Sherman Asset Management Inc. Buys Shares of 1,636 Fresh Del Monte Produce Inc. (NYSE:FDP)

Sherman Asset Management Inc. bought a new stake in shares of Fresh Del Monte Produce Inc. (NYSE:FDP) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,636 shares of the company’s stock, valued at approximately $54,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Proficio Capital Partners LLC bought a new position in shares of Fresh Del Monte Produce during the fourth quarter valued at approximately $909,000. Bank of New York Mellon Corp increased its stake in shares of Fresh Del Monte Produce by 10.8% during the fourth quarter. Bank of New York Mellon Corp now owns 271,318 shares of the company’s stock valued at $9,010,000 after purchasing an additional 26,423 shares in the last quarter. Outfitter Financial LLC bought a new position in shares of Fresh Del Monte Produce during the fourth quarter valued at approximately $733,000. Waterfront Wealth Inc. increased its stake in shares of Fresh Del Monte Produce by 2.4% during the fourth quarter. Waterfront Wealth Inc. now owns 22,592 shares of the company’s stock valued at $750,000 after purchasing an additional 526 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Fresh Del Monte Produce by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 162,751 shares of the company’s stock valued at $5,405,000 after purchasing an additional 4,542 shares in the last quarter. Institutional investors own 64.83% of the company’s stock.

Fresh Del Monte Produce Price Performance

Shares of NYSE FDP opened at $30.51 on Friday. Fresh Del Monte Produce Inc. has a fifty-two week low of $21.23 and a fifty-two week high of $35.27. The company has a 50 day simple moving average of $31.37 and a two-hundred day simple moving average of $31.03. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 92.46 and a beta of 0.39. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 2.09.

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

Fresh Del Monte Produce Increases Dividend

The company also recently declared 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. The ex-dividend date is Monday, March 10th. This represents a $1.20 annualized dividend and a dividend yield of 3.93%. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s dividend payout ratio (DPR) is 40.40%.

Fresh Del Monte Produce announced that its Board of Directors has authorized a stock buyback plan on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire up to 10.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Fresh Del Monte Produce 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.