Zacks Investment Research Lowers Fresh Del Monte Produce Inc (FDP) to Sell
Fresh Del Monte Produce Inc (NYSE:FDP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
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. “
Fresh Del Monte Produce (NYSE:FDP) traded up 0.78% on Monday, hitting $54.18. 312,836 shares of the company were exchanged. Fresh Del Monte Produce has a 52 week low of $49.47 and a 52 week high of $66.86. The stock has a market capitalization of $2.77 billion, a P/E ratio of 14.81 and a beta of 0.31. The company has a 50 day moving average price of $57.99 and a 200-day moving average price of $59.57.
Fresh Del Monte Produce (NYSE:FDP) last posted its earnings results on Tuesday, May 2nd. The company reported $0.84 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by $0.33. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.05 billion. Fresh Del Monte Produce had a net margin of 3.47% and a return on equity of 12.62%. Fresh Del Monte Produce’s revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.57 EPS. On average, equities analysts expect that Fresh Del Monte Produce will post $3.80 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Wednesday, May 10th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Monday, May 8th. Fresh Del Monte Produce’s dividend payout ratio is currently 22.06%.
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In other Fresh Del Monte Produce news, SVP Bruce Alan Jordan sold 2,584 shares of the company’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $58.00, for a total transaction of $149,872.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Marissa R. Tenazas sold 5,953 shares of the company’s stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $58.41, for a total transaction of $347,714.73. The disclosure for this sale can be found here. Insiders have sold a total of 266,948 shares of company stock worth $14,699,966 in the last 90 days. Company insiders own 37.80% of the company’s stock.
A number of institutional investors have recently bought and sold shares of FDP. Fortaleza Asset Management Inc. bought a new position in Fresh Del Monte Produce during the fourth quarter valued at about $116,000. Pacad Investment Ltd. bought a new position in Fresh Del Monte Produce during the fourth quarter valued at about $127,000. MARSHALL WACE ASIA Ltd bought a new position in Fresh Del Monte Produce during the first quarter valued at about $229,000. Marshall Wace North America L.P. bought a new position in Fresh Del Monte Produce during the first quarter valued at about $229,000. Finally, Quadrature Capital Ltd bought a new position in Fresh Del Monte Produce during the third quarter valued at about $252,000. Institutional investors and hedge funds own 63.80% of the company’s stock.
Fresh Del Monte Produce Company Profile
Fresh Del Monte Produce Inc is a holding company. The Company, through its subsidiaries, is engaged in sourcing, transportation and marketing of fresh and fresh-cut produce together with prepared food products in Europe, Africa and the Middle East. Its operations are aggregated into business segments on the basis of its products: bananas, other fresh produce and prepared food.
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