Mission Produce (NASDAQ:AVO) Announces Earnings Results, Beats Expectations By $0.05 EPS

Mission Produce (NASDAQ:AVO – Get Rating) announced its earnings results on Wednesday. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05, Briefing.com reports. The business had revenue of $278.10 million for the quarter, compared to the consensus estimate of $278.85 million. Mission Produce had a net margin of 2.48% and a return on equity of 4.93%. Mission Produce’s quarterly revenue was up 18.5% on a year-over-year basis. During the same period last year, the firm posted $0.12 earnings per share.

Shares of AVO traded down $0.23 during trading hours on Friday, hitting $14.45. The company had a trading volume of 1,433 shares, compared to its average volume of 148,957. The firm has a fifty day moving average price of $13.08 and a 200-day moving average price of $14.11. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.45 and a current ratio of 2.13. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 43.18, a P/E/G ratio of 2.82 and a beta of 0.37. Mission Produce has a 52-week low of $11.04 and a 52-week high of $22.93.

AVO has been the topic of several research reports. Citigroup raised shares of Mission Produce from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $20.00 to $18.00 in a research note on Thursday, April 7th. Stephens lifted their price target on shares of Mission Produce to $17.00 in a research note on Thursday. Finally, Zacks Investment Research downgraded shares of Mission Produce from a “hold” rating to a “strong sell” rating in a research note on Wednesday.

Several institutional investors and hedge funds have recently bought and sold shares of AVO. Royal Bank of Canada raised its position in Mission Produce by 49.2% in the 2nd quarter. Royal Bank of Canada now owns 5,694 shares of the company’s stock worth $118,000 after buying an additional 1,877 shares during the last quarter. Invesco Ltd. bought a new stake in shares of Mission Produce during the 2nd quarter valued at about $278,000. Morgan Stanley grew its stake in shares of Mission Produce by 256.5% during the 2nd quarter. Morgan Stanley now owns 182,325 shares of the company’s stock valued at $3,775,000 after purchasing an additional 131,185 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Mission Produce by 28.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 139,398 shares of the company’s stock valued at $2,562,000 after purchasing an additional 30,817 shares during the period. Finally, Citigroup Inc. grew its stake in shares of Mission Produce by 103.5% during the 4th quarter. Citigroup Inc. now owns 9,711 shares of the company’s stock valued at $152,000 after purchasing an additional 4,938 shares during the period. 37.30% of the stock is owned by hedge funds and other institutional investors.

About Mission Produce (Get Rating)

Mission Produce, Inc engages in sourcing, producing, packaging, and distributing avocados in the United States and internationally. The company operates through two segments, Marketing and Distribution, and International Farming. It also provides value-added services, including ripening, bagging, custom packing, and logistical management.

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