Stephens Upgrades Calavo Growers Inc. (CVGW) to “Overweight”
Calavo Growers Inc. (NASDAQ:CVGW) was upgraded by analysts at Stephens from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Friday.
Several other analysts have also recently weighed in on CVGW. Zacks Investment Research upgraded shares of Calavo Growers from a “hold” rating to a “buy” rating and set a $73.00 price target on the stock in a report on Tuesday, October 4th. Lake Street Capital boosted their target price on shares of Calavo Growers from $68.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, September 8th. Finally, DA Davidson boosted their target price on shares of Calavo Growers from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, September 8th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Calavo Growers presently has a consensus rating of “Buy” and a consensus target price of $67.43.
Calavo Growers (NASDAQ:CVGW) opened at 61.30 on Friday. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 31.75 and a beta of 0.56. Calavo Growers has a 52 week low of $46.56 and a 52 week high of $71.48. The company’s 50-day moving average is $63.06 and its 200 day moving average is $62.74.
Calavo Growers (NASDAQ:CVGW) last posted its quarterly earnings results on Wednesday, September 7th. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.59 by $0.14. The firm had revenue of $263.15 million for the quarter, compared to the consensus estimate of $243.80 million. Calavo Growers had a net margin of 3.75% and a return on equity of 16.80%. The business’s revenue was up 13.2% compared to the same quarter last year. During the same period last year, the firm posted $0.54 earnings per share. On average, analysts forecast that Calavo Growers will post $2.11 EPS for the current fiscal year.
The company also recently announced an annual dividend, which will be paid on Thursday, December 8th. Stockholders of record on Thursday, November 17th will be given a dividend of $0.90 per share. This is an increase from Calavo Growers’s previous annual dividend of $0.80. This represents a dividend yield of 1.36%. The ex-dividend date of this dividend is Tuesday, November 15th. Calavo Growers’s dividend payout ratio is currently 41.24%.
In related news, insider Kenneth J. Catchot sold 35,647 shares of the stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $69.42, for a total transaction of $2,474,614.74. Following the sale, the insider now owns 441,472 shares in the company, valued at approximately $30,646,986.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Marc Laurence Brown sold 1,000 shares of the stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $68.86, for a total value of $68,860.00. Following the sale, the director now owns 9,250 shares in the company, valued at approximately $636,955. The disclosure for this sale can be found here. Insiders own 10.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CVGW. Prudential Financial Inc. raised its stake in Calavo Growers by 8.0% in the first quarter. Prudential Financial Inc. now owns 37,586 shares of the company’s stock valued at $2,145,000 after buying an additional 2,800 shares during the last quarter. BlackRock Group LTD raised its position in shares of Calavo Growers by 3.2% in the first quarter. BlackRock Group LTD now owns 34,942 shares of the company’s stock valued at $1,994,000 after buying an additional 1,097 shares in the last quarter. LPL Financial LLC raised its position in shares of Calavo Growers by 43.8% in the first quarter. LPL Financial LLC now owns 15,730 shares of the company’s stock valued at $898,000 after buying an additional 4,792 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Calavo Growers by 111.0% in the second quarter. BNP Paribas Arbitrage SA now owns 4,649 shares of the company’s stock valued at $311,000 after buying an additional 2,446 shares in the last quarter. Finally, Capstone Asset Management Co. raised its position in shares of Calavo Growers by 13.7% in the second quarter. Capstone Asset Management Co. now owns 6,573 shares of the company’s stock valued at $440,000 after buying an additional 790 shares in the last quarter. Institutional investors own 63.28% of the company’s stock.
About Calavo Growers
Calavo Growers, Inc (Calavo) is a provider of fresh food. The Company is engaged in the marketing and distribution of avocados, prepared avocados and other perishable foods. It also delivers an array of fresh and prepared food products to food distributors, produce wholesalers, supermarkets, convenience stores and restaurants.
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