Wall Street Zen Upgrades Fresh Del Monte Produce (NYSE:DMC) to “Buy”

Fresh Del Monte Produce (NYSE:DMC) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings initiated coverage on shares of Fresh Del Monte Produce in a report on Wednesday, August 5th. They set a “hold (c)” rating for the company. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Fresh Del Monte Produce currently has a consensus rating of “Hold”.

Fresh Del Monte Produce Stock Performance

DMC opened at $31.33 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.04 and a current ratio of 2.23. Fresh Del Monte Produce has a 1 year low of $26.47 and a 1 year high of $43.58. The company has a market cap of $1.48 billion, a P/E ratio of 44.13 and a beta of 0.25.

Fresh Del Monte Produce (NYSE:DMC) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.72 earnings per share for the quarter. Fresh Del Monte Produce had a return on equity of 6.43% and a net margin of 0.79%.The firm had revenue of $1.22 billion during the quarter.

Insider Activity

In other Fresh Del Monte Produce news, COO Mohammed Abbas bought 12,000 shares of the stock in a transaction dated Tuesday, August 4th. The stock was purchased at an average cost of $29.89 per share, for a total transaction of $358,680.00. Following the completion of the acquisition, the chief operating officer owned 71,930 shares of the company’s stock, valued at approximately $2,149,987.70. This trade represents a 20.02% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 30.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DMC. Integrated Wealth Concepts LLC purchased a new stake in shares of Fresh Del Monte Produce in the second quarter worth $26,000. Arizona State Retirement System bought a new position in Fresh Del Monte Produce in the 2nd quarter worth about $302,000. Outfitters Financial LLC bought a new position in Fresh Del Monte Produce in the 2nd quarter worth about $912,000. Engineers Gate Manager LP purchased a new stake in Fresh Del Monte Produce during the 2nd quarter valued at about $1,141,000. Finally, NewEdge Advisors LLC purchased a new stake in Fresh Del Monte Produce during the 2nd quarter valued at about $4,023,000. Institutional investors own 64.83% of the company’s stock.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc is a global producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, berries, grapes, tomatoes and other vegetables, as well as prepared fruit, juices and vegetable products.

The company serves retail, foodservice and other customers through an integrated network that includes farming, sourcing, processing, packaging, distribution and marketing. Its products are sold under the Del Monte brand and other company and private-label brands in North America, Europe, Asia, the Middle East and Africa.

Fresh Del Monte traces its brand heritage to the late 19th century and has developed agricultural and distribution operations across multiple regions.