Fresh Del Monte Produce (NYSE:FDP) Shares Gap Up on Better-Than-Expected Earnings

Shares of Fresh Del Monte Produce Inc. (NYSE:FDP) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $24.61, but opened at $25.91. Fresh Del Monte Produce shares last traded at $26.26, with a volume of 8,475 shares changing hands.

The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.60 by $0.46. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Fresh Del Monte Produce had a negative net margin of 0.56% and a positive return on equity of 4.59%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same period last year, the firm earned $0.99 earnings per share.

Insider Buying and Selling

In related news, Director Michael J. Berthelot sold 5,800 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $23.64, for a total transaction of $137,112.00. Following the sale, the director now owns 13,916 shares in the company, valued at approximately $328,974.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Marissa R. Tenazas purchased 2,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was bought at an average cost of $21.85 per share, for a total transaction of $43,700.00. Following the purchase, the senior vice president now owns 2,108 shares of the company’s stock, valued at $46,059.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Berthelot sold 5,800 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $23.64, for a total value of $137,112.00. Following the sale, the director now owns 13,916 shares in the company, valued at approximately $328,974.24. The disclosure for this sale can be found here. 30.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fresh Del Monte Produce

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Fresh Del Monte Produce by 0.4% during the third quarter. Vanguard Group Inc. now owns 4,408,167 shares of the company’s stock worth $113,907,000 after acquiring an additional 16,372 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Fresh Del Monte Produce by 121.9% in the 4th quarter. SG Americas Securities LLC now owns 15,208 shares of the company’s stock valued at $399,000 after purchasing an additional 8,354 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Fresh Del Monte Produce by 30.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 66,525 shares of the company’s stock worth $1,746,000 after buying an additional 15,418 shares during the period. Louisiana State Employees Retirement System bought a new position in Fresh Del Monte Produce during the fourth quarter worth $444,000. Finally, Hussman Strategic Advisors Inc. acquired a new position in Fresh Del Monte Produce in the fourth quarter valued at $551,000. Institutional investors own 64.83% of the company’s stock.

Fresh Del Monte Produce Stock Up 6.7 %

The company has a quick ratio of 1.11, a current ratio of 2.16 and a debt-to-equity ratio of 0.21. The stock’s 50-day simple moving average is $22.69 and its 200 day simple moving average is $24.03. The firm has a market cap of $1.26 billion, a P/E ratio of -48.25 and a beta of 0.44.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.