Fresh Del Monte Produce (NYSE:FDP) Releases Earnings Results, Beats Expectations By $0.42 EPS

Fresh Del Monte Produce (NYSE:FDP) released its quarterly earnings results on Wednesday. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.42, FiscalAI reports. Fresh Del Monte Produce had a return on equity of 6.63% and a net margin of 1.84%.The company had revenue of $968.20 million for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the firm posted $0.26 earnings per share. Fresh Del Monte Produce’s revenue was up .6% compared to the same quarter last year.

Fresh Del Monte Produce Stock Up 5.1%

FDP traded up $2.06 during trading hours on Wednesday, hitting $42.38. 55,962 shares of the company’s stock were exchanged, compared to its average volume of 222,416. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 26.09 and a beta of 0.30. Fresh Del Monte Produce has a 1-year low of $26.50 and a 1-year high of $42.90. The stock’s 50-day moving average is $37.63 and its two-hundred day moving average is $36.28. The company has a quick ratio of 1.07, a current ratio of 2.09 and a debt-to-equity ratio of 0.09.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wall Street Zen downgraded shares of Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings restated a “hold (c+)” rating on shares of Fresh Del Monte Produce in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, Fresh Del Monte Produce currently has a consensus rating of “Hold”.

Insider Transactions at Fresh Del Monte Produce

In other news, CEO Ghazaleh Mohammad Abu sold 28,558 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $38.42, for a total transaction of $1,097,198.36. Following the completion of the transaction, the chief executive officer directly owned 4,962,224 shares in the company, valued at $190,648,646.08. This represents a 0.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 30.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Wasatch Advisors LP increased its position in shares of Fresh Del Monte Produce by 41.1% during the 3rd quarter. Wasatch Advisors LP now owns 1,915,156 shares of the company’s stock worth $66,494,000 after purchasing an additional 557,638 shares during the last quarter. State Street Corp grew its stake in shares of Fresh Del Monte Produce by 0.7% in the fourth quarter. State Street Corp now owns 1,336,786 shares of the company’s stock valued at $47,630,000 after buying an additional 9,933 shares in the last quarter. Invesco Ltd. increased its holdings in Fresh Del Monte Produce by 19.2% during the third quarter. Invesco Ltd. now owns 931,653 shares of the company’s stock worth $32,347,000 after buying an additional 150,092 shares during the last quarter. Millennium Management LLC raised its position in Fresh Del Monte Produce by 1,647.2% during the first 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 in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Fresh Del Monte Produce by 17.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 402,173 shares of the company’s stock valued at $14,329,000 after acquiring an additional 58,385 shares during the last quarter. 64.83% of the stock is owned by institutional investors and hedge funds.

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.