First Trust Advisors LP purchased a new stake in Calavo Growers, Inc. (NASDAQ:CVGW) during the third quarter, HoldingsChannel reports. The institutional investor purchased 4,066 shares of the company’s stock, valued at approximately $387,000.
Several other hedge funds have also recently bought and sold shares of CVGW. US Bancorp DE raised its position in Calavo Growers by 2.6% in the 2nd quarter. US Bancorp DE now owns 6,927 shares of the company’s stock valued at $671,000 after buying an additional 173 shares during the last quarter. Arizona State Retirement System lifted its stake in Calavo Growers by 0.7% in the 2nd quarter. Arizona State Retirement System now owns 24,298 shares of the company’s stock valued at $2,351,000 after acquiring an additional 178 shares in the last quarter. Brinker Capital Inc. boosted its position in Calavo Growers by 4.6% during the 3rd quarter. Brinker Capital Inc. now owns 4,178 shares of the company’s stock worth $398,000 after acquiring an additional 184 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Calavo Growers by 3.4% during the 3rd quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock worth $571,000 after acquiring an additional 200 shares during the last quarter. Finally, Comerica Bank boosted its position in Calavo Growers by 1.3% during the 3rd quarter. Comerica Bank now owns 16,674 shares of the company’s stock worth $1,512,000 after acquiring an additional 221 shares during the last quarter. 92.09% of the stock is owned by institutional investors.
In other news, Director Marc Laurence Brown sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $94.47, for a total transaction of $94,470.00. Following the sale, the director now owns 11,000 shares in the company, valued at approximately $1,039,170. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 7.30% of the stock is owned by insiders.
Calavo Growers (NASDAQ:CVGW) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.91 EPS for the quarter, meeting the consensus estimate of $0.91. The firm had revenue of $359.30 million during the quarter, compared to analysts’ expectations of $327.83 million. Calavo Growers had a return on equity of 17.89% and a net margin of 2.54%. The business’s quarterly revenue was up 21.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.86 earnings per share. As a group, equities analysts predict that Calavo Growers, Inc. will post 3.01 earnings per share for the current fiscal year.
The business also recently declared an annual dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $1.10 per share. This is a positive change from Calavo Growers’s previous annual dividend of $1.00. The ex-dividend date of this dividend is Thursday, November 14th. This represents a dividend yield of 1.18%. Calavo Growers’s payout ratio is 44.18%.
A number of analysts have recently commented on the stock. Zacks Investment Research raised shares of Calavo Growers from a “sell” rating to a “hold” rating in a research report on Tuesday. BidaskClub downgraded shares of Calavo Growers from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $96.50.
About Calavo Growers
Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers. It operates in three segments: Fresh Products, Calavo Foods, and RFG. The Fresh products segment distributes avocados and other fresh produce products; and procures avocados grown in California, Mexico, and Peru, as well as various other commodities, including tomatoes and papayas.
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