Kovitz Investment Group Partners LLC Reduces Stock Position in Fresh Del Monte Produce Inc. (NYSE:FDP)

Kovitz Investment Group Partners LLC trimmed its holdings in shares of Fresh Del Monte Produce Inc. (NYSE:FDP) by 64.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 39,647 shares of the company’s stock after selling 70,960 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Fresh Del Monte Produce were worth $1,317,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Syon Capital LLC acquired a new stake in shares of Fresh Del Monte Produce during the 4th quarter worth about $218,000. Price T Rowe Associates Inc. MD raised its holdings in Fresh Del Monte Produce by 6.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,890 shares of the company’s stock worth $1,226,000 after purchasing an additional 2,218 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of Fresh Del Monte Produce by 4.0% during the 4th quarter. MetLife Investment Management LLC now owns 20,684 shares of the company’s stock worth $687,000 after buying an additional 786 shares during the last quarter. Mariner LLC acquired a new position in shares of Fresh Del Monte Produce in the 4th quarter valued at $269,000. Finally, Sterling Capital Management LLC grew its position in shares of Fresh Del Monte Produce by 795.0% in the 4th quarter. Sterling Capital Management LLC now owns 1,083 shares of the company’s stock valued at $36,000 after buying an additional 962 shares during the last quarter. 64.83% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fresh Del Monte Produce

In other news, COO Mohammed Abbas sold 5,064 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.42, for a total transaction of $154,046.88. Following the transaction, the chief operating officer now directly owns 45,560 shares in the company, valued at $1,385,935.20. The trade was a 10.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction of $52,474.50. Following the completion of the sale, the senior vice president now 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 disclosure for this sale can be found here. Insiders sold 10,469 shares of company stock worth $319,190 over the last 90 days. 30.10% of the stock is currently owned by insiders.

Fresh Del Monte Produce Stock Up 1.0 %

Shares of NYSE FDP opened at $34.82 on Wednesday. The stock has a market cap of $1.67 billion, a PE ratio of 105.52 and a beta of 0.36. Fresh Del Monte Produce Inc. has a 52-week low of $21.23 and a 52-week high of $35.27. The business has a 50-day moving average price of $30.98 and a 200 day moving average price of $31.69. The company has a quick ratio of 1.04, a current ratio of 2.09 and a debt-to-equity ratio of 0.14.

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

Fresh Del Monte Produce declared that its board has initiated a stock buyback program on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to buy up to 10.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Fresh Del Monte Produce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Monday, March 10th were issued a $0.30 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.45%. This is a positive change from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s payout ratio is presently 40.40%.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th.

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.