Fresh Del Monte Produce (NYSE:DMC) Reaches New 12-Month Low – Here’s Why

Fresh Del Monte Produce Inc (NYSE:DMC) reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $26.19 and last traded at $26.3250, with a volume of 193,484 shares traded. The stock had previously closed at $27.35.

Wall Street Analyst Weigh In

DMC has been the subject of a number of analyst reports. Weiss Ratings downgraded shares of Fresh Del Monte Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday. Wall Street Zen lowered shares of Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research note on Saturday. One analyst has rated the stock with a Hold rating. According to MarketBeat, Fresh Del Monte Produce presently has a consensus rating of “Hold”.

Fresh Del Monte Produce Price Performance

The company has a market capitalization of $1.27 billion, a PE ratio of 15.79 and a beta of 0.25. The business has a 50-day simple moving average of $30.52. The company has a quick ratio of 0.93, a current ratio of 2.30 and a debt-to-equity ratio of 0.24.

Fresh Del Monte Produce (NYSE:DMC) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.04. The company had revenue of $1.10 billion for the quarter. Fresh Del Monte Produce had a net margin of 1.86% and a return on equity of 5.96%. Fresh Del Monte Produce’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.69 earnings per share.

Fresh Del Monte Produce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Wednesday, November 11th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $1.20 dividend on an annualized basis and a yield of 4.4%. Fresh Del Monte Produce’s dividend payout ratio is 70.18%.

Insiders Place Their Bets

In related news, COO Mohammed Abbas purchased 12,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were purchased at an average cost of $29.89 per share, with a total value of $358,680.00. Following the acquisition, the chief operating officer directly owned 71,930 shares in the company, valued at $2,149,987.70. The trade was a 20.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 30.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fresh Del Monte Produce

Several institutional investors and hedge funds have recently made changes to their positions in the company. Outfitters Financial LLC increased its stake in shares of Fresh Del Monte Produce by 1.2% during the third quarter. Outfitters Financial LLC now owns 33,070 shares of the company’s stock worth $991,000 after purchasing an additional 400 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Fresh Del Monte Produce in the 2nd quarter valued at $26,000. Fortitude Family Office LLC bought a new stake in Fresh Del Monte Produce in the 3rd quarter valued at $61,000. Farther Finance Advisors LLC acquired a new position in Fresh Del Monte Produce in the 3rd quarter valued at $84,000. Finally, Signaturefd LLC increased its position in Fresh Del Monte Produce by 212.0% during the 3rd quarter. Signaturefd LLC now owns 4,374 shares of the company’s stock worth $131,000 after buying an additional 2,972 shares during the period. Institutional investors and hedge funds own 64.83% of the company’s stock.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc is a vertically integrated producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, berries, grapes, tomatoes and other fresh produce, along with prepared fruit, vegetables, juices and snacks sold under the Del Monte brand and other labels.

The company manages activities across the produce supply chain, including cultivation, sourcing, harvesting, processing, packaging, transportation and distribution.