Calavo Growers, Inc. (CVGW) Lifted to “Hold” at Zacks Investment Research
Calavo Growers, Inc. (NASDAQ:CVGW) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Monday.
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. “
Shares of Calavo Growers (NASDAQ:CVGW) traded down 0.19% during mid-day trading on Monday, hitting $65.40. The company’s stock had a trading volume of 139,242 shares. The stock has a market cap of $1.15 billion, a PE ratio of 31.00 and a beta of 0.54. The company has a 50-day moving average price of $63.74 and a 200-day moving average price of $59.86. Calavo Growers has a 1-year low of $48.75 and a 1-year high of $71.48.
Calavo Growers (NASDAQ:CVGW) last posted its quarterly earnings results on Tuesday, March 7th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by $0.10. Calavo Growers had a return on equity of 18.36% and a net margin of 4.06%. The business had revenue of $226.60 million for the quarter, compared to the consensus estimate of $240.27 million. During the same quarter in the previous year, the business posted $0.37 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. Analysts predict that Calavo Growers will post $2.35 EPS for the current fiscal year.
In related news, Chairman Lecil E. Cole acquired 95,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was purchased at an average cost of $56.42 per share, for a total transaction of $5,359,900.00. Following the completion of the transaction, the chairman now directly owns 473,181 shares of the company’s stock, valued at approximately $26,696,872.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Lecil E. Cole acquired 42,942 shares of the business’s stock in a transaction on Tuesday, April 11th. The shares were bought at an average price of $61.78 per share, with a total value of $2,652,956.76. Following the completion of the transaction, the chairman now directly owns 604,923 shares of the company’s stock, valued at $37,372,142.94. The disclosure for this purchase can be found here. Insiders have purchased 139,942 shares of company stock valued at $8,123,857 in the last quarter. 10.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. Riverbridge Partners LLC bought a new stake in shares of Calavo Growers during the fourth quarter valued at about $30,690,000. ClariVest Asset Management LLC increased its stake in shares of Calavo Growers by 4.1% in the fourth quarter. ClariVest Asset Management LLC now owns 18,597 shares of the company’s stock valued at $912,000 after buying an additional 731 shares during the period. Punch & Associates Investment Management Inc. increased its stake in shares of Calavo Growers by 8.9% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 67,951 shares of the company’s stock valued at $3,330,000 after buying an additional 5,567 shares during the period. Eagle Asset Management increased its stake in shares of Calavo Growers by 226.7% in the third quarter. Eagle Asset Management now owns 96,784 shares of the company’s stock valued at $4,320,000 after buying an additional 67,163 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Calavo Growers by 8.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 52,884 shares of the company’s stock valued at $2,592,000 after buying an additional 3,978 shares during the period. Hedge funds and other institutional investors own 67.96% of the company’s stock.
Calavo Growers Company Profile
Calavo Growers, Inc operates in the avocado industry. The Company provides value-added fresh food. The Company distributes its products both domestically and internationally and internationally. It operates in three business segments: Fresh products, Calavo Foods and Renaissance Food Group, LLC (RFG).
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