Fresh Del Monte Produce (NYSE:FDP) Downgraded to Hold Rating by StockNews.com

Fresh Del Monte Produce (NYSE:FDP) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

Fresh Del Monte Produce Price Performance

FDP stock opened at $29.61 on Tuesday. Fresh Del Monte Produce has a 52-week low of $21.23 and a 52-week high of $35.27. The company has a quick ratio of 1.04, a current ratio of 2.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 89.72 and a beta of 0.33. The business has a fifty day moving average of $30.56 and a two-hundred day moving average of $31.21.

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

Fresh Del Monte Produce announced that its Board of Directors has initiated 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 buy up to 10.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Fresh Del Monte Produce news, SVP Ziad Nabulsi sold 1,725 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.42, for a total transaction of $52,474.50. Following the sale, the senior vice president now directly owns 11,498 shares in the company, valued at $349,769.16. This represents a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Monica Vicente sold 2,532 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were 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 directly owns 10,808 shares of the company’s stock, valued at approximately $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 9,321 shares of company stock worth $283,545 over the last ninety days. Corporate insiders own 30.10% of the company’s stock.

Institutional Trading of Fresh Del Monte Produce

Several hedge funds have recently modified their holdings of FDP. Public Employees Retirement System of Ohio acquired a new position in Fresh Del Monte Produce during the 4th quarter worth $350,000. McIlrath & Eck LLC acquired a new position in shares of Fresh Del Monte Produce during the fourth quarter worth about $48,000. Teza Capital Management LLC increased its stake in shares of Fresh Del Monte Produce by 99.6% during the fourth quarter. Teza Capital Management LLC now owns 16,989 shares of the company’s stock worth $564,000 after buying an additional 8,476 shares during the period. State of Wyoming acquired a new stake in Fresh Del Monte Produce in the fourth quarter valued at approximately $54,000. Finally, ProShare Advisors LLC lifted its stake in Fresh Del Monte Produce by 44.5% in the fourth quarter. ProShare Advisors LLC now owns 10,182 shares of the company’s stock worth $338,000 after acquiring an additional 3,135 shares during the last quarter. 64.83% of the stock is currently owned by institutional investors and hedge funds.

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.