Insider Buying: Mission Produce (NASDAQ:AVO) Director Purchases $3,387,000.00 in Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Bruce Taylor acquired 300,000 shares of Mission Produce stock in a transaction that occurred on Monday, June 15th. The stock was acquired at an average cost of $11.29 per share, for a total transaction of $3,387,000.00. Following the purchase, the director owned 455,842 shares of the company’s stock, valued at $5,146,456.18. The trade was a 192.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Mission Produce Price Performance

Mission Produce stock opened at $11.71 on Wednesday. The stock’s 50 day moving average is $12.34 and its 200 day moving average is $12.88. Mission Produce, Inc. has a one year low of $10.07 and a one year high of $15.53. The firm has a market cap of $1.03 billion, a P/E ratio of 36.59 and a beta of 0.50. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12.

Mission Produce declared that its Board of Directors has initiated a share buyback program on Monday, June 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 13.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC grew its holdings in shares of Mission Produce by 1.0% in the fourth quarter. Wedge Capital Management L L P NC now owns 100,025 shares of the company’s stock valued at $1,160,000 after acquiring an additional 958 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Mission Produce by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company’s stock worth $271,000 after purchasing an additional 1,092 shares during the last quarter. Magnetar Financial LLC grew its stake in Mission Produce by 12.6% in the 3rd quarter. Magnetar Financial LLC now owns 12,106 shares of the company’s stock valued at $146,000 after purchasing an additional 1,351 shares during the period. The Manufacturers Life Insurance Company grew its stake in Mission Produce by 12.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company’s stock valued at $218,000 after purchasing an additional 2,040 shares during the period. Finally, Diversified Trust Co increased its position in shares of Mission Produce by 12.0% during the 1st quarter. Diversified Trust Co now owns 19,373 shares of the company’s stock valued at $267,000 after purchasing an additional 2,074 shares during the last quarter. 63.57% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

About Mission Produce

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.