Dole (NYSE:DOLE) Stock Crosses Above Two Hundred Day Moving Average – Should You Sell?

Shares of Dole PLC (NYSE:DOLE) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $13.95 and traded as high as $15.13. Dole shares last traded at $15.25, with a volume of 239,572 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Dole from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Dole in a research report on Monday. Finally, Stephens started coverage on Dole in a report on Friday, September 12th. They issued an “equal weight” rating and a $16.00 price objective on the stock. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $16.00.

Dole Stock Up 1.3%

The firm has a market cap of $1.45 billion, a PE ratio of 101.67, a PEG ratio of 2.85 and a beta of 0.64. The business’s 50 day moving average price is $14.03 and its 200 day moving average price is $13.95. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.21 and a quick ratio of 0.90.

Dole (NYSE:DOLE) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Dole had a net margin of 0.17% and a return on equity of 7.98%. The company had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the prior year, the business posted $0.19 earnings per share. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities research analysts expect that Dole PLC will post 1.19 earnings per share for the current year.

Dole Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Tuesday, December 9th will be paid a $0.085 dividend. The ex-dividend date of this dividend is Tuesday, December 9th. This represents a $0.34 dividend on an annualized basis and a dividend yield of 2.2%. Dole’s payout ratio is currently 226.67%.

Dole announced that its Board of Directors has initiated a share buyback program on Monday, November 10th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 8.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in Dole by 30.6% during the 3rd quarter. Victory Capital Management Inc. now owns 4,938,971 shares of the company’s stock worth $66,380,000 after purchasing an additional 1,155,983 shares during the last quarter. Continental General Insurance Co. purchased a new stake in Dole during the 1st quarter valued at about $16,498,000. Invenomic Capital Management LP raised its holdings in Dole by 539.0% in the 1st quarter. Invenomic Capital Management LP now owns 995,855 shares of the company’s stock valued at $14,390,000 after acquiring an additional 840,014 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in Dole in the 3rd quarter worth approximately $10,924,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of Dole by 147.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,350,546 shares of the company’s stock worth $18,878,000 after purchasing an additional 804,471 shares during the last quarter.

About Dole

Dole plc is a global producer, marketer and distributor of fresh fruits and vegetables. The company’s product range includes bananas, pineapples, berries, grapes, salads and a variety of other fresh and packaged produce, sold under the Dole brand and through private-label arrangements. Dole’s operations span the full fresh-produce value chain, from farming and sourcing to packing, ripening, cold‑chain logistics and wholesale and retail distribution, supporting both retail grocery and foodservice customers.

The company traces its commercial heritage to the early 20th century Hawaiian pineapple business founded by James Dole and has evolved through subsequent corporate restructurings and combinations.