Mission Produce (NASDAQ:AVO) Director Bruce Taylor Purchases 286,410 Shares of Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Bruce Taylor bought 286,410 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was purchased at an average cost of $11.27 per share, with a total value of $3,227,840.70. Following the completion of the transaction, the director owned 755,842 shares in the company, valued at $8,518,339.34. This represents a 61.01% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Mission Produce Stock Down 0.9%

Shares of AVO opened at $11.39 on Tuesday. The stock has a market capitalization of $1.01 billion, a PE ratio of 35.59 and a beta of 0.51. Mission Produce, Inc. has a 1 year low of $10.07 and a 1 year high of $15.53. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91. The company’s 50-day simple moving average is $12.40 and its 200-day simple moving average is $12.88.

Mission Produce declared that its Board of Directors has approved a stock buyback plan on Monday, June 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 13.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Mission Produce

Several institutional investors have recently modified their holdings of AVO. Bank of America Corp DE increased its holdings in Mission Produce by 809.2% in the first quarter. Bank of America Corp DE now owns 444,135 shares of the company’s stock valued at $6,111,000 after buying an additional 395,287 shares during the last quarter. RBF Capital LLC boosted its position in shares of Mission Produce by 40.3% during the 1st quarter. RBF Capital LLC now owns 104,410 shares of the company’s stock worth $1,437,000 after acquiring an additional 30,000 shares in the last quarter. Amundi acquired a new position in shares of Mission Produce during the 1st quarter worth about $192,000. Rubric Capital Management LP purchased a new position in shares of Mission Produce in the 1st quarter valued at about $23,756,000. Finally, Quantinno Capital Management LP increased its holdings in shares of Mission Produce by 437.3% in the 1st quarter. Quantinno Capital Management LP now owns 361,837 shares of the company’s stock valued at $4,979,000 after acquiring an additional 294,494 shares during the last quarter. 63.57% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on AVO shares. UBS Group set a $16.00 target price on Mission Produce in a report on Wednesday, June 10th. Weiss Ratings downgraded Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. Wall Street Zen lowered Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Freedom Capital raised Mission Produce to a “strong-buy” rating in a research report on Thursday, March 19th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.67.

Mission Produce Company Profile

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.