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

Fresh Del Monte Produce (NYSE:FDP) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

Fresh Del Monte Produce Stock Performance

FDP opened at $29.61 on Tuesday. The stock has a market cap of $1.42 billion, a P/E ratio of 89.72 and a beta of 0.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. The firm has a fifty day moving average price of $30.56 and a 200 day moving average price of $31.21. Fresh Del Monte Produce has a 1 year low of $21.23 and a 1 year high of $35.27.

Fresh Del Monte Produce (NYSE:FDP) last posted its earnings results on Monday, February 24th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.16). Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. The firm 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 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 announced that its board has initiated a share repurchase plan on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Monica Vicente sold 2,532 shares of Fresh Del Monte Produce stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.42, for a total value of $77,023.44. Following the sale, the chief financial officer now directly owns 10,808 shares in the company, valued at approximately $328,779.36. The trade was a 18.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Mohammed Abbas sold 5,064 shares of the business’s 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 owns 45,560 shares of the company’s stock, valued at approximately $1,385,935.20. This trade represents 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. 30.10% of the stock is owned by corporate insiders.

Institutional Trading of Fresh Del Monte Produce

A number of institutional investors have recently made changes to their positions in the company. Parvin Asset Management LLC purchased a new position in Fresh Del Monte Produce in the 4th quarter valued at $30,000. Sterling Capital Management LLC boosted its position in Fresh Del Monte Produce by 795.0% during 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 purchased a new stake in Fresh Del Monte Produce during the 4th quarter valued at about $48,000. Sherman Asset Management Inc. purchased a new stake in Fresh Del Monte Produce during the 4th quarter valued at about $54,000. Finally, State of Wyoming purchased a new position in Fresh Del Monte Produce in the 4th quarter worth approximately $54,000. 64.83% of the stock is owned by institutional investors and hedge funds.

About Fresh Del Monte Produce

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.