Mission Produce (NASDAQ:AVO) Posts Earnings Results, Beats Expectations By $0.03 EPS

Mission Produce (NASDAQ:AVO) posted its quarterly earnings data on Thursday. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03, FiscalAI reports. Mission Produce had a net margin of 2.71% and a return on equity of 8.18%. The firm had revenue of $278.60 million during the quarter, compared to analyst estimates of $277.33 million.

Mission Produce Trading Down 0.7%

Shares of Mission Produce stock traded down $0.09 on Thursday, hitting $13.23. 512,241 shares of the company’s stock traded hands, compared to its average volume of 761,409. The stock has a market capitalization of $937.29 million, a PE ratio of 25.44 and a beta of 0.60. The firm’s 50-day moving average price is $13.40 and its two-hundred day moving average price is $12.58. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.95 and a quick ratio of 1.35. Mission Produce has a one year low of $9.60 and a one year high of $15.02.

Analyst Ratings Changes

Several equities analysts recently weighed in on AVO shares. Lake Street Capital reaffirmed a “buy” rating on shares of Mission Produce in a research report on Thursday, January 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mission Produce in a report on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.00.

Insider Buying and Selling at Mission Produce

In related news, major shareholder Holdings Venture Globalharvest acquired 985,704 shares of the stock in a transaction dated Thursday, January 15th. The stock was bought at an average price of $11.76 per share, with a total value of $11,591,879.04. Following the completion of the transaction, the insider directly owned 8,837,286 shares of the company’s stock, valued at approximately $103,926,483.36. The trade was a 12.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders bought 2,141,484 shares of company stock worth $25,996,353. Insiders own 30.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 buying an additional 1,092 shares during the last quarter. Magnetar Financial LLC lifted its position in 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 boosted its position in shares of Mission Produce by 12.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company’s stock worth $218,000 after acquiring an additional 2,040 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Mission Produce by 5.1% in the 4th quarter. AQR Capital Management LLC now owns 43,646 shares of the company’s stock valued at $506,000 after purchasing an additional 2,130 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its position in Mission Produce by 2.8% in the fourth quarter. Panagora Asset Management Inc. now owns 77,860 shares of the company’s stock valued at $903,000 after acquiring an additional 2,150 shares during the last quarter. Institutional investors own 63.57% of the company’s stock.

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.