Zacks: Fresh Del Monte Produce Inc (FDP) Receives Average Recommendation of “Buy” from Analysts

Fresh Del Monte Produce Inc (NYSE:FDP) has been assigned a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and one has given a strong buy rating to the company.

Brokers have set a 1 year consensus price objective of $74.00 for the company and are anticipating that the company will post $1.17 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Fresh Del Monte Produce an industry rank of 53 out of 265 based on the ratings given to related companies.

Separately, Zacks Investment Research downgraded shares of Fresh Del Monte Produce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 10th.

Fresh Del Monte Produce (NYSE:FDP) traded up 0.45% on Monday, reaching $59.76. 110,005 shares of the company traded hands. Fresh Del Monte Produce has a one year low of $41.73 and a one year high of $66.86. The stock’s 50 day moving average price is $58.54 and its 200 day moving average price is $60.04. The company has a market capitalization of $3.06 billion, a PE ratio of 13.80 and a beta of 0.31.

Fresh Del Monte Produce (NYSE:FDP) last announced its quarterly earnings results on Tuesday, February 21st. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.21. The firm had revenue of $954.60 million for the quarter, compared to the consensus estimate of $954.80 million. Fresh Del Monte Produce had a net margin of 3.47% and a return on equity of 12.62%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.11) EPS. On average, equities research analysts predict that Fresh Del Monte Produce will post $4.10 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Wednesday, March 8th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Monday, March 6th. Fresh Del Monte Produce’s payout ratio is 22.06%.

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In related news, Chairman Mohammad Abu-Ghazaleh sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $58.15, for a total value of $2,907,500.00. Following the transaction, the chairman now owns 5,328,672 shares of the company’s stock, valued at $309,862,276.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Bruce Alan Jordan sold 2,584 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $58.00, for a total transaction of $149,872.00. The disclosure for this sale can be found here. In the last three months, insiders sold 91,785 shares of company stock worth $5,323,548. 37.80% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the company. Fortaleza Asset Management Inc. purchased a new stake in Fresh Del Monte Produce during the fourth quarter worth approximately $116,000. Pacad Investment Ltd. purchased a new stake in Fresh Del Monte Produce during the fourth quarter worth approximately $127,000. Quadrature Capital Ltd purchased a new stake in Fresh Del Monte Produce during the third quarter worth approximately $252,000. Meeder Asset Management Inc. purchased a new stake in Fresh Del Monte Produce during the third quarter worth approximately $253,000. Finally, Globeflex Capital L P purchased a new stake in Fresh Del Monte Produce during the third quarter worth approximately $269,000. Institutional investors own 63.80% of the company’s stock.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a holding company. The Company, through its subsidiaries, is engaged in sourcing, transportation and marketing of fresh and fresh-cut produce together with prepared food products in Europe, Africa and the Middle East. Its operations are aggregated into business segments on the basis of its products: bananas, other fresh produce and prepared food.

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