Dole (NYSE:DOLE) Hits New 52-Week High – What’s Next?

Dole PLC (NYSE:DOLE) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $15.75 and last traded at $15.75, with a volume of 684487 shares. The stock had previously closed at $15.32.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wall Street Zen upgraded Dole from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dole in a research note on Monday, December 29th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Dole presently has an average rating of “Hold” and an average target price of $16.00.

Dole Stock Up 2.8%

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.21 and a quick ratio of 0.90. The company has a fifty day moving average price of $14.76 and a 200 day moving average price of $14.08. The company has a market cap of $1.50 billion, a PE ratio of 105.00, a price-to-earnings-growth ratio of 1.88 and a beta of 0.64.

Dole (NYSE:DOLE) last announced its earnings results on Monday, November 10th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Dole had a net margin of 0.17% and a return on equity of 7.98%. The company had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the prior year, the business earned $0.19 earnings per share. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, analysts anticipate that Dole PLC will post 1.19 EPS for the current year.

Dole Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 6th. Investors of record on Tuesday, December 9th were paid a $0.085 dividend. This represents a $0.34 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, December 9th. Dole’s payout ratio is presently 226.67%.

Dole announced that its board has approved a share buyback plan on Monday, November 10th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Dole

Hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. grew its stake in shares of Dole by 15.8% in the 2nd quarter. American Century Companies Inc. now owns 1,830,254 shares of the company’s stock worth $25,605,000 after buying an additional 249,842 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Dole in the second quarter worth $411,000. Impax Asset Management Group plc increased its holdings in shares of Dole by 7.0% during the second quarter. Impax Asset Management Group plc now owns 1,526,649 shares of the company’s stock valued at $21,358,000 after acquiring an additional 100,338 shares in the last quarter. River Road Asset Management LLC raised its position in shares of Dole by 2.8% in the 2nd quarter. River Road Asset Management LLC now owns 4,073,685 shares of the company’s stock worth $58,009,000 after purchasing an additional 111,081 shares during the last quarter. Finally, Integrated Quantitative Investments LLC boosted its stake in Dole by 53.0% in the 2nd quarter. Integrated Quantitative Investments LLC now owns 63,800 shares of the company’s stock worth $893,000 after purchasing an additional 22,100 shares in the last quarter.

About Dole

Dole plc is a global producer, marketer and distributor of fresh fruits and vegetables. The company’s product range includes bananas, pineapples, berries, grapes, salads and a variety of other fresh and packaged produce, sold under the Dole brand and through private-label arrangements. Dole’s operations span the full fresh-produce value chain, from farming and sourcing to packing, ripening, cold‑chain logistics and wholesale and retail distribution, supporting both retail grocery and foodservice customers.

The company traces its commercial heritage to the early 20th century Hawaiian pineapple business founded by James Dole and has evolved through subsequent corporate restructurings and combinations.