Fresh Del Monte Produce (NYSE:FDP) to Buyback $150.00 million in Outstanding Stock

Fresh Del Monte Produce (NYSE:FDP) announced that its board has authorized a stock buyback program on Monday, February 24th, RTT News reports. The company plans to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 10.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Fresh Del Monte Produce Stock Performance

Shares of NYSE:FDP traded down $0.90 during trading on Monday, reaching $29.98. 646,688 shares of the company’s stock traded hands, compared to its average volume of 290,688. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. Fresh Del Monte Produce has a 12 month low of $21.23 and a 12 month high of $35.27. The company has a 50 day moving average of $31.63 and a 200-day moving average of $30.97. The stock has a market capitalization of $1.44 billion, a P/E ratio of 90.85 and a beta of 0.39.

Fresh Del Monte Produce (NYSE:FDP) last announced its quarterly earnings data on Monday, February 24th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.16). Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the company earned $0.25 EPS. Fresh Del Monte Produce’s quarterly revenue was up .5% on a year-over-year basis.

Fresh Del Monte Produce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.00%. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s dividend payout ratio is currently 303.04%.

About Fresh Del Monte Produce

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.