Quantinno Capital Management LP Increases Stock Position in Mission Produce, Inc. $AVO

Quantinno Capital Management LP boosted its position in shares of Mission Produce, Inc. (NASDAQ:AVO) by 437.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 361,837 shares of the company’s stock after purchasing an additional 294,494 shares during the period. Quantinno Capital Management LP’s holdings in Mission Produce were worth $4,979,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dean Capital Management acquired a new position in Mission Produce in the 1st quarter worth $2,058,000. Renaissance Technologies LLC grew its stake in shares of Mission Produce by 44.9% during the first quarter. Renaissance Technologies LLC now owns 151,900 shares of the company’s stock valued at $2,090,000 after acquiring an additional 47,100 shares in the last quarter. Gabelli Funds LLC purchased a new stake in shares of Mission Produce during the first quarter worth about $1,277,000. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of Mission Produce during the first quarter worth about $1,183,000. Finally, Caxton Associates LLP acquired a new position in shares of Mission Produce in the first quarter worth about $225,000. Hedge funds and other institutional investors own 63.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVO. UBS Group set a $16.00 target price on Mission Produce in a research report on Wednesday, June 10th. Weiss Ratings downgraded shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 9th. Finally, Wall Street Zen lowered shares of Mission Produce from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.67.

Insider Activity at Mission Produce

In related news, major shareholder Holdings Venture Globalharvest acquired 687,222 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was purchased at an average cost of $13.42 per share, for a total transaction of $9,222,519.24. Following the purchase, the insider directly owned 12,370,439 shares in the company, valued at $166,011,291.38. This represents a 5.88% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bruce C. Taylor acquired 300,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average price of $11.29 per share, with a total value of $3,387,000.00. Following the completion of the purchase, the director owned 455,842 shares in the company, valued at $5,146,456.18. The trade was a 192.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 3,352,161 shares of company stock worth $42,458,664 in the last 90 days. 30.85% of the stock is currently owned by company insiders.

Mission Produce Stock Performance

Shares of AVO stock opened at $12.56 on Friday. The company has a market cap of $1.11 billion, a P/E ratio of 39.25 and a beta of 0.49. The business has a 50 day moving average of $12.16 and a two-hundred day moving average of $13.02. Mission Produce, Inc. has a 52 week low of $10.07 and a 52 week high of $15.53. The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22.

Mission Produce announced that its Board of Directors has authorized a stock buyback plan on Monday, June 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 13.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Mission Produce Profile

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.