Fresh Del Monte Produce (NYSE:FDP) Shares Gap Down After Earnings Miss

Fresh Del Monte Produce Inc. (NYSE:FDP) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $26.03, but opened at $25.28. Fresh Del Monte Produce shares last traded at $24.20, with a volume of 73,934 shares traded.

The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.26). Fresh Del Monte Produce had a negative net margin of 0.26% and a positive return on equity of 5.11%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm earned $0.55 EPS. The firm’s quarterly revenue was down 1.8% on a year-over-year basis.

Fresh Del Monte Produce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Thursday, May 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend is Wednesday, May 15th. Fresh Del Monte Produce’s dividend payout ratio (DPR) is presently -400.00%.

Analysts Set New Price Targets

Separately, TheStreet lowered Fresh Del Monte Produce from a “b-” rating to a “c” rating in a report on Monday, February 26th.

Insider Activity at Fresh Del Monte Produce

In other news, SVP Jesus Rodriguez Calvo sold 2,402 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $24.59, for a total transaction of $59,065.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Jesus Rodriguez Calvo sold 2,402 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $24.59, for a total value of $59,065.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Monica Vicente sold 1,083 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $24.35, for a total transaction of $26,371.05. Following the transaction, the chief financial officer now owns 5,266 shares of the company’s stock, valued at approximately $128,227.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,569 shares of company stock worth $258,509. 29.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of hedge funds and other institutional investors have recently bought and sold shares of FDP. Exchange Traded Concepts LLC lifted its holdings in shares of Fresh Del Monte Produce by 0.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 48,588 shares of the company’s stock worth $1,275,000 after buying an additional 386 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Fresh Del Monte Produce by 4.2% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 9,988 shares of the company’s stock worth $258,000 after purchasing an additional 400 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in Fresh Del Monte Produce by 1.6% in the 4th quarter. SummerHaven Investment Management LLC now owns 28,467 shares of the company’s stock valued at $747,000 after purchasing an additional 437 shares during the period. Maryland State Retirement & Pension System grew its position in shares of Fresh Del Monte Produce by 3.7% during the 3rd quarter. Maryland State Retirement & Pension System now owns 12,407 shares of the company’s stock valued at $321,000 after purchasing an additional 439 shares in the last quarter. Finally, Summit Global Investments increased its holdings in shares of Fresh Del Monte Produce by 1.4% in the fourth quarter. Summit Global Investments now owns 32,670 shares of the company’s stock worth $858,000 after purchasing an additional 463 shares during the period. Institutional investors own 64.83% of the company’s stock.

Fresh Del Monte Produce Stock Down 5.8 %

The company has a market cap of $1.17 billion, a PE ratio of -98.08 and a beta of 0.54. The stock has a 50-day moving average of $25.07 and a 200-day moving average of $24.81. The company has a quick ratio of 1.01, a current ratio of 2.12 and a debt-to-equity ratio of 0.21.

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.