Fresh Del Monte Produce, Inc. (NYSE:FDP) Hits New 52-Week Low on Disappointing Earnings

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.

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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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