Calavo Growers (NASDAQ:CVGW) Shares Gap Up After Earnings Beat

Calavo Growers, Inc. (NASDAQ:CVGW)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $31.26, but opened at $34.85. Calavo Growers shares last traded at $34.90, with a volume of 64,670 shares.

The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.10. Calavo Growers had a positive return on equity of 0.83% and a negative net margin of 0.86%. The company had revenue of $259.90 million during the quarter, compared to analysts’ expectations of $280.77 million. During the same quarter in the previous year, the business earned $0.16 EPS. Calavo Growers’s revenue was down 24.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on Calavo Growers in a report on Thursday, August 17th. They issued a “sell” rating for the company.

Insiders Place Their Bets

In related news, CEO Lecil E. Cole purchased 37,500 shares of Calavo Growers stock in a transaction dated Wednesday, July 12th. The stock was purchased at an average cost of $29.94 per share, with a total value of $1,122,750.00. Following the transaction, the chief executive officer now owns 477,500 shares in the company, valued at approximately $14,296,350. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other Calavo Growers news, Director Steve Hollister bought 2,000 shares of Calavo Growers stock in a transaction that occurred on Friday, July 14th. The shares were bought at an average cost of $30.59 per share, with a total value of $61,180.00. Following the transaction, the director now directly owns 36,702 shares of the company’s stock, valued at approximately $1,122,714.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lecil E. Cole acquired 37,500 shares of the business’s stock in a transaction dated Wednesday, July 12th. The stock was purchased at an average cost of $29.94 per share, for a total transaction of $1,122,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 477,500 shares of the company’s stock, valued at approximately $14,296,350. The disclosure for this purchase can be found here. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CVGW. Point72 Hong Kong Ltd purchased a new stake in shares of Calavo Growers in the first quarter worth about $37,000. FMR LLC boosted its stake in shares of Calavo Growers by 102.2% in the second quarter. FMR LLC now owns 910 shares of the company’s stock worth $38,000 after buying an additional 460 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in shares of Calavo Growers in the first quarter worth about $55,000. Lazard Asset Management LLC purchased a new stake in shares of Calavo Growers in the fourth quarter worth about $62,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Calavo Growers by 42.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,731 shares of the company’s stock worth $80,000 after buying an additional 818 shares during the last quarter. 81.40% of the stock is owned by institutional investors and hedge funds.

Calavo Growers Stock Up 10.4 %

The stock has a market cap of $613.41 million, a PE ratio of -60.11 and a beta of 0.72. The business has a 50 day moving average price of $34.12 and a 200 day moving average price of $31.47. The company has a quick ratio of 0.88, a current ratio of 1.25 and a debt-to-equity ratio of 0.13.

Calavo Growers Company Profile

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 through two segments, Grown and Prepared. The Grown segment distributes tomatoes and papayas; and procures avocados grown in California, Mexico, Peru, and Colombia.