Zacks Investment Research Downgrades Fresh Del Monte Produce Inc. (FDP) to Hold
Fresh Del Monte Produce Inc. (NYSE:FDP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 boosted their target price on Fresh Del Monte Produce from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, November 2nd.
Fresh Del Monte Produce (NYSE:FDP) opened at 64.53 on Wednesday. Fresh Del Monte Produce has a one year low of $36.68 and a one year high of $66.26. The company has a 50-day moving average price of $61.22 and a 200-day moving average price of $56.99. The firm has a market cap of $3.34 billion, a PE ratio of 24.00 and a beta of 0.30.
Fresh Del Monte Produce (NYSE:FDP) last announced its earnings results on Tuesday, November 1st. The company reported $1.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.63. Fresh Del Monte Produce had a return on equity of 12.62% and a net margin of 3.47%. The firm had revenue of $950.20 million for the quarter, compared to analysts’ expectations of $950.40 million. During the same quarter in the previous year, the company earned $0.57 earnings per share. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Equities analysts predict that Fresh Del Monte Produce will post $4.15 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Wednesday, November 16th will be issued a $0.15 dividend. The ex-dividend date is Monday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 0.93%. Fresh Del Monte Produce’s dividend payout ratio is currently 22.06%.
In other Fresh Del Monte Produce news, Director Ghazaleh Amir Abu sold 27,516 shares of the company’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $63.58, for a total value of $1,749,467.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Hani El-Naffy sold 141,085 shares of the company’s stock in a transaction on Thursday, November 3rd. The shares were sold at an average price of $59.86, for a total value of $8,445,348.10. Following the completion of the transaction, the director now directly owns 141,085 shares in the company, valued at approximately $8,445,348.10. The disclosure for this sale can be found here. 37.80% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FDP. Numeric Investors LLC purchased a new stake in shares of Fresh Del Monte Produce during the second quarter valued at about $26,134,000. Acadian Asset Management LLC increased 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 valued at $94,432,000 after buying an additional 391,242 shares during the period. LSV Asset Management increased its stake in shares of Fresh Del Monte Produce by 30.1% in the third quarter. LSV Asset Management now owns 1,637,035 shares of the company’s stock valued at $98,058,000 after buying an additional 378,300 shares during the period. Teachers Advisors Inc. increased its stake in shares of Fresh Del Monte Produce by 582.7% in the second quarter. Teachers Advisors Inc. now owns 368,771 shares of the company’s stock valued at $20,072,000 after buying an additional 314,754 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of Fresh Del Monte Produce during the second quarter valued at about $16,050,000. 64.61% of the stock is currently owned by institutional investors.
About Fresh Del Monte Produce
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.
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