Fresh Del Monte Produce (NYSE:FDP) Hits New 1-Year Low – Here’s What Happened

Shares of Fresh Del Monte Produce, Inc. (NYSE:FDP) reached a new 52-week low on Wednesday . The company traded as low as $27.89 and last traded at $28.0160, with a volume of 504246 shares changing hands. The stock had previously closed at $28.90.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Weiss Ratings downgraded Fresh Del Monte Produce from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday. Wall Street Zen cut Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Fresh Del Monte Produce presently has an average rating of “Hold”.

Fresh Del Monte Produce Stock Down 1.1%

The company has a current ratio of 2.34, a quick ratio of 1.10 and a debt-to-equity ratio of 0.22. The stock’s 50-day simple moving average is $35.39 and its 200-day simple moving average is $37.81. The firm has a market capitalization of $1.31 billion, a P/E ratio of 18.93 and a beta of 0.22.

Fresh Del Monte Produce (NYSE:FDP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. Fresh Del Monte Produce had a net margin of 1.63% and a return on equity of 7.61%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the business posted $0.63 EPS. The company’s revenue for the quarter was down 4.9% on a year-over-year basis.

Fresh Del Monte Produce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, May 19th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, May 19th. Fresh Del Monte Produce’s dividend payout ratio (DPR) is presently 82.76%.

Insiders Place Their Bets

In other Fresh Del Monte Produce news, SVP Marissa R. Tenazas sold 1,046 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $40.40, for a total value of $42,258.40. Following the completion of the transaction, the senior vice president owned 8,050 shares in the company, valued at $325,220. This represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ahmad Abu-Ghazaleh bought 4,000 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were acquired at an average cost of $29.41 per share, with a total value of $117,640.00. Following the completion of the transaction, the director owned 4,000 shares in the company, valued at approximately $117,640. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 30.60% of the company’s stock.

Hedge Funds Weigh In On Fresh Del Monte Produce

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wasatch Advisors LP purchased a new stake in Fresh Del Monte Produce during the second quarter worth about $44,011,000. Fisher Asset Management LLC purchased a new position in Fresh Del Monte Produce in the fourth quarter valued at about $21,174,000. Millennium Management LLC boosted its stake in Fresh Del Monte Produce by 1,647.2% in the first quarter. Millennium Management LLC now owns 596,496 shares of the company’s stock valued at $18,390,000 after acquiring an additional 562,356 shares during the last quarter. First Trust Advisors LP grew its position in shares of Fresh Del Monte Produce by 289.6% during the 2nd quarter. First Trust Advisors LP now owns 243,686 shares of the company’s stock valued at $7,900,000 after acquiring an additional 181,145 shares during the period. Finally, Public Sector Pension Investment Board grew its position in shares of Fresh Del Monte Produce by 104.9% during the 4th quarter. Public Sector Pension Investment Board now owns 311,534 shares of the company’s stock valued at $11,100,000 after acquiring an additional 159,490 shares during the period. 64.83% of the stock is owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a leading producer, marketer and distributor of fresh and fresh-cut fruits and vegetables worldwide. The company offers a wide range of products including bananas, pineapples, melons, grapes and avocados, along with value-added items such as fruit salads, vegetable trays and snack packs under the Del Monte® brand.

Founded in 1989 as a spin-off from Del Monte, Fresh Del Monte has developed a global supply chain that spans production farms, ripening facilities and packaging centers across Latin America, North America, Europe, Asia and Africa.