Fresh Del Monte Produce (NYSE:FDP) Hits New 12-Month High Following Earnings Beat

Fresh Del Monte Produce Inc. (NYSE:FDP)’s share price reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $33.61 and last traded at $33.06, with a volume of 82153 shares trading hands. The stock had previously closed at $29.09.

The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.30. Fresh Del Monte Produce had a positive return on equity of 4.87% and a negative net margin of 0.43%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $989.45 million. During the same period last year, the company earned $0.35 EPS. The firm’s revenue was up 1.6% on a year-over-year basis.

Fresh Del Monte Produce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Thursday, November 14th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, November 14th. This represents a $1.00 annualized dividend and a dividend yield of 3.16%. Fresh Del Monte Produce’s payout ratio is currently -263.16%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Fresh Del Monte Produce from a “hold” rating to a “buy” rating in a research report on Monday, August 5th.

Insider Transactions at Fresh Del Monte Produce

In related news, Director Mary Ann Cloyd sold 1,689 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $27.20, for a total transaction of $45,940.80. Following the sale, the director now owns 22,188 shares of the company’s stock, valued at approximately $603,513.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Fresh Del Monte Produce news, VP Reyes Jorge Pelaez sold 5,417 shares of Fresh Del Monte Produce stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $27.75, for a total value of $150,321.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Ann Cloyd sold 1,689 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $27.20, for a total transaction of $45,940.80. Following the sale, the director now directly owns 22,188 shares of the company’s stock, valued at $603,513.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,915 shares of company stock valued at $301,603 over the last three months. 30.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

Several institutional investors have recently added to or reduced their stakes in FDP. American Century Companies Inc. raised its stake in shares of Fresh Del Monte Produce by 29.8% in the 2nd quarter. American Century Companies Inc. now owns 681,344 shares of the company’s stock valued at $14,887,000 after purchasing an additional 156,344 shares during the period. Vanguard Group Inc. raised its position in Fresh Del Monte Produce by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 4,600,314 shares of the company’s stock valued at $119,194,000 after buying an additional 143,363 shares during the last quarter. Millennium Management LLC raised its position in Fresh Del Monte Produce by 17.5% in the 2nd quarter. Millennium Management LLC now owns 636,423 shares of the company’s stock valued at $13,906,000 after buying an additional 94,854 shares during the last quarter. LSV Asset Management lifted its stake in Fresh Del Monte Produce by 31.4% in the 2nd quarter. LSV Asset Management now owns 370,095 shares of the company’s stock valued at $8,087,000 after acquiring an additional 88,498 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in Fresh Del Monte Produce during the 1st quarter worth approximately $1,749,000. 64.83% of the stock is owned by institutional investors.

Fresh Del Monte Produce Stock Down 1.3 %

The company has a current ratio of 2.08, a quick ratio of 1.07 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.52 billion, a P/E ratio of -83.39 and a beta of 0.41. The firm’s 50 day moving average price is $29.25 and its two-hundred day moving average price is $25.91.

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.