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

Fresh Del Monte Produce Inc. (NYSE:FDP) was the target of a large increase in short interest during the month of 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. Currently, 3.0% of the shares of the stock are short sold. Based on an average trading volume of 349,400 shares, the days-to-cover ratio is presently 3.4 days.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, COO Mohammed Abbas sold 5,064 shares of the business’s 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 $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. The trade was a 10.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Monica Vicente sold 2,532 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 value of $77,023.44. Following the transaction, the chief financial officer now directly owns 10,808 shares in the company, valued at approximately $328,779.36. This represents a 18.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,321 shares of company stock valued at $283,545 in the last quarter. 30.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FDP. Pacer Advisors Inc. purchased a new position in shares of Fresh Del Monte Produce in the fourth quarter worth about $42,522,000. Advisors Preferred LLC purchased a new position in shares of Fresh Del Monte Produce in the fourth quarter worth about $7,459,000. American Century Companies Inc. raised its stake in shares of Fresh Del Monte Produce by 22.0% in the fourth quarter. American Century Companies Inc. now owns 950,108 shares of the company’s stock worth $31,553,000 after purchasing an additional 171,574 shares during the last quarter. Invesco Ltd. raised its stake in shares of Fresh Del Monte Produce by 21.7% in the fourth quarter. Invesco Ltd. now owns 919,612 shares of the company’s stock worth $30,540,000 after purchasing an additional 164,120 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of 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 worth $159,722,000 after purchasing an additional 133,122 shares during the last quarter. 64.83% of the stock is currently owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Stock Up 0.4 %

Shares of FDP traded up $0.13 during midday trading on Monday, reaching $30.18. 68,322 shares of the stock 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 current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $30.78 and its two-hundred day moving average is $31.21. The company has a market capitalization of $1.45 billion, a P/E ratio of 91.44 and a beta of 0.33.

Fresh Del Monte Produce (NYSE:FDP) last issued its quarterly earnings data on Monday, February 24th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the business earned $0.25 EPS. Fresh Del Monte Produce’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 initiated a stock repurchase program on Monday, February 24th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to repurchase up to 10.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Fresh Del Monte Produce Increases Dividend

The firm also recently declared 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 of this dividend is Monday, March 10th. This is a boost from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. 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 40.40%.

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.