Mission Produce (NASDAQ:AVO) Announces Earnings Results, Misses Expectations By $0.07 EPS

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

Mission Produce Price Performance

Shares of NASDAQ AVO opened at $8.77 on Wednesday. Mission Produce has a 52 week low of $8.55 and a 52 week high of $16.96. The company has a quick ratio of 1.36, a current ratio of 2.28 and a debt-to-equity ratio of 0.37. The firm has a market cap of $620.83 million, a P/E ratio of -16.87, a P/E/G ratio of 0.77 and a beta of 0.54. The business’s 50 day moving average price is $10.82 and its 200 day moving average price is $11.32.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, Director Luis A. Gonzalez sold 100,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $12.00, for a total transaction of $1,200,000.00. Following the sale, the director now directly owns 8,305,160 shares of the company’s stock, valued at $99,661,920. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Luis A. Gonzalez sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $12.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the director now directly owns 8,305,160 shares of the company’s stock, valued at approximately $99,661,920. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Luis A. Gonzalez sold 20,000 shares of Mission Produce stock in a transaction on 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 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 a total of 122,000 shares of company stock valued at $1,467,040 over the last 90 days. Insiders own 41.79% of the company’s stock.

Institutional Investors Weigh In On Mission Produce

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in Mission Produce by 19.3% in the second quarter. BlackRock Inc. now owns 3,294,820 shares of the company’s stock valued at $39,933,000 after purchasing an additional 533,364 shares during the period. Lido Advisors LLC acquired a new position in Mission Produce during the 2nd quarter worth about $4,848,000. Nuance Investments LLC boosted its holdings in Mission Produce by 12.8% during the 1st quarter. Nuance Investments LLC now owns 3,372,274 shares of the company’s stock valued at $37,466,000 after acquiring an additional 381,762 shares during the period. Vanguard Group Inc. grew its position in Mission Produce by 19.2% in the 3rd quarter. Vanguard Group Inc. now owns 2,286,840 shares of the company’s stock valued at $33,068,000 after acquiring an additional 368,338 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Mission Produce by 136.5% during the second quarter. Bank of New York Mellon Corp now owns 373,032 shares of the company’s stock worth $4,521,000 after purchasing an additional 215,278 shares during the period. Institutional investors and hedge funds own 27.88% of the company’s stock.

About Mission Produce

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.