Fresh Del Monte Produce Inc. (NYSE:FDP) Sees Large Increase in Short Interest

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

Fresh Del Monte Produce Stock Down 1.3 %

Shares of FDP stock traded down $0.39 during trading on Tuesday, hitting $29.89. 182,481 shares of the company were exchanged, compared to its average volume of 270,441. The business’s 50-day simple moving average is $30.76 and its 200 day simple moving average is $31.21. Fresh Del Monte Produce has a twelve month low of $21.23 and a twelve month high of $35.27. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of 90.49 and a beta of 0.33. 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 issued its earnings results on Monday, February 24th. The company reported $0.26 earnings per share (EPS) 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 analyst estimates of $1.14 billion. During the same period last year, the business earned $0.25 EPS. The company’s quarterly revenue was up .5% on a year-over-year basis.

Fresh Del Monte Produce Increases Dividend

The company 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 dividend on an annualized basis and a yield of 4.01%. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s payout ratio is 40.40%.

Fresh Del Monte Produce announced that its board has authorized a share buyback program on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to repurchase up to 10.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Fresh Del Monte Produce

In other Fresh Del Monte Produce news, CFO Monica Vicente sold 2,532 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 transaction of $77,023.44. Following the sale, the chief financial officer now directly owns 10,808 shares of the company’s stock, valued at $328,779.36. The trade was a 18.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mohammed Abbas sold 5,064 shares of the stock in a transaction 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 sale, the chief operating officer now owns 45,560 shares of the company’s stock, valued at $1,385,935.20. The trade was a 10.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,321 shares of company stock valued at $283,545. 30.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fresh Del Monte Produce

Several institutional investors have recently made changes to their positions in FDP. Entropy Technologies LP acquired a new position in Fresh Del Monte Produce in the third quarter worth approximately $314,000. Victory Capital Management Inc. bought a new stake in Fresh Del Monte Produce in the third quarter worth approximately $342,000. Royce & Associates LP acquired a new position in shares of Fresh Del Monte Produce during the 3rd quarter worth $201,000. Empowered Funds LLC raised its holdings in shares of Fresh Del Monte Produce by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 249,340 shares of the company’s stock valued at $7,366,000 after purchasing an additional 12,596 shares in the last quarter. Finally, Chesapeake Capital Corp IL bought a new stake in Fresh Del Monte Produce in the third quarter worth $592,000. 64.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Fresh Del Monte Produce from a “hold” rating to a “buy” rating in a research note on Monday.

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.