Fresh Del Monte Produce Inc. (NYSE:FDP) Short Interest Up 31.0% in February

Fresh Del Monte Produce Inc. (NYSE:FDP) saw a significant increase in short interest in February. As of February 28th, there was short interest totalling 1,180,000 shares, an increase of 31.0% from the February 13th total of 900,900 shares. Approximately 3.0% of the shares of the company are short sold. Based on an average trading volume of 349,400 shares, the days-to-cover ratio is currently 3.4 days.

Fresh Del Monte Produce Trading Up 0.4 %

Fresh Del Monte Produce stock traded up $0.13 during trading on Monday, reaching $30.18. 68,322 shares of the company were exchanged, compared to its average volume of 269,663. Fresh Del Monte Produce has a 52-week low of $21.23 and a 52-week high of $35.27. The company has a market capitalization of $1.45 billion, a P/E ratio of 91.44 and a beta of 0.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. The stock’s 50 day simple moving average is $30.78 and its two-hundred day simple moving average is $31.21.

Fresh Del Monte Produce (NYSE:FDP) last announced its quarterly earnings data on Monday, February 24th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.16). Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the business posted $0.25 EPS. The business’s quarterly revenue was up .5% compared to the same quarter last year.

Fresh Del Monte Produce announced that its board has approved a share buyback plan on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 10.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Fresh Del Monte Produce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be given a dividend of $0.30 per share. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.20 dividend on an annualized basis and a yield of 3.98%. Fresh Del Monte Produce’s dividend payout ratio (DPR) is presently 40.40%.

Insider Activity at Fresh Del Monte Produce

In related news, SVP Ziad Nabulsi sold 1,725 shares of Fresh Del Monte Produce stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $52,474.50. Following the completion of the transaction, the senior vice president now directly owns 11,498 shares in the company, valued at approximately $349,769.16. This trade represents a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Monica Vicente sold 2,532 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.42, for a total value of $77,023.44. Following the completion of the sale, the chief financial officer now directly owns 10,808 shares in the company, valued at approximately $328,779.36. The trade was a 18.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,321 shares of company stock worth $283,545. 30.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Fresh Del Monte Produce by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 4,809,451 shares of the company’s stock valued at $159,722,000 after purchasing an additional 133,122 shares during the period. State Street Corp raised its position in Fresh Del Monte Produce by 1.2% in the third quarter. State Street Corp now owns 1,306,527 shares of the company’s stock valued at $38,595,000 after purchasing an additional 15,278 shares during the period. Pacer Advisors Inc. purchased a new stake in Fresh Del Monte Produce in the fourth quarter valued at $42,522,000. Charles Schwab Investment Management Inc. raised its position in Fresh Del Monte Produce by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,105,353 shares of the company’s stock valued at $36,709,000 after purchasing an additional 44,777 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Fresh Del Monte Produce by 22.0% in the 4th quarter. American Century Companies Inc. now owns 950,108 shares of the company’s stock valued at $31,553,000 after buying an additional 171,574 shares during the period. Hedge funds and other institutional investors own 64.83% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a report on Friday, March 7th.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.