Fresh Del Monte Produce (FDP) Stock Price Down 17.1% After Earnings Miss

Fresh Del Monte Produce Inc (NYSE:FDP) fell 17.1% during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $28.61 and last traded at $29.21. 1,113,690 shares changed hands during trading, an increase of 487% from the average session volume of 189,794 shares. The stock had previously closed at $35.22.

The company reported ($0.43) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.55). The business had revenue of $1.05 billion for the quarter. Fresh Del Monte Produce had a return on equity of 2.17% and a net margin of 0.13%. Fresh Del Monte Produce’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.08) EPS.

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Institutional investors have recently modified their holdings of the company. Raymond James & Associates purchased a new position in shares of Fresh Del Monte Produce during the 2nd quarter worth $215,000. Commonwealth Bank of Australia purchased a new position in shares of Fresh Del Monte Produce during the 3rd quarter worth $189,000. Cim Investment Mangement Inc. purchased a new position in shares of Fresh Del Monte Produce during the 3rd quarter worth $251,000. Xact Kapitalforvaltning AB boosted its stake in shares of Fresh Del Monte Produce by 13.4% during the 4th quarter. Xact Kapitalforvaltning AB now owns 7,637 shares of the company’s stock worth $216,000 after acquiring an additional 900 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Fresh Del Monte Produce during the 3rd quarter worth $305,000. Institutional investors and hedge funds own 58.87% of the company’s stock.

The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 43.51 and a beta of 0.72. The company has a current ratio of 1.95, a quick ratio of 0.97 and a debt-to-equity ratio of 0.36.

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About Fresh Del Monte Produce (NYSE:FDP)

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables worldwide. It offers fresh produce products consisting of bananas, pineapples, melons, tomatoes, grapes, apples, pears, peaches, plums, nectarines, cherries, citrus, avocados, blueberries, strawberries, and kiwi; various vegetables, including potatoes, onions, bell peppers, and cucumbers; and various other fruits, such as plantains and mangos.

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