Dole PLC (NYSE:DOLE) Sees Significant Increase in Short Interest

Dole PLC (NYSE:DOLE) saw a large growth in short interest in January. As of January 15th, there was short interest totaling 1,251,498 shares, a growth of 22.7% from the December 31st total of 1,020,184 shares. Approximately 1.3% of the company’s stock are short sold. Based on an average trading volume of 609,783 shares, the days-to-cover ratio is currently 2.1 days. Based on an average trading volume of 609,783 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.3% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several brokerages recently commented on DOLE. Wall Street Zen upgraded shares of Dole from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Weiss Ratings restated a “hold (c-)” rating on shares of Dole in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.00.

Dole Stock Performance

Shares of DOLE stock opened at $16.18 on Wednesday. The stock has a market cap of $1.54 billion, a P/E ratio of 107.83, a P/E/G ratio of 1.97 and a beta of 0.64. The company has a fifty day moving average price of $15.00 and a two-hundred day moving average price of $14.17. Dole has a one year low of $12.52 and a one year high of $16.32. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.21 and a quick ratio of 0.90.

Dole (NYSE:DOLE) last issued its earnings results on Monday, November 10th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The firm had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.25 billion. Dole had a net margin of 0.17% and a return on equity of 7.98%. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 earnings per share. As a group, equities analysts predict that Dole will post 1.19 EPS for the current year.

Dole declared that its board has authorized a share repurchase program on Monday, November 10th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 8.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Dole Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Tuesday, December 9th were paid a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, December 9th. Dole’s payout ratio is currently 226.67%.

Hedge Funds Weigh In On Dole

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DOLE. Victory Capital Management Inc. raised its position in shares of Dole by 30.6% in the third quarter. Victory Capital Management Inc. now owns 4,938,971 shares of the company’s stock valued at $66,380,000 after purchasing an additional 1,155,983 shares during the period. Balyasny Asset Management L.P. acquired a new position in Dole in the 3rd quarter valued at about $10,924,000. Acadian Asset Management LLC raised its holdings in Dole by 147.3% in the 2nd quarter. Acadian Asset Management LLC now owns 1,350,546 shares of the company’s stock valued at $18,878,000 after acquiring an additional 804,471 shares during the period. Panview Capital Ltd acquired a new stake in Dole during the third quarter worth approximately $9,408,000. Finally, Algert Global LLC boosted its holdings in shares of Dole by 2,173.6% during the third quarter. Algert Global LLC now owns 595,869 shares of the company’s stock worth $8,008,000 after acquiring an additional 569,661 shares during the period.

Dole Company Profile

Dole plc is a global producer, marketer and distributor of fresh fruits and vegetables. The company’s product range includes bananas, pineapples, berries, grapes, salads and a variety of other fresh and packaged produce, sold under the Dole brand and through private-label arrangements. Dole’s operations span the full fresh-produce value chain, from farming and sourcing to packing, ripening, cold‑chain logistics and wholesale and retail distribution, supporting both retail grocery and foodservice customers.

The company traces its commercial heritage to the early 20th century Hawaiian pineapple business founded by James Dole and has evolved through subsequent corporate restructurings and combinations.