GABELLI & Co INVESTMENT ADVISERS INC. Invests $1.18 Million in Mission Produce, Inc. $AVO

GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in Mission Produce, Inc. (NASDAQ:AVO) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 86,000 shares of the company’s stock, valued at approximately $1,183,000.

Other large investors have also modified their holdings of the company. Inspire Investing LLC raised its stake in Mission Produce by 312.3% during the first quarter. Inspire Investing LLC now owns 167,220 shares of the company’s stock valued at $2,301,000 after buying an additional 126,658 shares in the last quarter. Capula Management Ltd acquired a new position in shares of Mission Produce in the 1st quarter worth approximately $3,550,000. Platform Wealth Management LLC acquired a new position in shares of Mission Produce in the 4th quarter worth approximately $12,130,000. Fourth Sail Capital LP bought a new stake in shares of Mission Produce in the 4th quarter valued at approximately $725,000. Finally, OP Asset Management Ltd bought a new stake in shares of Mission Produce in the 1st quarter valued at approximately $1,404,000. Institutional investors own 63.57% of the company’s stock.

Insider Buying and Selling

In related news, CFO Bryan E. Giles sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $12.13, for a total transaction of $60,650.00. Following the completion of the transaction, the chief financial officer owned 146,931 shares in the company, valued at $1,782,273.03. The trade was a 3.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jay A. Pack acquired 40,000 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were bought at an average price of $12.10 per share, with a total value of $484,000.00. Following the completion of the purchase, the director owned 579,965 shares in the company, valued at $7,017,576.50. The trade was a 7.41% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 3,352,161 shares of company stock valued at $42,458,664 over the last quarter. Company insiders own 30.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on AVO shares. Wall Street Zen cut Mission Produce from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings lowered shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, June 9th. Finally, UBS Group set a $16.00 target price on shares of Mission Produce in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.67.

Mission Produce Stock Performance

Shares of AVO stock opened at $12.42 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22. The business has a 50 day moving average of $12.02 and a two-hundred day moving average of $12.98. Mission Produce, Inc. has a 52 week low of $10.07 and a 52 week high of $15.53. The company has a market cap of $1.10 billion, a P/E ratio of 38.81 and a beta of 0.49.

Mission Produce announced that its board has initiated a share repurchase plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Mission Produce Company Profile

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.