Mission Produce (NASDAQ:AVO) Announces Quarterly Earnings Results

Mission Produce (NASDAQ:AVO) posted its quarterly earnings data on Monday. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.07), MarketWatch Earnings reports. The firm had revenue of $261.40 million for the quarter, compared to analysts’ expectations of $241.97 million. Mission Produce had a positive return on equity of 3.82% and a negative net margin of 3.75%. Mission Produce’s revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 earnings per share.

Mission Produce Stock Performance

Shares of Mission Produce stock opened at $8.77 on Wednesday. The firm has a market capitalization of $620.83 million, a P/E ratio of -16.87, a price-to-earnings-growth ratio of 0.77 and a beta of 0.54. The company has a current ratio of 2.28, a quick ratio of 1.36 and a debt-to-equity ratio of 0.37. The business’s fifty day simple moving average is $10.82 and its 200 day simple moving average is $11.32. Mission Produce has a 12 month low of $8.55 and a 12 month high of $16.96.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. cut their price target on shares of Mission Produce from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday.

Insider Buying and Selling at Mission Produce

In related news, Director Luis A. Gonzalez sold 20,000 shares of the firm’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $12.16, for a total transaction of $243,200.00. Following the completion of the sale, the director now owns 345,000 shares in the company, valued at $4,195,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Mission Produce news, Director Luis A. Gonzalez sold 100,000 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $12.00, for a total value of $1,200,000.00. Following the sale, the director now directly owns 8,305,160 shares in the company, valued at $99,661,920. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Luis A. Gonzalez sold 20,000 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $12.16, for a total value of $243,200.00. Following the transaction, the director now directly owns 345,000 shares in the company, valued at approximately $4,195,200. The disclosure for this sale can be found here. Insiders sold 122,000 shares of company stock worth $1,467,040 in the last quarter. 41.79% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mission Produce

Large investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its stake in shares of Mission Produce by 2.5% during the 2nd quarter. California State Teachers Retirement System now owns 53,459 shares of the company’s stock valued at $648,000 after buying an additional 1,311 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Mission Produce by 8.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 166,907 shares of the company’s stock valued at $2,023,000 after acquiring an additional 13,269 shares during the period. Alliancebernstein L.P. lifted its position in shares of Mission Produce by 38.1% during the second quarter. Alliancebernstein L.P. now owns 22,790 shares of the company’s stock worth $276,000 after acquiring an additional 6,290 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Mission Produce by 46.3% in the second quarter. Wells Fargo & Company MN now owns 34,194 shares of the company’s stock worth $414,000 after acquiring an additional 10,827 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of Mission Produce by 20.3% in the second quarter. Goldman Sachs Group Inc. now owns 312,222 shares of the company’s stock valued at $3,784,000 after purchasing an additional 52,683 shares in the last quarter. Hedge funds and other institutional investors own 27.88% of the company’s stock.

Mission Produce Company Profile

Mission Produce, Inc engages in the sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries to food retailers, distributors, and foodservice customers in the United States and internationally. The company operates through three segments, Marketing and Distribution; International Farming; and Blueberries.