Insider Buying: Mission Produce (NASDAQ:AVO) Major Shareholder Acquires 491,865 Shares of Stock

Mission Produce, Inc. (NASDAQ:AVO) major shareholder Holdings Venture Globalharvest purchased 491,865 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were purchased at an average cost of $13.40 per share, for a total transaction of $6,590,991.00. Following the transaction, the insider directly owned 11,683,217 shares in the company, valued at approximately $156,555,107.80. This represents a 4.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Holdings Venture Globalharvest also recently made the following trade(s):

• On Wednesday, July 8th, Holdings Venture Globalharvest acquired 687,222 shares of Mission Produce stock. The stock was purchased at an average price of $13.42 per share, with a total value of $9,222,519.24.
• On Monday, July 6th, Holdings Venture Globalharvest acquired 650,415 shares of Mission Produce stock. The stock was acquired at an average cost of $12.73 per share, with a total value of $8,279,782.95.

Mission Produce Stock Down 1.1%

Mission Produce stock traded down $0.15 during midday trading on Thursday, hitting $13.35. 2,070,202 shares of the company’s stock were exchanged, compared to its average volume of 1,130,773. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91. The company has a market cap of $1.18 billion, a PE ratio of 41.72 and a beta of 0.49. The firm has a 50-day moving average of $12.02 and a two-hundred day moving average of $12.88. Mission Produce, Inc. has a 12 month low of $10.07 and a 12 month high of $15.53.

Mission Produce declared that its board has initiated a share buyback plan on Monday, June 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 13.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Mission Produce

Institutional investors have recently made changes to their positions in the business. Wedge Capital Management L L P NC lifted its stake in Mission Produce by 1.0% during the 4th quarter. Wedge Capital Management L L P NC now owns 100,025 shares of the company’s stock valued at $1,160,000 after acquiring an additional 958 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Mission Produce by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company’s stock worth $271,000 after purchasing an additional 1,092 shares during the period. Magnetar Financial LLC raised its stake in shares of Mission Produce by 12.6% during the 3rd quarter. Magnetar Financial LLC now owns 12,106 shares of the company’s stock valued at $146,000 after buying an additional 1,351 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Mission Produce by 12.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company’s stock valued at $218,000 after buying an additional 2,040 shares during the period. Finally, Diversified Trust Co lifted its holdings in shares of Mission Produce by 12.0% in the 1st quarter. Diversified Trust Co now owns 19,373 shares of the company’s stock valued at $267,000 after buying an additional 2,074 shares during the period. Institutional investors and hedge funds own 63.57% of the company’s stock.

Analyst Upgrades and Downgrades

AVO has been the topic of several recent research reports. UBS Group set a $16.00 target price on Mission Produce in a research report on Wednesday, June 10th. Wall Street Zen downgraded Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Freedom Capital upgraded shares of Mission Produce to a “strong-buy” rating in a report on Thursday, March 19th. Finally, Weiss Ratings lowered shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.67.

Mission Produce Company Profile

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.