Zacks Investment Research upgraded shares of Calavo Growers, Inc. (NASDAQ:CVGW) from a strong sell rating to a hold rating in a research note published on Monday morning.
According to Zacks, “Calavo Growers, Inc. engages in the procurement and marketing of avocados and other perishable foods and the preparation and distribution of processed avocado products. Their expertise in marketing and distributing avocado, processed avocado, and other perishable foods allows them to deliver a wide array of fresh and processed food products to food distributors, produce wholesalers, supermarkets, and restaurants on a worldwide basis. “
Calavo Growers (NASDAQ:CVGW) traded up 1.319% during mid-day trading on Monday, reaching $65.275. The company’s stock had a trading volume of 27,463 shares. Calavo Growers has a 12-month low of $48.75 and a 12-month high of $71.48. The company has a market cap of $1.14 billion, a PE ratio of 30.936 and a beta of 0.54. The firm’s 50 day moving average is $64.37 and its 200-day moving average is $59.99.
Calavo Growers (NASDAQ:CVGW) last issued its quarterly earnings results on Tuesday, March 7th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by $0.10. The business had revenue of $226.60 million for the quarter, compared to analysts’ expectations of $240.27 million. Calavo Growers had a return on equity of 18.36% and a net margin of 4.06%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.37 EPS. Equities analysts anticipate that Calavo Growers will post $2.37 earnings per share for the current fiscal year.
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In other news, Chairman Lecil E. Cole bought 42,942 shares of Calavo Growers stock in a transaction on Tuesday, April 11th. The stock was acquired at an average price of $61.78 per share, with a total value of $2,652,956.76. Following the completion of the acquisition, the chairman now directly owns 604,923 shares of the company’s stock, valued at $37,372,142.94. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael A. Browne bought 2,000 shares of Calavo Growers stock in a transaction on Thursday, March 9th. The shares were purchased at an average cost of $55.50 per share, with a total value of $111,000.00. Following the acquisition, the vice president now directly owns 18,156 shares of the company’s stock, valued at $1,007,658. The disclosure for this purchase can be found here. Insiders have acquired 139,942 shares of company stock valued at $8,123,857 in the last three months. Insiders own 10.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in CVGW. State of Alaska Department of Revenue boosted its position in shares of Calavo Growers by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 1,690 shares of the company’s stock worth $102,000 after buying an additional 30 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Calavo Growers by 54.7% in the first quarter. Victory Capital Management Inc. now owns 2,077 shares of the company’s stock worth $126,000 after buying an additional 734 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Calavo Growers by 7.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,169 shares of the company’s stock worth $131,000 after buying an additional 142 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Calavo Growers during the first quarter worth approximately $150,000. Finally, Bank of Montreal Can boosted its position in shares of Calavo Growers by 33.9% in the first quarter. Bank of Montreal Can now owns 2,957 shares of the company’s stock worth $179,000 after buying an additional 748 shares during the last quarter. 67.96% of the stock is owned by institutional investors and hedge funds.
Calavo Growers Company Profile
Calavo Growers, Inc operates in the avocado industry. The Company provides value-added fresh food. The Company distributes its products both domestically and internationally and internationally. It operates in three business segments: Fresh products, Calavo Foods and Renaissance Food Group, LLC (RFG).
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