Fresh Del Monte Produce, Inc. (FDP) Shares Down 2.3% on Disappointing Earnings

Fresh Del Monte Produce, Inc. (NYSE:FDP)’s share price traded down 2.3% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $43.40 and last traded at $43.51. 377,418 shares changed hands during mid-day trading, an increase of 44% from the average session volume of 261,434 shares. The stock had previously closed at $44.51.

The company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.62). The company had revenue of $952.70 million for the quarter. Fresh Del Monte Produce had a net margin of 3.40% and a return on equity of 7.62%. The firm’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 earnings per share.

In other Fresh Del Monte Produce news, insider Youssef Zakharia sold 555 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $49.77, for a total transaction of $27,622.35. Following the sale, the insider now owns 3,383 shares in the company, valued at approximately $168,371.91. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Hector Rivera sold 4,452 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $49.22, for a total value of $219,127.44. Following the sale, the vice president now owns 4,452 shares in the company, valued at approximately $219,127.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,387 shares of company stock worth $1,727,205. Insiders own 36.90% of the company’s stock.

A number of large investors have recently made changes to their positions in FDP. UBS Asset Management Americas Inc. boosted its holdings in shares of Fresh Del Monte Produce by 43.5% during the first quarter. UBS Asset Management Americas Inc. now owns 22,340 shares of the company’s stock worth $1,323,000 after purchasing an additional 6,774 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Fresh Del Monte Produce by 23.7% during the first quarter. Wellington Management Group LLP now owns 110,340 shares of the company’s stock worth $6,535,000 after purchasing an additional 21,145 shares during the last quarter. Teachers Advisors LLC boosted its holdings in shares of Fresh Del Monte Produce by 9.9% during the first quarter. Teachers Advisors LLC now owns 420,479 shares of the company’s stock worth $24,905,000 after purchasing an additional 37,706 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new stake in shares of Fresh Del Monte Produce during the first quarter worth $229,000. Finally, Marshall Wace North America L.P. acquired a new stake in shares of Fresh Del Monte Produce during the first quarter worth $229,000. Hedge funds and other institutional investors own 64.83% of the company’s stock.

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Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a holding company. The Company, through its subsidiaries, is engaged in sourcing, transportation and marketing of fresh and fresh-cut produce together with prepared food products in Europe, Africa and the Middle East. Its operations are aggregated into business segments on the basis of its products: bananas, other fresh produce and prepared food.

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