Corient Private Wealth LP Purchases Shares of 213,417 Mission Produce, Inc. $AVO

Corient Private Wealth LP purchased a new stake in shares of Mission Produce, Inc. (NASDAQ:AVO) during the 2nd quarter, HoldingsChannel reports. The fund purchased 213,417 shares of the company’s stock, valued at approximately $2,516,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in Mission Produce by 251.8% during the second quarter. Russell Investments Group Ltd. now owns 269,286 shares of the company’s stock valued at $3,175,000 after buying an additional 192,741 shares in the last quarter. Dean Capital Management purchased a new stake in Mission Produce in the 1st quarter worth about $2,058,000. Rubric Capital Management LP acquired a new stake in shares of Mission Produce during the first quarter worth approximately $23,756,000. Heartland Advisors Inc. purchased a new position in shares of Mission Produce during the 2nd quarter valued at $3,882,000. Finally, Inspire Investing LLC raised its stake in shares of Mission Produce by 312.3% during the 1st quarter. Inspire Investing LLC now owns 167,220 shares of the company’s stock worth $2,301,000 after purchasing an additional 126,658 shares in the last quarter. Institutional investors own 63.57% of the company’s stock.

Mission Produce Trading Down 0.4%

Shares of AVO stock opened at $12.77 on Thursday. Mission Produce, Inc. has a 12 month low of $10.07 and a 12 month 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. The business’s 50 day moving average is $12.86 and its two-hundred day moving average is $12.95. The company has a market cap of $1.13 billion, a PE ratio of 39.91 and a beta of 0.48.

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

Wall Street Analyst Weigh In

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

Insider Activity

In related news, CFO Bryan E. Giles sold 5,000 shares of the company’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $12.13, for a total transaction of $60,650.00. Following the completion of the sale, the chief financial officer directly owned 146,931 shares of the company’s stock, valued at approximately $1,782,273.03. This represents a 3.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jay A. Pack bought 40,000 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of $12.10 per share, for a total transaction of $484,000.00. Following the completion of the purchase, the director directly owned 579,965 shares in the company, valued at $7,017,576.50. The trade was a 7.41% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 3,352,161 shares of company stock valued at $42,458,664 over the last three months. Corporate insiders own 30.85% of the company’s stock.

Mission Produce Company 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.