Calavo Growers Inc. (NASDAQ:CVGW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $73.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.50% from the company’s current price.
According to Zacks, “Calavo Growers, Inc. engages in the procurement and marketing of avocados and other perishable foods and the preparation and distribution of processed avocado products. Their expertise in marketing and distributing avocado, processed avocado, and other perishable foods allows them to deliver a wide array of fresh and processed food products to food distributors, produce wholesalers, supermarkets, and restaurants on a worldwide basis. “
A number of other research firms have also commented on CVGW. DA Davidson lifted their price objective on Calavo Growers from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, September 8th. Stephens lowered Calavo Growers from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, August 9th. Lake Street Capital lifted their price objective on Calavo Growers from $68.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, September 8th. Finally, Wunderlich initiated coverage on Calavo Growers in a research note on Wednesday, June 22nd. They issued a “buy” rating and a $75.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Calavo Growers presently has a consensus rating of “Buy” and a consensus target price of $65.94.
Calavo Growers (NASDAQ:CVGW) traded down 1.10% during trading on Tuesday, reaching $64.89. The company’s stock had a trading volume of 88,484 shares. Calavo Growers has a 12 month low of $44.46 and a 12 month high of $71.48. The stock has a market cap of $1.13 billion, a PE ratio of 33.60 and a beta of 0.54. The company’s 50-day moving average is $64.26 and its 200-day moving average is $61.69.
Calavo Growers (NASDAQ:CVGW) last posted its quarterly earnings data on Wednesday, September 7th. The company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.14. The company had revenue of $263.15 million for the quarter, compared to analyst estimates of $243.80 million. Calavo Growers had a return on equity of 16.80% and a net margin of 3.75%. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share. Equities analysts expect that Calavo Growers will post $2.11 EPS for the current fiscal year.
The company also recently disclosed an annual dividend, which will be paid on Thursday, December 8th. Stockholders of record on Thursday, November 17th will be issued a dividend of $0.90 per share. This is an increase from Calavo Growers’s previous annual dividend of $0.80. The ex-dividend date is Tuesday, November 15th. This represents a dividend yield of 1.36%. Calavo Growers’s payout ratio is currently 41.24%.
In other news, insider Kenneth J. Catchot sold 35,647 shares of the business’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $69.42, for a total transaction of $2,474,614.74. Following the completion of the sale, the insider now owns 441,472 shares in the company, valued at $30,646,986.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Donald M. Sanders sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $52.50, for a total value of $420,000.00. Following the sale, the director now owns 15,137 shares of the company’s stock, valued at approximately $794,692.50. The disclosure for this sale can be found here. Insiders own 10.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CVGW. BlackRock Fund Advisors increased its stake in Calavo Growers by 0.8% in the second quarter. BlackRock Fund Advisors now owns 948,460 shares of the company’s stock valued at $63,547,000 after buying an additional 7,330 shares in the last quarter. Vanguard Group Inc. increased its stake in Calavo Growers by 3.9% in the second quarter. Vanguard Group Inc. now owns 731,493 shares of the company’s stock valued at $49,010,000 after buying an additional 27,146 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Calavo Growers by 3.7% in the second quarter. Dimensional Fund Advisors LP now owns 598,152 shares of the company’s stock valued at $40,076,000 after buying an additional 21,494 shares in the last quarter. Ranger Investment Management L.P. increased its stake in Calavo Growers by 22.2% in the second quarter. Ranger Investment Management L.P. now owns 508,582 shares of the company’s stock valued at $34,075,000 after buying an additional 92,542 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Calavo Growers by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 386,579 shares of the company’s stock valued at $25,901,000 after buying an additional 3,743 shares in the last quarter. Hedge funds and other institutional investors own 63.25% of the company’s stock.
About Calavo Growers
Calavo Growers, Inc (Calavo) is a provider of fresh food. The Company is engaged in the marketing and distribution of avocados, prepared avocados and other perishable foods. It also delivers an array of fresh and prepared food products to food distributors, produce wholesalers, supermarkets, convenience stores and restaurants.
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