Fresh Del Monte Produce (NYSE:FDP) Reaches New 52-Week High – Here’s Why

Fresh Del Monte Produce, Inc. (NYSE:FDP)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $42.98 and last traded at $41.7170, with a volume of 405758 shares changing hands. The stock had previously closed at $42.35.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fresh Del Monte Produce in a research note on Monday, December 29th. Wall Street Zen upgraded Fresh Del Monte Produce from a “hold” rating to a “buy” rating in a report on Saturday. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Fresh Del Monte Produce Price Performance

The firm has a market capitalization of $1.95 billion, a PE ratio of 21.87 and a beta of 0.30. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.06 and a current ratio of 2.16. The stock has a fifty day moving average price of $37.90 and a 200-day moving average price of $36.41.

Fresh Del Monte Produce (NYSE:FDP) last posted its quarterly earnings data on Wednesday, February 18th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.42. Fresh Del Monte Produce had a return on equity of 7.63% and a net margin of 2.10%.The firm had revenue of $968.20 million during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the firm earned $0.26 EPS. The business’s quarterly revenue was up .6% on a year-over-year basis.

Fresh Del Monte Produce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Wednesday, March 4th will be given a $0.30 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. Fresh Del Monte Produce’s dividend payout ratio is currently 63.83%.

Insider Transactions at Fresh Del Monte Produce

In other Fresh Del Monte Produce news, CEO Ghazaleh Mohammad Abu sold 28,558 shares of Fresh Del Monte Produce stock in a transaction that occurred on Monday, December 15th. The shares were 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 directly owned 4,962,224 shares in the company, valued at approximately $190,648,646.08. The trade was a 0.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 30.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Fresh Del Monte Produce by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,090 shares of the company’s stock worth $619,000 after purchasing an additional 879 shares during the period. Millennium Management LLC boosted its stake in shares of Fresh Del Monte Produce by 1,647.2% in the first quarter. Millennium Management LLC now owns 596,496 shares of the company’s stock worth $18,390,000 after buying an additional 562,356 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Fresh Del Monte Produce by 10.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 94,910 shares of the company’s stock worth $2,926,000 after acquiring an additional 9,202 shares during the period. Jane Street Group LLC raised its position in Fresh Del Monte Produce by 2,889.0% during the first quarter. Jane Street Group LLC now owns 122,716 shares of the company’s stock valued at $3,783,000 after acquiring an additional 127,116 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Fresh Del Monte Produce during the second quarter valued at approximately $1,663,000. 64.83% of the stock is currently owned by institutional investors and hedge funds.

About Fresh Del Monte Produce

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.