Zacks Investment Research cut shares of Fresh Del Monte Produce Inc. (NYSE:FDP) from a strong-buy rating to a hold rating in a research note published on Tuesday morning.

According to Zacks, “Fresh Del Monte Produce Inc. is a world leader in the production, distribution and marketing of fresh produce. The products are marketed throughout the world under the DEL MONTE brand name and is a widely recognized symbol of product quality and reliability. The major products are bananas, pineapples, deciduous fruit and melons. The deciduous fruit the company sells includes primarily grapes, plums, nectarines, peaches, apricots, cherries, apples, pears and citrus. “

Separately, Wunderlich increased their target price on Fresh Del Monte Produce from $60.00 to $70.00 and gave the stock a buy rating in a report on Wednesday, August 3rd.

Fresh Del Monte Produce (NYSE:FDP) opened at 59.64 on Tuesday. The stock has a 50 day moving average price of $58.98 and a 200 day moving average price of $53.47. The stock has a market cap of $3.06 billion, a PE ratio of 23.53 and a beta of 0.38. Fresh Del Monte Produce has a 52 week low of $36.68 and a 52 week high of $60.85.

Fresh Del Monte Produce (NYSE:FDP) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.51. The firm earned $1.09 billion during the quarter, compared to the consensus estimate of $1.16 billion. Fresh Del Monte Produce had a return on equity of 10.88% and a net margin of 3.32%. Fresh Del Monte Produce’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.18 earnings per share. On average, equities analysts predict that Fresh Del Monte Produce will post $4.22 earnings per share for the current year.

In other news, insider Hani El-Naffy sold 55,502 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $60.01, for a total transaction of $3,330,675.02. Following the sale, the insider now directly owns 21,964 shares in the company, valued at approximately $1,318,059.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bruce Alan Jordan sold 1,084 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $56.53, for a total value of $61,278.52. Following the sale, the senior vice president now owns 2,022 shares in the company, valued at $114,303.66. The disclosure for this sale can be found here. Insiders own 37.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC boosted its stake in shares of Fresh Del Monte Produce by 29.1% in the second quarter. Acadian Asset Management LLC now owns 1,734,930 shares of the company’s stock worth $94,432,000 after buying an additional 391,242 shares during the last quarter. Regentatlantic Capital LLC bought a new stake in shares of Fresh Del Monte Produce during the second quarter worth $252,000. Nisa Investment Advisors LLC boosted its stake in shares of Fresh Del Monte Produce by 269.6% in the second quarter. Nisa Investment Advisors LLC now owns 8,500 shares of the company’s stock worth $463,000 after buying an additional 6,200 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Fresh Del Monte Produce by 111.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,641 shares of the company’s stock worth $198,000 after buying an additional 1,920 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Fresh Del Monte Produce by 153.6% in the first quarter. Royal Bank of Canada now owns 16,892 shares of the company’s stock worth $712,000 after buying an additional 10,231 shares during the last quarter. Institutional investors and hedge funds own 63.33% of the company’s stock.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a holding company. Through its subsidiaries, the Company is engaged in sourcing, transportation and marketing of fresh and fresh-cut fruit and vegetables together with prepared food products in Europe, Africa and the Middle East. The Company’s operations are aggregated into business segments on the basis of its products: bananas, other fresh produce and prepared food.

5 Day Chart for NYSE:FDP

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