Russell Investments Group Ltd. Trims Holdings in Fresh Del Monte Produce Inc. (NYSE:FDP)

Russell Investments Group Ltd. lowered its position in Fresh Del Monte Produce Inc. (NYSE:FDP) by 42.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 8,170 shares of the company’s stock after selling 6,024 shares during the period. Russell Investments Group Ltd.’s holdings in Fresh Del Monte Produce were worth $271,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in Fresh Del Monte Produce by 185.7% during the third quarter. Barclays PLC now owns 70,694 shares of the company’s stock valued at $2,087,000 after buying an additional 45,952 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Fresh Del Monte Produce by 25.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 437,998 shares of the company’s stock worth $12,938,000 after purchasing an additional 88,900 shares during the period. Empowered Funds LLC grew its stake in shares of Fresh Del Monte Produce by 5.1% during the fourth quarter. Empowered Funds LLC now owns 262,063 shares of the company’s stock valued at $8,703,000 after buying an additional 12,723 shares during the last quarter. Intech Investment Management LLC increased its stake in Fresh Del Monte Produce by 253.1% in the fourth quarter. Intech Investment Management LLC now owns 44,846 shares of the company’s stock worth $1,489,000 after purchasing an additional 32,145 shares during the period. Finally, CWA Asset Management Group LLC bought a new stake in Fresh Del Monte Produce during the 4th quarter valued at about $625,000. 64.83% of the stock is owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Stock Up 1.2 %

Fresh Del Monte Produce stock opened at $34.68 on Friday. Fresh Del Monte Produce Inc. has a 1-year low of $21.23 and a 1-year high of $35.27. The business has a fifty day moving average price of $30.73 and a 200-day moving average price of $31.56. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 105.09 and a beta of 0.36.

Fresh Del Monte Produce (NYSE:FDP) last announced its quarterly earnings results on Monday, February 24th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.16). The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.14 billion. Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. Fresh Del Monte Produce’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share.

Fresh Del Monte Produce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Monday, March 10th. This is a positive change from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s payout ratio is currently 40.40%.

Fresh Del Monte Produce announced that its Board of Directors has initiated a share repurchase program on Monday, February 24th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 10.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Separately, StockNews.com cut Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th.

Insider Transactions at Fresh Del Monte Produce

In related news, SVP Ziad Nabulsi sold 1,725 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $52,474.50. Following the completion of the sale, the senior vice president now directly owns 11,498 shares in the company, valued at approximately $349,769.16. The trade was a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Marissa R. Tenazas sold 1,148 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $31.05, for a total transaction of $35,645.40. Following the sale, the senior vice president now directly owns 3,573 shares of the company’s stock, valued at approximately $110,941.65. This represents a 24.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,469 shares of company stock valued at $319,190 in the last three months. 30.10% of the stock is currently owned by company insiders.

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.