Fresh Del Monte Produce, Inc. (FDP) Posts Earnings Results, Misses Estimates By $0.15 EPS

Fresh Del Monte Produce, Inc. (NYSE:FDP) announced its quarterly earnings results on Tuesday, August 1st. The company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.55 by $0.15, Morningstar.com reports. The firm had revenue of $1.15 billion for the quarter. Fresh Del Monte Produce had a net margin of 3.99% and a return on equity of 10.23%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.75 EPS.

Fresh Del Monte Produce (FDP) opened at 46.56 on Friday. Fresh Del Monte Produce has a 1-year low of $46.09 and a 1-year high of $66.86. The firm has a 50-day moving average price of $50.16 and a 200 day moving average price of $54.49. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 14.80 and a beta of 0.42.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Wednesday, August 16th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, August 14th. This represents a $0.60 annualized dividend and a dividend yield of 1.29%. Fresh Del Monte Produce’s dividend payout ratio is currently 18.93%.

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Separately, Zacks Investment Research lowered Fresh Del Monte Produce from a “hold” rating to a “sell” rating in a research note on Monday, May 1st.

In other Fresh Del Monte Produce news, SVP Bruce Alan Jordan sold 3,457 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $49.42, for a total transaction of $170,844.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Richard Contreras sold 1,796 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $47.60, for a total value of $85,489.60. Following the sale, the chief financial officer now owns 4,116 shares in the company, valued at approximately $195,921.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,583 shares of company stock worth $2,380,127. 36.90% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Fresh Del Monte Produce by 7.9% in the first quarter. Vanguard Group Inc. now owns 3,545,924 shares of the company’s stock valued at $210,026,000 after buying an additional 259,884 shares during the period. BlackRock Inc. increased its stake in shares of Fresh Del Monte Produce by 1,147.2% in the first quarter. BlackRock Inc. now owns 2,383,366 shares of the company’s stock valued at $141,167,000 after buying an additional 2,192,263 shares during the period. LSV Asset Management increased its stake in shares of Fresh Del Monte Produce by 2.5% in the second quarter. LSV Asset Management now owns 2,169,822 shares of the company’s stock valued at $110,465,000 after buying an additional 52,300 shares during the period. Northern Trust Corp increased its position in Fresh Del Monte Produce by 11.7% in the second quarter. Northern Trust Corp now owns 868,327 shares of the company’s stock worth $44,206,000 after buying an additional 90,867 shares during the last quarter. Finally, State Street Corp increased its position in Fresh Del Monte Produce by 5.5% in the second quarter. State Street Corp now owns 703,883 shares of the company’s stock worth $35,833,000 after buying an additional 36,779 shares during the last quarter. Institutional investors own 67.41% 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.

Earnings History for Fresh Del Monte Produce (NYSE:FDP)

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