Fresh Del Monte Produce Inc. (NYSE:FDP) Short Interest Up 24.7% in February

Fresh Del Monte Produce Inc. (NYSE:FDP) saw a significant growth in short interest in February. As of February 15th, there was short interest totalling 900,900 shares, a growth of 24.7% from the January 31st total of 722,300 shares. Approximately 2.3% of the shares of the stock are short sold. Based on an average daily volume of 321,200 shares, the short-interest ratio is currently 2.8 days.

Fresh Del Monte Produce Trading Up 3.5 %

Shares of FDP stock traded up $1.06 during mid-day trading on Friday, reaching $31.57. 94,758 shares of the stock traded hands, compared to its average volume of 268,411. The stock’s fifty day simple moving average is $31.17 and its two-hundred day simple moving average is $31.09. 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 company has a market cap of $1.51 billion, a price-to-earnings ratio of 95.33 and a beta of 0.33. Fresh Del Monte Produce has a 1-year low of $21.23 and a 1-year high of $35.27.

Fresh Del Monte Produce (NYSE:FDP) last posted its quarterly earnings results on Monday, February 24th. The company reported $0.26 earnings per share (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 business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the business posted $0.25 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year.

Fresh Del Monte Produce declared that its Board of Directors has authorized a share repurchase program on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 10.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Fresh Del Monte Produce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be paid a $0.30 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.20 annualized dividend and a yield of 3.80%. 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 currently 40.40%.

Insider Activity

In related news, SVP Ziad Nabulsi sold 1,725 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $30.42, for a total value of $52,474.50. Following the sale, the senior vice president now directly owns 11,498 shares of the company’s stock, valued at approximately $349,769.16. The trade was a 13.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Mohammed Abbas sold 5,064 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 $154,046.88. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,321 shares of company stock valued at $283,545 over the last three months. 30.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

Several hedge funds have recently bought and sold shares of FDP. Rhumbline Advisers boosted its stake in shares of Fresh Del Monte Produce by 0.3% during the 4th quarter. Rhumbline Advisers now owns 104,348 shares of the company’s stock valued at $3,465,000 after purchasing an additional 320 shares in the last quarter. Carolina Wealth Advisors LLC grew its position in shares of Fresh Del Monte Produce by 2.6% in the 4th quarter. Carolina Wealth Advisors LLC now owns 19,403 shares of the company’s stock worth $644,000 after buying an additional 486 shares during the period. Waterfront Wealth Inc. increased its stake in shares of Fresh Del Monte Produce by 2.4% in the 4th quarter. Waterfront Wealth Inc. now owns 22,592 shares of the company’s stock worth $750,000 after acquiring an additional 526 shares in the last quarter. Bank of Montreal Can boosted its stake in Fresh Del Monte Produce by 7.4% during the fourth quarter. Bank of Montreal Can now owns 9,669 shares of the company’s stock worth $321,000 after acquiring an additional 666 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Fresh Del Monte Produce by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,211 shares of the company’s stock valued at $638,000 after purchasing an additional 684 shares in the last quarter. 64.83% of the stock is currently 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.