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

Fresh Del Monte Produce, Inc. (NYSE:FDP) shares reached a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $46.69 and last traded at $46.70, with a volume of 241,887 shares. The stock had previously closed at $51.47.

The company reported $1.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.55 by $0.15. The firm had revenue of $1.15 billion for the quarter. Fresh Del Monte Produce had a return on equity of 10.23% and a net margin of 3.99%. Fresh Del Monte Produce’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the business earned $1.75 earnings per share.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors 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 yield of 1.23%. The ex-dividend date of this dividend is Monday, August 14th. Fresh Del Monte Produce’s payout ratio is currently 18.93%.

Separately, Zacks Investment Research lowered Fresh Del Monte Produce from a “hold” rating to a “sell” rating in a research note on Monday, May 15th.

In other news, insider Youssef Zakharia sold 1,212 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $47.60, for a total transaction of $57,691.20. Following the transaction, the insider now owns 3,080 shares of the company’s stock, valued at $146,608. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Richard Contreras sold 1,796 shares of the firm’s stock in a transaction that occurred 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 completion of 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. Insiders sold a total of 36,166 shares of company stock valued at $1,771,588 over the last quarter. 36.90% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in FDP. Bank of New York Mellon Corp raised its position in Fresh Del Monte Produce by 149.0% in the first quarter. Bank of New York Mellon Corp now owns 371,803 shares of the company’s stock worth $22,022,000 after buying an additional 222,513 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Fresh Del Monte Produce during the first quarter worth $258,000. American Century Companies Inc. boosted its stake in shares of Fresh Del Monte Produce by 2.4% in the first quarter. American Century Companies Inc. now owns 169,616 shares of the company’s stock worth $10,046,000 after buying an additional 4,025 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Fresh Del Monte Produce by 42.1% in the first quarter. First Trust Advisors LP now owns 42,533 shares of the company’s stock worth $2,519,000 after buying an additional 12,609 shares during the last quarter. Finally, LSV Asset Management raised its position in Fresh Del Monte Produce by 11.9% in the first quarter. LSV Asset Management now owns 2,117,522 shares of the company’s stock worth $125,420,000 after buying an additional 224,691 shares in the last quarter. Institutional investors own 66.64% of the company’s stock.

The company has a 50-day moving average price of $50.47 and a 200-day moving average price of $54.83. The stock has a market capitalization of $2.44 billion, a PE ratio of 15.51 and a beta of 0.42.

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About Fresh Del Monte Produce

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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