Wall Street Zen Upgrades Fresh Del Monte Produce (NYSE:FDP) to “Buy”

Fresh Del Monte Produce (NYSE:FDP) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Fresh Del Monte Produce in a report on Monday, December 29th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Fresh Del Monte Produce Price Performance

Shares of FDP opened at $41.29 on Friday. The stock has a market cap of $1.97 billion, a P/E ratio of 21.96 and a beta of 0.30. Fresh Del Monte Produce has a 1 year low of $26.50 and a 1 year high of $42.98. The stock’s 50-day moving average price is $37.90 and its two-hundred day moving average price is $36.40. The company has a current ratio of 2.16, a quick ratio of 1.07 and a debt-to-equity ratio of 0.09.

Fresh Del Monte Produce (NYSE:FDP) last announced its quarterly earnings results on Wednesday, February 18th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.42. Fresh Del Monte Produce had a net margin of 2.10% and a return on equity of 7.63%. The business had revenue of $968.20 million for the quarter, compared to the consensus estimate of $1.01 billion. During the same period last year, the company posted $0.26 EPS. Fresh Del Monte Produce’s revenue for the quarter was up .6% on a year-over-year basis.

Insider Transactions at Fresh Del Monte Produce

In other Fresh Del Monte Produce news, CEO Ghazaleh Mohammad Abu sold 28,558 shares of Fresh Del Monte Produce stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $38.42, for a total value of $1,097,198.36. Following the sale, the chief executive officer owned 4,962,224 shares of the company’s stock, valued at $190,648,646.08. This trade represents a 0.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 31.60% of the company’s stock.

Hedge Funds Weigh In On Fresh Del Monte Produce

Several hedge funds have recently made changes to their positions in FDP. Wasatch Advisors LP acquired a new stake in shares of Fresh Del Monte Produce in the second quarter valued at approximately $44,011,000. LSV Asset Management grew its position in Fresh Del Monte Produce by 148.3% in the second quarter. LSV Asset Management now owns 1,439,958 shares of the company’s stock valued at $46,683,000 after purchasing an additional 859,940 shares in the last quarter. Fisher Asset Management LLC acquired a new stake in Fresh Del Monte Produce in the 4th quarter valued at $21,174,000. Millennium Management LLC increased its stake in Fresh Del Monte Produce by 1,647.2% in the 1st quarter. Millennium Management LLC now owns 596,496 shares of the company’s stock valued at $18,390,000 after buying an additional 562,356 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Fresh Del Monte Produce by 289.6% during the 2nd quarter. First Trust Advisors LP now owns 243,686 shares of the company’s stock worth $7,900,000 after buying an additional 181,145 shares in the last quarter. 64.83% of the stock is owned by institutional investors.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a leading producer, marketer and distributor of fresh and fresh-cut fruits and vegetables worldwide. The company offers a wide range of products including bananas, pineapples, melons, grapes and avocados, along with value-added items such as fruit salads, vegetable trays and snack packs under the Del Monte® brand.

Founded in 1989 as a spin-off from Del Monte, Fresh Del Monte has developed a global supply chain that spans production farms, ripening facilities and packaging centers across Latin America, North America, Europe, Asia and Africa.