Fresh Del Monte Produce (NYSE:DMC) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Fresh Del Monte Produce (NYSE:DMC) from a hold rating to a buy rating in a report released on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings started coverage on Fresh Del Monte Produce in a research note on Wednesday, August 5th. They issued a “hold (c)” rating for the company. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold”.

Fresh Del Monte Produce Price Performance

DMC opened at $31.33 on Friday. Fresh Del Monte Produce has a 52 week low of $26.47 and a 52 week high of $43.58. The company has a current ratio of 2.23, a quick ratio of 1.04 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $1.48 billion, a P/E ratio of 44.13 and a beta of 0.25.

Fresh Del Monte Produce (NYSE:DMC) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.72 earnings per share (EPS) for the quarter. The firm had revenue of $1.22 billion during the quarter. Fresh Del Monte Produce had a return on equity of 6.43% and a net margin of 0.79%.

Fresh Del Monte Produce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Wednesday, August 12th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.8%. The ex-dividend date was Wednesday, August 12th. Fresh Del Monte Produce’s dividend payout ratio (DPR) is presently 169.01%.

Insider Buying and Selling

In related news, COO Mohammed Abbas acquired 12,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was purchased at an average price of $29.89 per share, for a total transaction of $358,680.00. Following the completion of the transaction, the chief operating officer owned 71,930 shares of the company’s stock, valued at $2,149,987.70. This trade represents a 20.02% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 30.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in DMC. Engineers Gate Manager LP bought a new stake in Fresh Del Monte Produce during the 2nd quarter valued at $1,141,000. Integrated Wealth Concepts LLC purchased a new position in shares of Fresh Del Monte Produce in the second quarter valued at about $26,000. NewEdge Advisors LLC purchased a new position in shares of Fresh Del Monte Produce in the second quarter valued at about $4,023,000. Arizona State Retirement System bought a new position in shares of Fresh Del Monte Produce during the second quarter valued at about $302,000. Finally, California State Teachers Retirement System bought a new position in shares of Fresh Del Monte Produce during the second quarter valued at about $34,507,000. 64.83% of the stock is owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a global producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, berries, grapes, tomatoes and other vegetables, as well as prepared fruit, juices and vegetable products.

The company serves retail, foodservice and other customers through an integrated network that includes farming, sourcing, processing, packaging, distribution and marketing. Its products are sold under the Del Monte brand and other company and private-label brands in North America, Europe, Asia, the Middle East and Africa.

Fresh Del Monte traces its brand heritage to the late 19th century and has developed agricultural and distribution operations across multiple regions.