Fresh Del Monte Produce (NYSE:FDP) Shares Gap Up After Strong Earnings

Fresh Del Monte Produce, Inc. (NYSE:FDP)’s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $36.07, but opened at $38.90. Fresh Del Monte Produce shares last traded at $40.25, with a volume of 146,661 shares trading hands.

The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.28. Fresh Del Monte Produce had a net margin of 3.45% and a return on equity of 6.52%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business earned $1.06 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year.

Hedge Funds Weigh In On Fresh Del Monte Produce

A number of institutional investors and hedge funds have recently bought and sold shares of the business. SummerHaven Investment Management LLC boosted its position in Fresh Del Monte Produce by 1.2% during the second quarter. SummerHaven Investment Management LLC now owns 36,419 shares of the company’s stock worth $1,181,000 after acquiring an additional 415 shares during the last quarter. Arizona State Retirement System boosted its position in Fresh Del Monte Produce by 5.0% during the first quarter. Arizona State Retirement System now owns 11,688 shares of the company’s stock worth $360,000 after acquiring an additional 558 shares during the last quarter. Bank of Montreal Can boosted its position in Fresh Del Monte Produce by 7.4% during the fourth quarter. Bank of Montreal Can now owns 9,669 shares of the company’s stock worth $321,000 after acquiring an additional 666 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Fresh Del Monte Produce by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,211 shares of the company’s stock worth $638,000 after acquiring an additional 684 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in Fresh Del Monte Produce by 4.0% during the fourth quarter. MetLife Investment Management LLC now owns 20,684 shares of the company’s stock worth $687,000 after acquiring an additional 786 shares during the last quarter. 64.83% of the stock is currently owned by institutional investors and hedge funds.

Fresh Del Monte Produce Stock Up 9.0%

The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 12.84 and a beta of 0.38. The business’s 50-day moving average is $33.77 and its two-hundred day moving average is $32.20. The company has a quick ratio of 1.01, a current ratio of 2.05 and a debt-to-equity ratio of 0.12.

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.