Dole (NYSE:DOLE) Stock Price Breaks Above 200 Day Moving Average Following Analyst Downgrade

Dole PLC (NYSE:DOLE)’s stock price crossed above its two hundred day moving average during trading on Wednesday after Weiss Ratings upgraded the stock from a hold (c) rating to a hold (c+) rating. The stock has a two hundred day moving average of $14.25 and traded as high as $14.32. Dole shares last traded at $14.3140, with a volume of 1,368,674 shares changing hands.

A number of other research analysts also recently issued reports on DOLE. Deutsche Bank set a $14.00 price target on Dole in a report on Tuesday, August 11th. Zacks Research upgraded Dole from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Dole currently has a consensus rating of “Hold” and a consensus price target of $14.00.

Institutional Investors Weigh In On Dole

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new stake in shares of Dole during the 2nd quarter valued at $27,000. Global Retirement Partners LLC purchased a new stake in Dole in the third quarter worth about $50,000. Fortitude Family Office LLC bought a new position in shares of Dole during the third quarter valued at approximately $54,000. State of Wyoming bought a new position in shares of Dole during the first quarter valued at approximately $62,000. Finally, Signaturefd LLC lifted its holdings in shares of Dole by 204.1% during the third quarter. Signaturefd LLC now owns 4,851 shares of the company’s stock valued at $62,000 after purchasing an additional 3,256 shares during the last quarter.

Dole Stock Up 1.0%

The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 0.48. The company’s fifty day moving average price is $13.32 and its 200-day moving average price is $14.25. The stock has a market capitalization of $1.34 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 3.63 and a beta of 0.75.

Dole (NYSE:DOLE) last posted its quarterly earnings data on Monday, November 9th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.16). The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. Dole had a net margin of 0.97% and a return on equity of 7.05%. Analysts forecast that Dole PLC will post 1.17 earnings per share for the current year.

Dole Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Investors of record on Wednesday, December 16th will be given a dividend of $0.0850 per share. This represents a $0.34 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, December 16th. Dole’s dividend payout ratio is 34.69%.

About Dole

Dole plc is an international fresh produce company that sources, grows, packs, ships, markets and distributes fruit and vegetables. Its products include bananas, pineapples and other fresh fruit, as well as vegetables and packaged salads sold under the Dole brand and other labels. The company serves retail, wholesale and food-service customers across a range of markets. Its operations span multiple regions, connecting produce growers and farms with customers through its global sourcing, logistics and distribution network.