Fresh Del Monte Produce (NYSE:DMC) Stock Jumps 2.2% – Still a Buy?

Fresh Del Monte Produce Inc (NYSE:DMC)’s stock price was up 2.2% during trading on Monday. The stock traded as high as $30.24 and last traded at $30.1370. Approximately 430,681 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 462,400 shares. The stock had previously closed at $29.48.

Wall Street Analysts Forecast Growth

DMC has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Fresh Del Monte Produce from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. Weiss Ratings assumed coverage on shares of Fresh Del Monte Produce in a research note on Wednesday, August 5th. They set a “hold (c)” rating on the stock. One research analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Fresh Del Monte Produce Stock Down 0.5%

The stock’s 50-day simple moving average is $30.98. The firm has a market capitalization of $1.44 billion, a PE ratio of 42.88 and a beta of 0.25. The company has a quick ratio of 1.04, a current ratio of 2.23 and a debt-to-equity ratio of 0.21.

Fresh Del Monte Produce (NYSE:DMC) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.72 EPS for the quarter. Fresh Del Monte Produce had a return on equity of 6.43% and a net margin of 0.79%. The firm had revenue of $1.22 billion during the quarter.

Fresh Del Monte Produce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Wednesday, August 12th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Wednesday, August 12th. Fresh Del Monte Produce’s dividend payout ratio is 169.01%.

Insider Activity at Fresh Del Monte Produce

In related news, COO Mohammed Abbas purchased 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was acquired at an average cost of $29.89 per share, for a total transaction of $358,680.00. Following the completion of the acquisition, the chief operating officer owned 71,930 shares in the company, valued at $2,149,987.70. This trade represents a 20.02% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 30.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in DMC. NewEdge Advisors LLC acquired a new stake in shares of Fresh Del Monte Produce during the 2nd quarter valued at $4,023,000. Engineers Gate Manager LP purchased a new position in shares of Fresh Del Monte Produce during the 2nd quarter valued at $1,141,000. Outfitters Financial LLC purchased a new position in shares of Fresh Del Monte Produce during the 2nd quarter valued at $912,000. Arizona State Retirement System acquired a new position in shares of Fresh Del Monte Produce in the second quarter worth $302,000. Finally, GAMMA Investing LLC acquired a new position in shares of Fresh Del Monte Produce in the third quarter worth $238,000. Institutional investors and hedge funds own 64.83% of the company’s stock.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc is a global producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, tomatoes and berries, along with fresh-cut fruit and vegetables, fruit snacks, juices and other prepared foods. The company sells products under the Del Monte brand and through private-label offerings.

Fresh Del Monte operates an integrated agricultural and supply-chain network that includes farming, sourcing, packing, processing, transportation and distribution.