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

StockNews.com downgraded shares of Fresh Del Monte Produce (NYSE:FDP) from a buy rating to a hold rating in a research report released on Tuesday morning.

Fresh Del Monte Produce Price Performance

FDP opened at $29.20 on Tuesday. The stock’s 50 day moving average price is $30.59 and its 200-day moving average price is $31.22. Fresh Del Monte Produce has a 52-week low of $21.23 and a 52-week high of $35.27. The stock has a market capitalization of $1.40 billion, a PE ratio of 88.49 and a beta of 0.33. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 2.09.

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). 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 analysts’ expectations of $1.14 billion. During the same period in the previous year, the firm posted $0.25 earnings per share. The firm’s revenue for the quarter was up .5% compared to the same quarter last year.

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

Fresh Del Monte Produce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be issued a $0.30 dividend. The ex-dividend date is Monday, March 10th. This is a positive change from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 4.11%. Fresh Del Monte Produce’s dividend payout ratio (DPR) is 40.40%.

Insider Transactions at Fresh Del Monte Produce

In other news, SVP Ziad Nabulsi sold 1,725 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.42, for a total value of $52,474.50. Following the sale, the senior vice president now directly owns 11,498 shares of the company’s stock, valued at $349,769.16. This represents a 13.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Mohammed Abbas sold 5,064 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $154,046.88. Following the completion of the transaction, the chief operating officer now owns 45,560 shares of the company’s stock, valued at approximately $1,385,935.20. The trade was a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,321 shares of company stock valued at $283,545. Corporate insiders own 30.10% of the company’s stock.

Institutional Trading of Fresh Del Monte Produce

A number of hedge funds have recently made changes to their positions in the stock. Parvin Asset Management LLC purchased a new position in Fresh Del Monte Produce during the fourth quarter valued at $30,000. Sterling Capital Management LLC grew its stake in shares of Fresh Del Monte Produce by 795.0% in the fourth quarter. Sterling Capital Management LLC now owns 1,083 shares of the company’s stock worth $36,000 after acquiring an additional 962 shares during the last quarter. McIlrath & Eck LLC bought a new position in shares of Fresh Del Monte Produce during the fourth quarter valued at $48,000. State of Wyoming purchased a new position in shares of Fresh Del Monte Produce in the 4th quarter worth about $54,000. Finally, Sherman Asset Management Inc. bought a new position in Fresh Del Monte Produce in the 4th quarter worth about $54,000. 64.83% of the stock is owned by institutional investors.

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.