Mohammed Abbas Sells 5,064 Shares of Fresh Del Monte Produce Inc. (NYSE:FDP) Stock

Fresh Del Monte Produce Inc. (NYSE:FDP) COO Mohammed Abbas sold 5,064 shares of the business’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 transaction of $154,046.88. Following the transaction, the chief operating officer now owns 45,560 shares of the company’s stock, valued at approximately $1,385,935.20. This represents a 10.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Fresh Del Monte Produce Trading Up 0.2 %

Shares of NYSE:FDP opened at $30.02 on Thursday. The company has a quick ratio of 1.04, a current ratio of 2.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 90.96 and a beta of 0.33. Fresh Del Monte Produce Inc. has a 12 month low of $21.23 and a 12 month high of $35.27. The company’s fifty day simple moving average is $31.24 and its 200 day simple moving average is $31.09.

Fresh Del Monte Produce (NYSE:FDP) last released its quarterly earnings data on Monday, February 24th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.16). Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the firm earned $0.25 earnings per share. Fresh Del Monte Produce’s revenue for the quarter was up .5% on a year-over-year basis.

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

Fresh Del Monte Produce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.20 annualized dividend and a dividend yield of 4.00%. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s dividend payout ratio is currently 40.40%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Parvin Asset Management LLC bought a new stake in Fresh Del Monte Produce during the fourth quarter worth $30,000. Sterling Capital Management LLC raised its holdings in Fresh Del Monte Produce by 795.0% during the 4th quarter. Sterling Capital Management LLC now owns 1,083 shares of the company’s stock valued at $36,000 after acquiring an additional 962 shares during the period. McIlrath & Eck LLC bought a new position in Fresh Del Monte Produce in the 4th quarter worth about $48,000. Sherman Asset Management Inc. purchased a new position in Fresh Del Monte Produce during the fourth quarter valued at approximately $54,000. Finally, State of Wyoming bought a new position in shares of Fresh Del Monte Produce in the fourth quarter worth $54,000. 64.83% of the stock is owned by institutional investors.

About Fresh Del Monte Produce

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.