Fresh Del Monte Produce (NYSE:DMC) Releases Earnings Results, Beats Expectations By $0.04 EPS

Fresh Del Monte Produce (NYSE:DMC) released its earnings results on Thursday. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.04, FiscalAI reports. Fresh Del Monte Produce had a net margin of 1.86% and a return on equity of 5.96%. The firm had revenue of $1.10 billion for the quarter. During the same period in the prior year, the company earned $0.69 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year.

Fresh Del Monte Produce Price Performance

Fresh Del Monte Produce stock traded down $0.44 during mid-day trading on Friday, reaching $27.33. The stock had a trading volume of 634,134 shares, compared to its average volume of 501,088. Fresh Del Monte Produce has a one year low of $26.47 and a one year high of $43.58. The company’s 50-day moving average price is $30.52. The firm has a market cap of $1.29 billion, a P/E ratio of 15.98 and a beta of 0.25. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.30 and a quick ratio of 1.04.

Fresh Del Monte Produce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Wednesday, November 11th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $1.20 dividend on an annualized basis and a yield of 4.4%. Fresh Del Monte Produce’s payout ratio is presently 169.01%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings cut Fresh Del Monte Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday. One research analyst has rated the stock with a Hold rating. According to data from MarketBeat, the company presently has an average rating of “Hold”.

Insiders Place Their Bets

In other news, COO Mohammed Abbas acquired 12,000 shares of Fresh Del Monte Produce stock in a transaction 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 purchase, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 30.60% of the company’s stock.

Institutional Investors Weigh In On Fresh Del Monte Produce

Several institutional investors and hedge funds have recently made changes to their positions in DMC. Integrated Wealth Concepts LLC bought a new position in Fresh Del Monte Produce in the 2nd quarter valued at approximately $26,000. Fortitude Family Office LLC purchased a new stake in Fresh Del Monte Produce during the 3rd quarter valued at $61,000. Farther Finance Advisors LLC purchased a new stake in Fresh Del Monte Produce during the 3rd quarter valued at $84,000. Signaturefd LLC increased its holdings in shares of Fresh Del Monte Produce by 212.0% in the 3rd quarter. Signaturefd LLC now owns 4,374 shares of the company’s stock worth $131,000 after purchasing an additional 2,972 shares in the last quarter. Finally, Moss Adams Wealth Advisors LLC bought a new stake in shares of Fresh Del Monte Produce in the 3rd quarter worth $201,000. Institutional investors own 64.83% of the company’s stock.

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.