Fresh Del Monte Produce (NYSE:FDP) Shares Gap Down After Earnings Miss

Fresh Del Monte Produce Inc. (NYSE:FDP) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $26.03, but opened at $25.28. Fresh Del Monte Produce shares last traded at $24.20, with a volume of 73,934 shares trading hands.

The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.26). The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.15 billion. Fresh Del Monte Produce had a negative net margin of 0.56% and a positive return on equity of 4.55%. Fresh Del Monte Produce’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.55 EPS.

Fresh Del Monte Produce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Thursday, May 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Wednesday, May 15th. Fresh Del Monte Produce’s dividend payout ratio is -196.07%.

Analyst Upgrades and Downgrades

Separately, TheStreet downgraded Fresh Del Monte Produce from a “b-” rating to a “c” rating in a report on Monday, February 26th.

Insider Activity

In related news, CFO Monica Vicente sold 1,083 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $24.35, for a total value of $26,371.05. Following the completion of the transaction, the chief financial officer now owns 5,266 shares of the company’s stock, valued at approximately $128,227.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Monica Vicente sold 1,083 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $24.35, for a total value of $26,371.05. Following the completion of the sale, the chief financial officer now owns 5,266 shares in the company, valued at $128,227.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Mohammed Abbas sold 3,222 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $24.35, for a total value of $78,455.70. Following the completion of the sale, the chief operating officer now directly owns 29,945 shares of the company’s stock, valued at approximately $729,160.75. The disclosure for this sale can be found here. Insiders have sold 10,569 shares of company stock worth $258,509 over the last 90 days. 29.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fresh Del Monte Produce

A number of large investors have recently made changes to their positions in the business. Exchange Traded Concepts LLC boosted its holdings in shares of Fresh Del Monte Produce by 0.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 48,588 shares of the company’s stock worth $1,275,000 after purchasing an additional 386 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Fresh Del Monte Produce by 4.2% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 9,988 shares of the company’s stock valued at $258,000 after buying an additional 400 shares during the period. SummerHaven Investment Management LLC grew its holdings in shares of Fresh Del Monte Produce by 1.6% during the 4th quarter. SummerHaven Investment Management LLC now owns 28,467 shares of the company’s stock valued at $747,000 after acquiring an additional 437 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in shares of Fresh Del Monte Produce by 3.7% in the third quarter. Maryland State Retirement & Pension System now owns 12,407 shares of the company’s stock worth $321,000 after acquiring an additional 439 shares during the last quarter. Finally, Summit Global Investments raised its holdings in shares of Fresh Del Monte Produce by 1.4% during the fourth quarter. Summit Global Investments now owns 32,670 shares of the company’s stock worth $858,000 after acquiring an additional 463 shares in the last quarter. Institutional investors and hedge funds own 64.83% of the company’s stock.

Fresh Del Monte Produce Stock Down 5.8 %

The company has a debt-to-equity ratio of 0.21, a current ratio of 2.12 and a quick ratio of 1.01. The business has a 50 day simple moving average of $25.08 and a 200 day simple moving average of $24.80. The stock has a market cap of $1.17 billion, a PE ratio of -48.08 and a beta of 0.54.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.