Mission Produce, Inc. (NASDAQ:AVO) Given Average Recommendation of “Moderate Buy” by Analysts

Mission Produce, Inc. (NASDAQ:AVO) has received a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $16.6667.

A number of equities analysts have recently commented on the stock. UBS Group set a $16.00 price objective on shares of Mission Produce in a research note on Wednesday, June 10th. Weiss Ratings cut shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen cut shares of Mission Produce from a “hold” rating to a “sell” rating in a report on Saturday, June 13th.

Insiders Place Their Bets

In related news, Director Bruce C. Taylor acquired 300,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were purchased at an average cost of $11.29 per share, for a total transaction of $3,387,000.00. Following the completion of the acquisition, the director directly owned 455,842 shares in the company, valued at approximately $5,146,456.18. This trade represents a 192.50% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jay A. Pack purchased 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was bought at an average price of $12.10 per share, for a total transaction of $484,000.00. Following the purchase, the director owned 579,965 shares in the company, valued at $7,017,576.50. The trade was a 7.41% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 3,352,161 shares of company stock valued at $42,458,664 over the last ninety days. 30.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mission Produce

Several institutional investors and hedge funds have recently modified their holdings of AVO. Wedge Capital Management L L P NC raised its stake in Mission Produce by 1.0% in the 4th quarter. Wedge Capital Management L L P NC now owns 100,025 shares of the company’s stock worth $1,160,000 after purchasing an additional 958 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Mission Produce by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company’s stock worth $271,000 after purchasing an additional 1,092 shares in the last quarter. Magnetar Financial LLC increased its holdings in shares of Mission Produce by 12.6% during the third quarter. Magnetar Financial LLC now owns 12,106 shares of the company’s stock worth $146,000 after purchasing an additional 1,351 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Mission Produce by 12.3% during the second quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company’s stock worth $218,000 after purchasing an additional 2,040 shares during the period. Finally, Diversified Trust Co raised its position in shares of Mission Produce by 12.0% in the first quarter. Diversified Trust Co now owns 19,373 shares of the company’s stock valued at $267,000 after buying an additional 2,074 shares in the last quarter. 63.57% of the stock is currently owned by institutional investors and hedge funds.

Mission Produce Stock Performance

Shares of AVO opened at $12.61 on Monday. The firm’s 50 day moving average price is $12.08 and its two-hundred day moving average price is $13.01. Mission Produce has a twelve month low of $10.07 and a twelve month high of $15.53. The firm has a market cap of $1.11 billion, a P/E ratio of 39.41 and a beta of 0.49. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91.

Mission Produce declared that its Board of Directors has approved a stock buyback program on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 13.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

About Mission Produce

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.