Great Lakes Advisors LLC Trims Holdings in Fresh Del Monte Produce Inc. (NYSE:FDP)

Great Lakes Advisors LLC lessened its stake in Fresh Del Monte Produce Inc. (NYSE:FDP) by 11.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,108 shares of the company’s stock after selling 908 shares during the period. Great Lakes Advisors LLC’s holdings in Fresh Del Monte Produce were worth $236,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FDP. Rhumbline Advisers increased its holdings in Fresh Del Monte Produce by 0.3% in the fourth quarter. Rhumbline Advisers now owns 104,348 shares of the company’s stock valued at $3,465,000 after buying an additional 320 shares during the last quarter. Carolina Wealth Advisors LLC lifted its holdings 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 purchasing an additional 486 shares during the last quarter. Waterfront Wealth Inc. boosted its position in Fresh Del Monte Produce by 2.4% during the 4th quarter. Waterfront Wealth Inc. now owns 22,592 shares of the company’s stock valued at $750,000 after purchasing an additional 526 shares during the period. HHM Wealth Advisors LLC grew its stake in Fresh Del Monte Produce by 75.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 1,750 shares of the company’s stock worth $58,000 after buying an additional 750 shares during the last quarter. Finally, KBC Group NV increased its position in Fresh Del Monte Produce by 65.0% in the fourth quarter. KBC Group NV now owns 2,550 shares of the company’s stock worth $85,000 after buying an additional 1,005 shares during the period. 64.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Fresh Del Monte Produce Price Performance

NYSE FDP opened at $29.97 on Monday. The company has a 50-day moving average price of $30.78 and a two-hundred day moving average price of $31.21. Fresh Del Monte Produce Inc. has a 52 week low of $21.23 and a 52 week high of $35.27. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 90.81 and a beta of 0.33. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14.

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 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% compared to the same quarter last year.

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 issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.00%. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 10th. Fresh Del Monte Produce’s dividend payout ratio is presently 40.40%.

Fresh Del Monte Produce declared that its board has authorized a stock repurchase plan on Monday, February 24th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 10.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at Fresh Del Monte Produce

In other Fresh Del Monte Produce news, SVP Ziad Nabulsi sold 1,725 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.42, for a total value of $52,474.50. Following the completion of the transaction, the senior vice president now directly owns 11,498 shares in the company, valued at $349,769.16. This trade represents a 13.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Monica Vicente sold 2,532 shares of the company’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 $77,023.44. Following the completion of the sale, the chief financial officer now owns 10,808 shares of the company’s stock, valued at approximately $328,779.36. This trade represents a 18.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,321 shares of company stock valued at $283,545 over the last ninety days. Insiders own 30.10% of the company’s stock.

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.