Connors Investor Services Inc. lowered its stake in shares of Calavo Growers, Inc. (NASDAQ:CVGW) by 1.1% in the second quarter, Holdings Channel.com reports. The firm owned 24,124 shares of the company’s stock after selling 266 shares during the period. Connors Investor Services Inc.’s holdings in Calavo Growers were worth $2,334,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Clearbridge Investments LLC boosted its stake in shares of Calavo Growers by 192.7% in the 1st quarter. Clearbridge Investments LLC now owns 535,428 shares of the company’s stock worth $44,896,000 after buying an additional 352,526 shares during the last quarter. Pictet Asset Management Ltd. increased its holdings in shares of Calavo Growers by 5.7% in the second quarter. Pictet Asset Management Ltd. now owns 158,584 shares of the company’s stock worth $15,341,000 after purchasing an additional 8,603 shares during the period. Moody Aldrich Partners LLC increased its holdings in shares of Calavo Growers by 2.7% in the second quarter. Moody Aldrich Partners LLC now owns 65,678 shares of the company’s stock worth $6,354,000 after purchasing an additional 1,747 shares during the period. Aperio Group LLC increased its holdings in shares of Calavo Growers by 6.4% in the second quarter. Aperio Group LLC now owns 5,028 shares of the company’s stock worth $486,000 after purchasing an additional 304 shares during the period. Finally, Everence Capital Management Inc. bought a new position in shares of Calavo Growers in the second quarter worth $208,000. Institutional investors and hedge funds own 88.29% of the company’s stock.
In related news, insider James E. Gibson sold 10,924 shares of Calavo Growers stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $94.28, for a total transaction of $1,029,914.72. Following the completion of the transaction, the insider now directly owns 12,171 shares of the company’s stock, valued at approximately $1,147,481.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Marc Laurence Brown sold 375 shares of Calavo Growers stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $99.75, for a total transaction of $37,406.25. Following the transaction, the director now directly owns 13,000 shares of the company’s stock, valued at $1,296,750. The disclosure for this sale can be found here. Insiders have sold a total of 67,573 shares of company stock worth $6,398,927 over the last 90 days. Insiders own 7.30% of the company’s stock.
Calavo Growers (NASDAQ:CVGW) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.91 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.91. The business had revenue of $359.30 million for the quarter, compared to analysts’ expectations of $327.83 million. Calavo Growers had a net margin of 2.54% and a return on equity of 17.89%. The company’s revenue was up 21.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.86 EPS. Analysts forecast that Calavo Growers, Inc. will post 2.99 earnings per share for the current fiscal year.
Several research firms have recently weighed in on CVGW. Lake Street Capital upped their price target on shares of Calavo Growers from $94.00 to $104.00 in a report on Friday, June 7th. BidaskClub raised shares of Calavo Growers from a “sell” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, Zacks Investment Research lowered shares of Calavo Growers from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Calavo Growers currently has an average rating of “Buy” and an average target price of $96.50.
About Calavo Growers
Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers. It operates in three segments: Fresh Products, Calavo Foods, and RFG. The Fresh products segment distributes avocados and other fresh produce products; and procures avocados grown in California, Mexico, and Peru, as well as various other commodities, including tomatoes and papayas.
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