Lake Street Capital Cuts Calavo Growers (NASDAQ:CVGW) Price Target to $35.00

Calavo Growers (NASDAQ:CVGW) had its price objective reduced by Lake Street Capital from $40.00 to $35.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s target price would indicate a potential upside of 55.69% from the stock’s current price.

Calavo Growers Trading Down 7.0 %

CVGW traded down $1.68 during trading on Wednesday, hitting $22.48. The company’s stock had a trading volume of 485,510 shares, compared to its average volume of 239,959. Calavo Growers has a twelve month low of $20.30 and a twelve month high of $31.26. The stock has a market cap of $400.14 million, a PE ratio of -44.96 and a beta of 0.58. The firm’s 50 day moving average price is $26.31 and its 200-day moving average price is $25.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.04 and a quick ratio of 1.77.

Calavo Growers (NASDAQ:CVGW) last released its earnings results on Tuesday, January 14th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.25). Calavo Growers had a negative net margin of 1.21% and a positive return on equity of 6.35%. The business had revenue of $169.96 million during the quarter, compared to analyst estimates of $161.99 million. During the same quarter in the previous year, the company posted ($0.33) earnings per share. The business’s revenue for the quarter was up 19.5% compared to the same quarter last year. On average, analysts expect that Calavo Growers will post 1.31 earnings per share for the current year.

Hedge Funds Weigh In On Calavo Growers

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Nuance Investments LLC raised its holdings in shares of Calavo Growers by 25.1% in the 3rd quarter. Nuance Investments LLC now owns 1,636,969 shares of the company’s stock worth $46,703,000 after purchasing an additional 328,820 shares during the period. American Century Companies Inc. raised its holdings in Calavo Growers by 246.7% in the second quarter. American Century Companies Inc. now owns 261,316 shares of the company’s stock valued at $5,932,000 after buying an additional 185,946 shares during the period. Jane Street Group LLC lifted its position in Calavo Growers by 215.5% during the third quarter. Jane Street Group LLC now owns 262,626 shares of the company’s stock valued at $7,493,000 after buying an additional 179,395 shares in the last quarter. Deprince Race & Zollo Inc. grew its stake in Calavo Growers by 40.7% during the second quarter. Deprince Race & Zollo Inc. now owns 356,319 shares of the company’s stock worth $8,088,000 after buying an additional 103,024 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Calavo Growers by 221.1% in the third quarter. JPMorgan Chase & Co. now owns 123,841 shares of the company’s stock worth $3,533,000 after acquiring an additional 85,272 shares in the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.

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 worldwide. It operates through Grown and Prepared segments. The Grown segment distributes tomatoes and papayas; and procures avocados grown in California, Mexico, Peru, and Colombia.