.44 billion, a P/E ratio of 90.81 and a beta of 0.33. The company’s fifty day simple moving average is $30.78 and its 200-day simple moving average is $31.19.

Fresh Del Monte Produce (NYSE:FDP) last issued 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 return on equity of 5.91% and a net margin of 0.36%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business posted $0.25 earnings per share. The business’s revenue was up .5% compared to the same quarter last year.

Fresh Del Monte Produce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 4.00%. This is a positive change from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 10th. Fresh Del Monte Produce’s payout ratio is presently 40.40%.

Fresh Del Monte Produce declared that its board has authorized a share 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 often a sign that the company’s management believes its stock is undervalued.

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.