Calavo Growers (CVGW) Rating Lowered to Hold at BidaskClub

BidaskClub cut shares of Calavo Growers (NASDAQ:CVGW) from a buy rating to a hold rating in a research report released on Saturday morning.

Other equities analysts also recently issued reports about the stock. Lake Street Capital set a $109.00 price objective on shares of Calavo Growers and gave the company a buy rating in a research note on Friday, September 7th. Zacks Investment Research raised shares of Calavo Growers from a sell rating to a hold rating in a research note on Wednesday. Vertical Group downgraded shares of Calavo Growers from a buy rating to a hold rating in a research note on Tuesday, August 7th. Finally, Buckingham Research cut shares of Calavo Growers from a buy rating to a neutral rating and set a $98.00 price target on the stock. in a research report on Tuesday, September 4th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $101.50.

Shares of NASDAQ:CVGW opened at $98.28 on Friday. The stock has a market cap of $1.73 billion, a PE ratio of 35.23 and a beta of 0.48. Calavo Growers has a 12 month low of $70.00 and a 12 month high of $108.00.

Calavo Growers (NASDAQ:CVGW) last issued its quarterly earnings data on Wednesday, September 5th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.78 by $0.08. The firm had revenue of $296.50 million during the quarter, compared to the consensus estimate of $305.12 million. Calavo Growers had a net margin of 4.04% and a return on equity of 18.68%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. On average, sell-side analysts predict that Calavo Growers will post 2.87 EPS for the current year.

The business also recently declared an annual dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 16th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a dividend yield of 1%. This is a boost from Calavo Growers’s previous annual dividend of $0.95. Calavo Growers’s payout ratio is currently 46.95%.

In related news, Director Marc Laurence Brown sold 343 shares of the business’s stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $95.74, for a total transaction of $32,838.82. Following the transaction, the director now owns 11,343 shares in the company, valued at $1,085,978.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Lecil E. Cole sold 100,296 shares of the business’s stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $103.68, for a total transaction of $10,398,689.28. Following the transaction, the chairman now owns 571,071 shares in the company, valued at approximately $59,208,641.28. The disclosure for this sale can be found here. 8.40% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its position in shares of Calavo Growers by 25.6% during the second quarter. Commonwealth Equity Services LLC now owns 3,408 shares of the company’s stock valued at $328,000 after buying an additional 694 shares during the period. Rhumbline Advisers grew its holdings in Calavo Growers by 1.9% in the second quarter. Rhumbline Advisers now owns 38,112 shares of the company’s stock worth $3,664,000 after purchasing an additional 703 shares during the period. AQR Capital Management LLC grew its holdings in Calavo Growers by 12.4% in the third quarter. AQR Capital Management LLC now owns 6,660 shares of the company’s stock worth $643,000 after purchasing an additional 734 shares during the period. OppenheimerFunds Inc. grew its holdings in Calavo Growers by 10.5% in the second quarter. OppenheimerFunds Inc. now owns 8,223 shares of the company’s stock worth $791,000 after purchasing an additional 781 shares during the period. Finally, Advisors Asset Management Inc. grew its holdings in Calavo Growers by 797.7% in the third quarter. Advisors Asset Management Inc. now owns 1,149 shares of the company’s stock worth $111,000 after purchasing an additional 1,021 shares during the period. Institutional investors own 88.15% of the company’s stock.

About Calavo Growers

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to grocery retailers, food services, club stores, mass merchandisers, food distributors, wholesalers, supermarkets, specialty/natural retailers, and convenience stores worldwide. It operates in three segments: Fresh Products, Calavo Foods, and RFG.

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