Fresh Del Monte Produce (NYSE:FDP) Cut to Hold at StockNews.com

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

Fresh Del Monte Produce Trading Down 1.4 %

Shares of FDP stock opened at $29.23 on Tuesday. Fresh Del Monte Produce has a 1 year low of $21.23 and a 1 year high of $35.27. The company’s fifty day simple moving average is $30.64 and its two-hundred day simple moving average is $31.22. 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 stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 88.59 and a beta of 0.33.

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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the business earned $0.25 EPS. The firm’s revenue for the quarter was up .5% compared to the same quarter last year.

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

Insider Activity

In other news, SVP Ziad Nabulsi sold 1,725 shares of the business’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 $52,474.50. Following the completion of the transaction, the senior vice president now owns 11,498 shares of the company’s stock, valued at approximately $349,769.16. The trade was a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Monica Vicente sold 2,532 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $77,023.44. Following the completion of the transaction, the chief financial officer now owns 10,808 shares in the company, valued at approximately $328,779.36. This trade represents a 18.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,321 shares of company stock worth $283,545 in the last three months. Corporate insiders own 30.10% of the company’s stock.

Institutional Trading of Fresh Del Monte Produce

Hedge funds have recently made changes to their positions in the stock. Parvin Asset Management LLC bought a new position in Fresh Del Monte Produce in the fourth quarter valued at $30,000. Sterling Capital Management LLC boosted its holdings in shares of Fresh Del Monte Produce by 795.0% in the 4th quarter. Sterling Capital Management LLC now owns 1,083 shares of the company’s stock worth $36,000 after purchasing an additional 962 shares in the last quarter. McIlrath & Eck LLC bought a new position in shares of Fresh Del Monte Produce during the 4th quarter valued at about $48,000. State of Wyoming purchased a new position in shares of Fresh Del Monte Produce during the 4th quarter valued at about $54,000. Finally, Sherman Asset Management Inc. bought a new stake in Fresh Del Monte Produce in the 4th quarter worth approximately $54,000. 64.83% of the stock is owned by institutional investors.

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.