Mission Produce (NASDAQ:AVO – Get Free Report) declared that its board has initiated a stock buyback plan on Monday, June 8th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 13.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.
Analyst Ratings Changes
AVO has been the subject of several recent research reports. Freedom Capital upgraded shares of Mission Produce to a “strong-buy” rating in a report on Thursday, March 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Mission Produce in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.00.
View Our Latest Analysis on Mission Produce
Mission Produce Stock Performance
Mission Produce (NASDAQ:AVO – Get Free Report) last posted its earnings results on Monday, June 8th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). Mission Produce had a return on equity of 8.24% and a net margin of 2.48%.The company had revenue of $290.90 million during the quarter, compared to the consensus estimate of $256.30 million. During the same period last year, the firm posted $0.04 EPS. The company’s revenue for the quarter was down 23.5% on a year-over-year basis. On average, analysts forecast that Mission Produce will post 0.6 EPS for the current year.
Insider Buying and Selling
In related news, major shareholder Holdings Venture Globalharvest bought 3,695 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was acquired at an average price of $11.94 per share, with a total value of $44,118.30. Following the transaction, the insider owned 9,991,577 shares in the company, valued at approximately $119,299,429.38. This trade represents a 0.04% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 30.85% of the company’s stock.
Mission Produce Company Profile
Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.
Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.
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