Zacks Investment Research Lowers Fresh Del Monte Produce Inc. (FDP) to Hold
Fresh Del Monte Produce Inc. (NYSE:FDP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Fresh Del Monte Produce Inc. is a world leader in the production, distribution and marketing of fresh produce. The products are marketed throughout the world under the DEL MONTE brand name and is a widely recognized symbol of product quality and reliability. The major products are bananas, pineapples, deciduous fruit and melons. The deciduous fruit the company sells includes primarily grapes, plums, nectarines, peaches, apricots, cherries, apples, pears and citrus. “
Separately, Wunderlich lifted their price target on shares of Fresh Del Monte Produce from $60.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd.
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Shares of Fresh Del Monte Produce (NYSE:FDP) traded down 1.08% during midday trading on Tuesday, hitting $59.64. 104,370 shares of the company traded hands. The stock’s 50-day moving average is $58.98 and its 200 day moving average is $53.47. The stock has a market capitalization of $3.06 billion, a P/E ratio of 23.53 and a beta of 0.38. Fresh Del Monte Produce has a 12-month low of $36.68 and a 12-month high of $60.85.
Fresh Del Monte Produce (NYSE:FDP) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.51. Fresh Del Monte Produce had a net margin of 3.32% and a return on equity of 10.88%. The firm earned $1.09 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm posted $1.18 EPS. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. On average, analysts expect that Fresh Del Monte Produce will post $4.22 earnings per share for the current year.
In other Fresh Del Monte Produce news, insider Hani El-Naffy sold 55,502 shares of the firm’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $60.01, for a total value of $3,330,675.02. Following the completion of the sale, the insider now owns 21,964 shares in the company, valued at approximately $1,318,059.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Richard Contreras sold 546 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $56.51, for a total transaction of $30,854.46. Following the completion of the sale, the chief financial officer now owns 3,535 shares of the company’s stock, valued at approximately $199,762.85. The disclosure for this sale can be found here. 37.80% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Fresh Del Monte Produce by 192.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,128 shares of the company’s stock valued at $116,000 after buying an additional 1,400 shares during the last quarter. Barclays PLC boosted its stake in shares of Fresh Del Monte Produce by 450.2% in the second quarter. Barclays PLC now owns 2,410 shares of the company’s stock valued at $131,000 after buying an additional 1,972 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Fresh Del Monte Produce by 38.1% in the second quarter. New York State Teachers Retirement System now owns 2,900 shares of the company’s stock valued at $158,000 after buying an additional 800 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Fresh Del Monte Produce during the second quarter valued at approximately $189,000. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Fresh Del Monte Produce by 111.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,641 shares of the company’s stock valued at $198,000 after buying an additional 1,920 shares in the last quarter. Hedge funds and other institutional investors own 63.33% of the company’s stock.
Fresh Del Monte Produce Company Profile
Fresh Del Monte Produce Inc is a holding company. Through its subsidiaries, the Company is engaged in sourcing, transportation and marketing of fresh and fresh-cut fruit and vegetables together with prepared food products in Europe, Africa and the Middle East. The Company’s operations are aggregated into business segments on the basis of its products: bananas, other fresh produce and prepared food.
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