Calavo Growers (NASDAQ:CVGW) Downgraded to “Sell” at Zacks Investment Research

Calavo Growers (NASDAQ:CVGWGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Calavo Growers, Inc. is a global avocado-industry leader and an expanding provider of value-added fresh food. The company also procures and markets diversified fresh produce items, ranging from tomatoes to tropical produce. It operates in three segments: Fresh Products, Calavo Foods, and RFG. The Fresh products segment distributes avocados and other fresh produce products; and procures avocados grown in Mexico, as well as various other commodities, including tomatoes, papayas, and pineapples. The Calavo Foods segment is involved in purchasing, manufacturing, and distributing prepared products, including guacamole and salsa. The RFG segment produces, markets, and distributes fresh-cut fruits, ready-to-eat vegetables, recipe-ready vegetables, and deli products. The company offers its products primarily under the Calavo and RFG brands, and related logos; and Avo Fresco, Bueno, Calavo Gold, Calavo Salsa Lisa, Salsa Lisa, Celebrate the Taste, El Dorado, Fresh Ripe, Select etc. “

CVGW has been the topic of several other research reports. StockNews.com assumed coverage on Calavo Growers in a research report on Thursday, March 31st. They set a “sell” rating on the stock. Stephens lifted their target price on Calavo Growers to $40.00 in a research note on Thursday.

Shares of NASDAQ:CVGW traded down $0.01 during trading on Thursday, hitting $38.58. 104,583 shares of the company were exchanged, compared to its average volume of 120,758. The stock has a market cap of $684.49 million, a price-to-earnings ratio of -22.56 and a beta of 0.79. Calavo Growers has a fifty-two week low of $28.76 and a fifty-two week high of $69.85. The firm has a fifty day moving average price of $35.09 and a two-hundred day moving average price of $38.98. The company has a current ratio of 1.33, a quick ratio of 0.94 and a debt-to-equity ratio of 0.21.

Calavo Growers (NASDAQ:CVGWGet Rating) last posted its quarterly earnings results on Thursday, June 2nd. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.11. The firm had revenue of $331.42 million for the quarter, compared to analyst estimates of $316.85 million. Calavo Growers had a positive return on equity of 0.41% and a negative net margin of 2.59%. The business’s quarterly revenue was up 19.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.43 EPS. As a group, research analysts predict that Calavo Growers will post 1.14 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board grew its stake in shares of Calavo Growers by 0.8% in the fourth quarter. Public Sector Pension Investment Board now owns 36,018 shares of the company’s stock valued at $1,527,000 after acquiring an additional 290 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Calavo Growers by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 23,429 shares of the company’s stock valued at $993,000 after acquiring an additional 313 shares in the last quarter. Advisor Group Holdings Inc. grew its stake in shares of Calavo Growers by 5.5% in the first quarter. Advisor Group Holdings Inc. now owns 7,365 shares of the company’s stock valued at $270,000 after acquiring an additional 384 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Calavo Growers by 29.5% in the fourth quarter. Public Employees Retirement System of Ohio now owns 1,818 shares of the company’s stock valued at $77,000 after acquiring an additional 414 shares in the last quarter. Finally, Maryland State Retirement & Pension System grew its stake in shares of Calavo Growers by 6.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 7,013 shares of the company’s stock valued at $297,000 after acquiring an additional 419 shares in the last quarter. Institutional investors and hedge funds own 77.43% of the company’s stock.

Calavo Growers Company Profile (Get Rating)

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers worldwide. It operates in three segments: Fresh Products, Calavo Foods, and Renaissance Food Group (RFG).

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