Dole (NYSE:DOLE) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Dole (NYSE:DOLE) from a buy rating to a hold rating in a research report report published on Saturday morning.

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dole in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $16.00.

Dole Trading Down 1.6%

NYSE:DOLE opened at $15.02 on Friday. The company has a market cap of $1.43 billion, a P/E ratio of 28.34, a price-to-earnings-growth ratio of 1.24 and a beta of 0.64. Dole has a twelve month low of $12.52 and a twelve month high of $16.57. The business has a 50 day moving average price of $15.38 and a two-hundred day moving average price of $14.43. The company has a quick ratio of 0.83, a current ratio of 1.17 and a debt-to-equity ratio of 0.54.

Dole (NYSE:DOLE) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.32 billion. Dole had a net margin of 0.56% and a return on equity of 7.81%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same period last year, the company earned $0.16 earnings per share. As a group, analysts expect that Dole will post 1.19 EPS for the current fiscal year.

Dole Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Wednesday, March 18th will be paid a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Wednesday, March 18th. Dole’s dividend payout ratio (DPR) is currently 64.15%.

Dole declared that its board has authorized a stock buyback program on Monday, November 10th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Dole

Large investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its stake in shares of Dole by 28.5% in the first quarter. AQR Capital Management LLC now owns 48,685 shares of the company’s stock valued at $703,000 after buying an additional 10,793 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Dole by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,593 shares of the company’s stock worth $644,000 after acquiring an additional 1,879 shares in the last quarter. Millennium Management LLC bought a new stake in Dole during the first quarter worth $6,749,000. Jane Street Group LLC lifted its stake in Dole by 87.6% in the first quarter. Jane Street Group LLC now owns 213,786 shares of the company’s stock valued at $3,089,000 after acquiring an additional 99,842 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Dole by 10.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 89,561 shares of the company’s stock valued at $1,253,000 after acquiring an additional 8,418 shares during the period.

About Dole

Dole plc is a global producer, marketer and distributor of fresh fruits and vegetables. The company’s product range includes bananas, pineapples, berries, grapes, salads and a variety of other fresh and packaged produce, sold under the Dole brand and through private-label arrangements. Dole’s operations span the full fresh-produce value chain, from farming and sourcing to packing, ripening, cold‑chain logistics and wholesale and retail distribution, supporting both retail grocery and foodservice customers.

The company traces its commercial heritage to the early 20th century Hawaiian pineapple business founded by James Dole and has evolved through subsequent corporate restructurings and combinations.