Fresh Del Monte Produce (NYSE:FDP) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Fresh Del Monte Produce (NYSE:FDP) from a hold rating to a buy rating in a research report sent to investors on Monday.

Fresh Del Monte Produce Price Performance

Fresh Del Monte Produce stock opened at $30.23 on Monday. Fresh Del Monte Produce has a 12 month low of $21.23 and a 12 month high of $35.27. The stock’s 50 day moving average is $30.72 and its 200-day moving average is $31.21. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 91.62 and a beta of 0.33.

Fresh Del Monte Produce (NYSE:FDP) last posted its earnings results on Monday, February 24th. The company reported $0.26 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company posted $0.25 EPS. Fresh Del Monte Produce’s revenue for the quarter was up .5% compared to the same quarter last year.

Fresh Del Monte Produce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a $0.30 dividend. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.20 annualized dividend and a dividend yield of 3.97%. Fresh Del Monte Produce’s dividend payout ratio is presently 40.40%.

Fresh Del Monte Produce announced that its Board of Directors has initiated a share buyback program on Monday, February 24th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 10.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Monica Vicente sold 2,532 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $77,023.44. Following the sale, the chief financial officer now owns 10,808 shares of the company’s stock, valued at $328,779.36. This represents a 18.98 % 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 that occurred on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total value of $154,046.88. Following the sale, the chief operating officer now directly owns 45,560 shares in the company, valued at $1,385,935.20. This represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,321 shares of company stock valued at $283,545 over the last 90 days. 30.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Fresh Del Monte Produce in the 4th quarter valued at $350,000. McIlrath & Eck LLC acquired a new stake in shares of Fresh Del Monte Produce in the 4th quarter valued at $48,000. Teza Capital Management LLC boosted its holdings in shares of Fresh Del Monte Produce by 99.6% in the 4th quarter. Teza Capital Management LLC now owns 16,989 shares of the company’s stock valued at $564,000 after purchasing an additional 8,476 shares in the last quarter. State of Wyoming acquired a new stake in shares of Fresh Del Monte Produce in the 4th quarter valued at $54,000. Finally, ProShare Advisors LLC boosted its holdings in shares of Fresh Del Monte Produce by 44.5% in the 4th quarter. ProShare Advisors LLC now owns 10,182 shares of the company’s stock valued at $338,000 after purchasing an additional 3,135 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.