Mission Produce, Inc. (NASDAQ:AVO) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Mission Produce, Inc. (NASDAQ:AVO) have been assigned an average rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $16.6667.

A number of equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Mission Produce from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. UBS Group set a $16.00 price target on shares of Mission Produce in a research note on Wednesday, June 10th. Finally, Weiss Ratings cut Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, June 9th.

Mission Produce Stock Up 0.2%

Shares of AVO opened at $13.24 on Friday. The company’s 50-day simple moving average is $12.61 and its 200-day simple moving average is $13.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91. Mission Produce has a 1 year low of $10.07 and a 1 year high of $15.53. The stock has a market capitalization of $1.17 billion, a PE ratio of 41.38 and a beta of 0.49.

Mission Produce announced that its Board of Directors has authorized a stock buyback program on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 13.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Jay A. Pack purchased 40,000 shares of Mission Produce stock in a transaction 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 transaction, the director directly owned 579,965 shares of the company’s stock, valued at approximately $7,017,576.50. This trade represents a 7.41% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Bryan E. Giles sold 5,000 shares of Mission Produce stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $12.13, for a total value of $60,650.00. Following the completion of the transaction, the chief financial officer owned 146,931 shares of the company’s stock, valued at $1,782,273.03. The trade was a 3.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders purchased 3,352,161 shares of company stock worth $42,458,664 over the last 90 days. 30.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mission Produce

A number of institutional investors and hedge funds have recently modified their holdings of the company. Dean Capital Management acquired a new position in Mission Produce in the 1st quarter valued at $2,058,000. Russell Investments Group Ltd. lifted its stake in shares of Mission Produce by 251.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 269,286 shares of the company’s stock worth $3,175,000 after acquiring an additional 192,741 shares during the period. Rubric Capital Management LP acquired a new position in shares of Mission Produce during the first quarter worth about $23,756,000. Inspire Investing LLC raised its holdings in Mission Produce by 312.3% during the first quarter. Inspire Investing LLC now owns 167,220 shares of the company’s stock worth $2,301,000 after purchasing an additional 126,658 shares in the last quarter. Finally, Fourth Sail Capital LP raised its holdings in Mission Produce by 258.5% during the second quarter. Fourth Sail Capital LP now owns 3,976,272 shares of the company’s stock worth $46,880,000 after purchasing an additional 2,867,072 shares in the last quarter. Institutional investors and hedge funds own 63.57% of the company’s stock.

About Mission Produce

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.