Calavo Growers, Inc. (NASDAQ:CVGW) Sees Significant Decline in Short Interest

Calavo Growers, Inc. (NASDAQ:CVGW) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 3,639,700 shares, a drop of 5.5% from the May 30th total of 3,850,800 shares. Approximately 23.0% of the company’s stock are short sold. Based on an average daily volume of 123,600 shares, the short-interest ratio is currently 29.4 days.

In other Calavo Growers news, Director Marc Laurence Brown sold 375 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $99.75, for a total transaction of $37,406.25. Following the transaction, the director now owns 13,000 shares of the company’s stock, valued at approximately $1,296,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael A. Browne sold 3,888 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $98.57, for a total transaction of $383,240.16. Following the transaction, the vice president now directly owns 5,996 shares in the company, valued at approximately $591,025.72. The disclosure for this sale can be found here. Insiders have sold a total of 65,092 shares of company stock worth $6,381,483 in the last three months. Insiders own 7.30% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. increased its stake in shares of Calavo Growers by 1.7% during the fourth quarter. Prudential Financial Inc. now owns 27,068 shares of the company’s stock worth $1,975,000 after buying an additional 462 shares during the period. LPL Financial LLC increased its stake in Calavo Growers by 2.9% in the fourth quarter. LPL Financial LLC now owns 9,391 shares of the company’s stock valued at $685,000 after purchasing an additional 267 shares during the last quarter. BlackRock Inc. increased its stake in Calavo Growers by 2.2% in the fourth quarter. BlackRock Inc. now owns 2,435,811 shares of the company’s stock valued at $177,716,000 after purchasing an additional 52,059 shares during the last quarter. Texas Permanent School Fund increased its stake in Calavo Growers by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 10,232 shares of the company’s stock valued at $747,000 after purchasing an additional 394 shares during the last quarter. Finally, Advisor Group Inc. increased its stake in Calavo Growers by 5.5% in the fourth quarter. Advisor Group Inc. now owns 6,188 shares of the company’s stock valued at $452,000 after purchasing an additional 320 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

CVGW has been the topic of a number of research reports. BidaskClub raised shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 28th. Vertical Group upgraded shares of Calavo Growers from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a research note on Thursday, April 4th. Lake Street Capital lifted their target price on shares of Calavo Growers from $94.00 to $104.00 in a research note on Friday, June 7th. ValuEngine cut shares of Viewray from a “buy” rating to a “hold” rating in a research note on Wednesday, April 24th. Finally, Zacks Investment Research upgraded shares of Investar from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Tuesday, June 4th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $96.80.

Shares of NASDAQ CVGW opened at $94.05 on Tuesday. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 37.77 and a beta of 1.04. The business has a fifty day moving average of $94.37. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.94 and a current ratio of 1.39. Calavo Growers has a one year low of $67.52 and a one year high of $108.00.

Calavo Growers (NASDAQ:CVGW) last issued its quarterly earnings results on Thursday, June 6th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.77 by $0.15. Calavo Growers had a net margin of 2.84% and a return on equity of 17.76%. The company had revenue of $286.00 million during the quarter, compared to analyst estimates of $281.37 million. During the same quarter in the previous year, the firm earned $0.80 EPS. The firm’s revenue was up 8.3% compared to the same quarter last year. As a group, research analysts predict that Calavo Growers will post 3.35 EPS for the current fiscal year.

Calavo Growers Company Profile

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers. It operates in three segments: Fresh Products, Calavo Foods, and RFG. The Fresh products segment distributes avocados and other fresh produce products; and procures avocados grown in California, Mexico, and Peru, as well as various other commodities, including tomatoes and papayas.

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