Short Interest in Fresh Del Monte Produce Inc. (NYSE:FDP) Rises By 24.7%

Fresh Del Monte Produce Inc. (NYSE:FDP) was the target of a large growth in short interest in February. As of February 15th, there was short interest totalling 900,900 shares, a growth of 24.7% from the January 31st total of 722,300 shares. Approximately 2.3% of the company’s stock are short sold. Based on an average trading volume of 321,200 shares, the short-interest ratio is currently 2.8 days.

Insider Transactions at Fresh Del Monte Produce

In other news, SVP Ziad Nabulsi sold 1,725 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total value of $52,474.50. Following the completion of the transaction, the senior vice president now 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Mohammed Abbas sold 5,064 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $30.42, for a total value 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 trade represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,321 shares of company stock valued at $283,545. Corporate insiders own 30.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Creative Planning bought a new stake in shares of Fresh Del Monte Produce during the 3rd quarter worth $261,000. Entropy Technologies LP acquired a new stake in shares of Fresh Del Monte Produce in the third quarter valued at about $314,000. Aigen Investment Management LP bought a new position in shares of Fresh Del Monte Produce in the third quarter worth about $290,000. Victory Capital Management Inc. acquired a new position in shares of Fresh Del Monte Produce during the 3rd quarter worth about $342,000. Finally, Royce & Associates LP acquired a new position in shares of Fresh Del Monte Produce during the third quarter worth approximately $201,000. 64.83% of the stock is owned by institutional investors and hedge funds.

Fresh Del Monte Produce Trading Up 3.5 %

FDP traded up $1.06 during trading on Friday, hitting $31.57. The company’s stock had a trading volume of 94,758 shares, compared to its average volume of 268,411. The firm’s 50 day moving average price is $31.17 and its 200-day moving average price is $31.09. 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 has a twelve month low of $21.23 and a twelve month high of $35.27. The stock has a market cap of $1.51 billion, a PE ratio of 95.33 and a beta of 0.33.

Fresh Del Monte Produce (NYSE:FDP) last released its quarterly earnings data on Monday, February 24th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.16). The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the business earned $0.25 earnings per share.

Fresh Del Monte Produce announced that its board has initiated a share repurchase program on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 10.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Fresh Del Monte Produce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.20 annualized dividend and a dividend yield of 3.80%. This is a boost from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s dividend payout ratio is currently 40.40%.

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.