Calavo Growers (NASDAQ:CVGW) Announces Earnings Results, Misses Estimates By $0.13 EPS

Calavo Growers (NASDAQ:CVGW) announced its quarterly earnings results on Monday. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.13), Zacks reports. Calavo Growers had a negative net margin of 0.16% and a positive return on equity of 9.66%.

Calavo Growers Price Performance

CVGW stock remained flat at $27.68 during midday trading on Monday. The company had a trading volume of 565,619 shares, compared to its average volume of 216,106. The company has a current ratio of 2.17, a quick ratio of 1.70 and a debt-to-equity ratio of 0.02. The stock has a market cap of $493.73 million, a price-to-earnings ratio of -461.33 and a beta of 0.41. The stock’s 50-day moving average price is $25.87 and its 200-day moving average price is $24.93. Calavo Growers has a 12 month low of $20.30 and a 12 month high of $30.58.

Insider Activity at Calavo Growers

In other news, CEO Lecil E. Cole acquired 38,155 shares of Calavo Growers stock in a transaction on Monday, April 14th. The stock was acquired at an average cost of $24.60 per share, for a total transaction of $938,613.00. Following the purchase, the chief executive officer now owns 574,225 shares in the company, valued at $14,125,935. This trade represents a 7.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael A. Browne bought 6,000 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was purchased at an average cost of $23.69 per share, with a total value of $142,140.00. Following the completion of the acquisition, the executive vice president now directly owns 7,500 shares of the company’s stock, valued at approximately $177,675. The trade was a 400.00% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 73,438 shares of company stock valued at $1,771,303 in the last three months. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Calavo Growers

Several institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in Calavo Growers by 91.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 275,452 shares of the company’s stock worth $6,608,000 after buying an additional 131,674 shares during the last quarter. AQR Capital Management LLC bought a new position in Calavo Growers during the first quarter valued at approximately $2,520,000. Jane Street Group LLC boosted its holdings in Calavo Growers by 49.7% in the first quarter. Jane Street Group LLC now owns 50,858 shares of the company’s stock worth $1,220,000 after purchasing an additional 16,891 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Calavo Growers by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,985 shares of the company’s stock worth $240,000 after purchasing an additional 390 shares during the last quarter. Institutional investors own 81.30% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Calavo Growers from a “buy” rating to a “hold” rating in a report on Thursday, May 15th.

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