Fresh Del Monte Produce, Inc. (NYSE:FDP) hit a new 52-week low on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $46.69 and last traded at $46.70, with a volume of 241,887 shares trading hands. The stock had previously closed at $51.47.
The company reported $1.40 EPS for the quarter, missing the Zacks’ consensus estimate of $1.55 by $0.15. Fresh Del Monte Produce had a net margin of 3.99% and a return on equity of 10.23%. The business had revenue of $1.15 billion during the quarter. During the same quarter in the previous year, the company posted $1.75 earnings per share. The company’s revenue for the quarter was up 5.4% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Wednesday, August 16th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Monday, August 14th. Fresh Del Monte Produce’s dividend payout ratio is presently 18.93%.
Separately, Zacks Investment Research downgraded shares of Fresh Del Monte Produce from a “hold” rating to a “sell” rating in a research note on Monday, May 1st.
In related news, SVP Marissa R. Tenazas sold 2,031 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $47.94, for a total transaction of $97,366.14. Following the completion of the sale, the senior vice president now directly owns 1,219 shares of the company’s stock, valued at approximately $58,438.86. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Richard Contreras sold 1,796 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $47.60, for a total transaction of $85,489.60. Following the sale, the chief financial officer now directly owns 4,116 shares of the company’s stock, valued at $195,921.60. The disclosure for this sale can be found here. In the last three months, insiders sold 36,166 shares of company stock worth $1,771,588. Insiders own 36.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in FDP. Harbour Capital Advisors LLC purchased a new stake in Fresh Del Monte Produce during the first quarter worth $118,000. MARSHALL WACE ASIA Ltd purchased a new stake in Fresh Del Monte Produce during the first quarter worth $229,000. Marshall Wace North America L.P. purchased a new stake in Fresh Del Monte Produce during the first quarter worth $229,000. Amalgamated Bank raised its stake in Fresh Del Monte Produce by 3.3% in the second quarter. Amalgamated Bank now owns 4,188 shares of the company’s stock worth $213,000 after buying an additional 133 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Fresh Del Monte Produce during the first quarter worth $258,000. 66.64% of the stock is owned by institutional investors and hedge funds.
The firm’s 50 day moving average price is $50.47 and its 200-day moving average price is $54.83. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 15.51 and a beta of 0.42.
ILLEGAL ACTIVITY WARNING: This story was first published by Community Financial News and is the property of of Community Financial News. If you are accessing this story on another website, it was copied illegally and republished in violation of US & international copyright laws. The original version of this story can be read at https://www.com-unik.info/2017/08/12/fresh-del-monte-produce-inc-nysefdp-sets-new-1-year-low-after-earnings-miss-updated.html.
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.
What are top analysts saying about Fresh Del Monte Produce Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Fresh Del Monte Produce Inc. and related companies.