Gabelli Funds LLC Takes $1.28 Million Position in Mission Produce, Inc. $AVO

Gabelli Funds LLC acquired a new position in Mission Produce, Inc. (NASDAQ:AVO) in the 1st quarter, Holdings Channel.com reports. The firm acquired 92,772 shares of the company’s stock, valued at approximately $1,277,000.

A number of other institutional investors also recently bought and sold shares of the stock. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in Mission Produce during the first quarter valued at about $1,183,000. Caxton Associates LLP purchased a new stake in Mission Produce in the first quarter worth about $225,000. Capula Management Ltd bought a new position in shares of Mission Produce in the first quarter worth about $3,550,000. Walleye Capital LLC bought a new position in shares of Mission Produce in the first quarter worth about $196,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Mission Produce by 12.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company’s stock valued at $41,614,000 after buying an additional 334,629 shares in the last quarter. 63.57% of the stock is owned by institutional investors.

Mission Produce Trading Down 0.0%

Shares of Mission Produce stock opened at $12.85 on Thursday. Mission Produce, Inc. has a fifty-two week low of $10.07 and a fifty-two week high of $15.53. 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 capitalization of $1.13 billion, a P/E ratio of 40.14 and a beta of 0.49. The company has a fifty day moving average of $12.05 and a 200 day moving average of $13.01.

Mission Produce announced that its Board of Directors has initiated a share repurchase plan on Monday, June 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 13.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Mission Produce news, major shareholder Holdings Venture Globalharvest bought 687,222 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was purchased at an average price of $13.42 per share, for a total transaction of $9,222,519.24. Following the completion of the transaction, the insider owned 12,370,439 shares of the company’s stock, valued at $166,011,291.38. This trade represents a 5.88% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jay A. Pack bought 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were acquired at an average cost of $12.10 per share, for a total transaction of $484,000.00. Following the purchase, the director directly owned 579,965 shares in the company, valued at $7,017,576.50. This trade represents a 7.41% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 3,352,161 shares of company stock worth $42,458,664 over the last ninety days. Corporate insiders own 30.85% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVO. Wall Street Zen downgraded Mission Produce from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. UBS Group set a $16.00 target price on shares of Mission Produce in a research note on Wednesday, June 10th. Finally, Weiss Ratings downgraded shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.67.

Mission Produce 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.