Fresh Del Monte Produce (NYSE:FDP) Reaches New 1-Year High – Still a Buy?

Fresh Del Monte Produce, Inc. (NYSE:FDP) hit a new 52-week high during trading on Monday . The company traded as high as $42.98 and last traded at $41.7170, with a volume of 405758 shares traded. The stock had previously closed at $42.35.

Analysts Set New Price Targets

Several research firms recently issued reports on FDP. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fresh Del Monte Produce in a research note on Monday, December 29th. Wall Street Zen raised shares of Fresh Del Monte Produce from a “hold” rating to a “buy” rating in a report on Saturday. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Fresh Del Monte Produce has an average rating of “Hold”.

Fresh Del Monte Produce Stock Down 0.9%

The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 21.87 and a beta of 0.30. The business has a fifty day simple moving average of $37.90 and a 200 day simple moving average of $36.41. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.16 and a quick ratio of 1.06.

Fresh Del Monte Produce (NYSE:FDP) last released its earnings results on Wednesday, February 18th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.42. Fresh Del Monte Produce had a net margin of 2.10% and a return on equity of 7.63%. The business had revenue of $968.20 million for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the company posted $0.26 EPS. The business’s revenue was up .6% on a year-over-year basis.

Fresh Del Monte Produce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Wednesday, March 4th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.20 annualized dividend and a yield of 2.9%. Fresh Del Monte Produce’s dividend payout ratio (DPR) is 63.83%.

Insider Buying and Selling

In other news, CEO Ghazaleh Mohammad Abu sold 28,558 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $38.42, for a total value of $1,097,198.36. Following the transaction, the chief executive officer owned 4,962,224 shares of the company’s stock, valued at $190,648,646.08. This represents a 0.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 30.10% of the stock is owned by corporate insiders.

Institutional Trading of Fresh Del Monte Produce

Several institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Fresh Del Monte Produce by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,090 shares of the company’s stock valued at $619,000 after buying an additional 879 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Fresh Del Monte Produce by 1,647.2% in the 1st quarter. Millennium Management LLC now owns 596,496 shares of the company’s stock worth $18,390,000 after acquiring an additional 562,356 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Fresh Del Monte Produce by 10.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 94,910 shares of the company’s stock worth $2,926,000 after buying an additional 9,202 shares during the period. Jane Street Group LLC lifted its stake in Fresh Del Monte Produce by 2,889.0% during the 1st quarter. Jane Street Group LLC now owns 122,716 shares of the company’s stock worth $3,783,000 after acquiring an additional 127,116 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Fresh Del Monte Produce during the 2nd quarter valued at about $1,663,000. 64.83% of the stock is currently 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.