Freedom Broker Initiates Coverage on Fresh Del Monte Produce (NYSE:DMC)

Investment analysts at Freedom Broker began coverage on shares of Fresh Del Monte Produce (NYSE:DMC) in a research note issued to investors on Wednesday, Zacks reports. The brokerage set a “hold” rating on the stock.

A number of other brokerages have also recently issued reports on DMC. Weiss Ratings cut shares of Fresh Del Monte Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 30th. Wall Street Zen lowered Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Two equities research analysts have rated the stock with a Hold rating. According to MarketBeat.com, Fresh Del Monte Produce has a consensus rating of “Hold”.

Fresh Del Monte Produce Stock Up 5.8%

NYSE:DMC opened at $28.73 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.93 and a current ratio of 2.30. Fresh Del Monte Produce has a fifty-two week low of $26.09 and a fifty-two week high of $43.58. The firm has a market cap of $1.35 billion, a PE ratio of 10.65 and a beta of 0.25. The stock’s fifty day moving average is $30.27.

Fresh Del Monte Produce (NYSE:DMC) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.46 by $0.04. The firm had revenue of $1.10 billion during the quarter. Fresh Del Monte Produce had a net margin of 1.86% and a return on equity of 5.96%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the business earned $0.69 EPS.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of large investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC acquired a new position in Fresh Del Monte Produce during the second quarter worth about $4,023,000. AlphaCore Capital LLC purchased a new stake in shares of Fresh Del Monte Produce in the third quarter valued at about $1,350,000. Engineers Gate Manager LP purchased a new stake in shares of Fresh Del Monte Produce in the second quarter valued at about $1,141,000. SummerHaven Investment Management LLC grew its position in shares of Fresh Del Monte Produce by 56.3% in the third quarter. SummerHaven Investment Management LLC now owns 35,533 shares of the company’s stock valued at $1,050,000 after purchasing an additional 12,806 shares during the last quarter. Finally, Outfitters Financial LLC grew its position in shares of Fresh Del Monte Produce by 1.2% in the third quarter. Outfitters Financial LLC now owns 33,070 shares of the company’s stock valued at $991,000 after purchasing an additional 400 shares during the last quarter. 64.83% of the stock is owned by institutional investors and hedge funds.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc is a vertically integrated producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, berries, grapes, tomatoes and other fresh produce, along with prepared fruit, vegetables, juices and snacks sold under the Del Monte brand and other labels.

The company manages activities across the produce supply chain, including cultivation, sourcing, harvesting, processing, packaging, transportation and distribution.