Shares of Mission Produce, Inc. (NASDAQ:AVO – Get Free Report) have been assigned an average rating of “Moderate Buy” from the five research firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $16.50.
AVO has been the subject of several recent research reports. Wall Street Zen raised Mission Produce from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings restated a “hold (c-)” rating on shares of Mission Produce in a research report on Friday, September 4th. Roth Capital restated a “buy” rating and set a $17.00 target price on shares of Mission Produce in a research report on Thursday, September 10th. Finally, UBS Group set a $16.00 price target on shares of Mission Produce in a report on Wednesday, June 10th.
View Our Latest Research Report on AVO
Mission Produce Stock Down 1.5%
Mission Produce (NASDAQ:AVO – Get Free Report) last announced its quarterly earnings data on Tuesday, September 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.06. The firm had revenue of $450.00 million for the quarter, compared to the consensus estimate of $367.57 million. Mission Produce had a net margin of 0.12% and a return on equity of 5.91%. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. Sell-side analysts anticipate that Mission Produce will post 0.56 EPS for the current fiscal year.
Mission Produce declared that its Board of Directors has authorized a share repurchase program on Monday, June 8th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 13.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Insider Buying and Selling at Mission Produce
In other Mission Produce news, CFO Bryan Giles sold 5,000 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $12.13, for a total transaction of $60,650.00. Following the completion of the sale, the chief financial officer owned 146,931 shares in the company, valued at approximately $1,782,273.03. The trade was a 3.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Holdings Venture Globalharvest acquired 592,957 shares of the stock in a transaction on Thursday, July 9th. The shares were acquired at an average price of $13.28 per share, for a total transaction of $7,874,468.96. Following the acquisition, the insider owned 12,963,396 shares of the company’s stock, valued at approximately $172,153,898.88. The trade was a 4.79% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 2,848,869 shares of company stock worth $36,807,872. 30.85% of the stock is owned by company insiders.
Hedge Funds Weigh In On Mission Produce
A number of hedge funds have recently added to or reduced their stakes in the stock. Fourth Sail Capital LP raised its stake in shares of Mission Produce by 258.5% in the second quarter. Fourth Sail Capital LP now owns 3,976,272 shares of the company’s stock worth $46,880,000 after purchasing an additional 2,867,072 shares during the last quarter. Rubric Capital Management LP purchased a new position in shares of Mission Produce during the first quarter valued at approximately $23,756,000. BlackRock Inc. boosted its position in shares of Mission Produce by 36.9% during the second quarter. BlackRock Inc. now owns 4,775,250 shares of the company’s stock valued at $56,300,000 after buying an additional 1,286,263 shares during the last quarter. Platform Wealth Management LLC bought a new stake in Mission Produce during the fourth quarter worth $12,130,000. Finally, California State Teachers Retirement System grew its holdings in Mission Produce by 1,595.3% during the second quarter. California State Teachers Retirement System now owns 726,747 shares of the company’s stock worth $8,568,000 after buying an additional 683,878 shares in the last quarter. Institutional investors and hedge funds own 63.57% of the company’s stock.
Mission Produce Company Profile
Mission Produce, Inc (NASDAQ:AVO) is an avocado sourcing, production, distribution and marketing company headquartered in Oxnard, California. The company supplies fresh Hass avocados and other avocado varieties to retail, foodservice and wholesale customers, managing activities across the supply chain from growing and procurement to ripening, packing and delivery.
Mission Produce works with avocado growers and operates or manages production and distribution activities in several major growing regions, including Mexico, Peru, Colombia, Chile, Brazil and the United States.
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