Fresh Del Monte Produce (NYSE:FDP) Rating Increased to Buy at StockNews.com

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

Fresh Del Monte Produce Price Performance

Shares of FDP stock opened at $29.89 on Monday. The company has a market capitalization of $1.43 billion, a PE ratio of 90.58 and a beta of 0.33. The firm has a fifty day simple moving average of $30.73 and a 200-day simple moving average of $31.22. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Fresh Del Monte Produce has a twelve month low of $21.23 and a twelve month high of $35.27.

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

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

Insider Transactions at Fresh Del Monte Produce

In other Fresh Del Monte Produce news, CFO Monica Vicente sold 2,532 shares of the firm’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 $77,023.44. Following the transaction, the chief financial officer now owns 10,808 shares of the company’s stock, valued at approximately $328,779.36. This trade represents a 18.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Ziad Nabulsi sold 1,725 shares of the firm’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 transaction, the senior vice president now directly owns 11,498 shares in the company, valued at approximately $349,769.16. The trade was a 13.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,321 shares of company stock worth $283,545. 30.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fresh Del Monte Produce

Several hedge funds have recently made changes to their positions in the business. Rhumbline Advisers grew its stake in shares of Fresh Del Monte Produce by 0.3% in the 4th quarter. Rhumbline Advisers now owns 104,348 shares of the company’s stock worth $3,465,000 after purchasing an additional 320 shares during the last quarter. Carolina Wealth Advisors LLC boosted its holdings in shares of Fresh Del Monte Produce by 2.6% in the fourth quarter. Carolina Wealth Advisors LLC now owns 19,403 shares of the company’s stock worth $644,000 after buying an additional 486 shares during the period. Waterfront Wealth Inc. boosted its holdings in shares of Fresh Del Monte Produce by 2.4% in the fourth quarter. Waterfront Wealth Inc. now owns 22,592 shares of the company’s stock worth $750,000 after buying an additional 526 shares during the period. Bank of Montreal Can boosted its holdings in shares of Fresh Del Monte Produce by 7.4% in the fourth quarter. Bank of Montreal Can now owns 9,669 shares of the company’s stock worth $321,000 after buying an additional 666 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Fresh Del Monte Produce by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,211 shares of the company’s stock valued at $638,000 after purchasing an additional 684 shares in the last quarter. Institutional investors and hedge funds own 64.83% of the company’s stock.

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.