Fresh Del Monte Produce (NYSE:FDP) Announces Quarterly Earnings Results, Beats Expectations By $0.42 EPS

Fresh Del Monte Produce (NYSE:FDP) posted its quarterly earnings results on Wednesday. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.42, FiscalAI reports. The business had revenue of $968.20 million during the quarter, compared to analysts’ expectations of $1.01 billion. Fresh Del Monte Produce had a return on equity of 6.63% and a net margin of 1.84%.Fresh Del Monte Produce’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $0.26 earnings per share.

Fresh Del Monte Produce Stock Performance

Shares of NYSE FDP traded up $2.06 during trading hours on Wednesday, reaching $42.38. 55,962 shares of the stock were exchanged, compared to its average volume of 222,416. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 26.09 and a beta of 0.30. The stock’s fifty day simple moving average is $37.63 and its 200 day simple moving average is $36.28. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.07 and a current ratio of 2.09. Fresh Del Monte Produce has a 52 week low of $26.50 and a 52 week high of $42.90.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FDP. Wall Street Zen downgraded Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fresh Del Monte Produce in a report on Monday, December 29th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Fresh Del Monte Produce presently has an average rating of “Hold”.

Insider Transactions at Fresh Del Monte Produce

In other news, CEO Ghazaleh Mohammad Abu sold 28,558 shares of Fresh Del Monte Produce stock in a transaction on Monday, December 15th. The stock was sold at an average price of $38.42, for a total transaction of $1,097,198.36. Following the completion of the sale, the chief executive officer owned 4,962,224 shares of the company’s stock, valued at approximately $190,648,646.08. This trade represents a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 30.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fresh Del Monte Produce

Several institutional investors and hedge funds have recently modified their holdings of FDP. HighTower Advisors LLC increased its position in Fresh Del Monte Produce by 5.2% during the fourth quarter. HighTower Advisors LLC now owns 9,982 shares of the company’s stock worth $356,000 after acquiring an additional 489 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Fresh Del Monte Produce by 0.7% during the fourth quarter. Russell Investments Group Ltd. now owns 71,447 shares of the company’s stock worth $2,546,000 after purchasing an additional 514 shares during the period. New York State Common Retirement Fund increased its holdings in shares of Fresh Del Monte Produce by 5.2% during the fourth quarter. New York State Common Retirement Fund now owns 11,135 shares of the company’s stock worth $397,000 after purchasing an additional 548 shares during the period. Horizon Investments LLC raised its position in shares of Fresh Del Monte Produce by 3.8% in the third quarter. Horizon Investments LLC now owns 15,834 shares of the company’s stock valued at $545,000 after buying an additional 578 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Fresh Del Monte Produce by 238.1% in the second quarter. Geneos Wealth Management Inc. now owns 1,065 shares of the company’s stock valued at $35,000 after buying an additional 750 shares during the period. 64.83% of the stock is currently owned by institutional investors and hedge funds.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a leading producer, marketer and distributor of fresh and fresh-cut fruits and vegetables worldwide. The company offers a wide range of products including bananas, pineapples, melons, grapes and avocados, along with value-added items such as fruit salads, vegetable trays and snack packs under the Del Monte® brand.

Founded in 1989 as a spin-off from Del Monte, Fresh Del Monte has developed a global supply chain that spans production farms, ripening facilities and packaging centers across Latin America, North America, Europe, Asia and Africa.