Today: IndexIQ Advisors LLC invests in Fresh Del Monte Produce Inc. (FDP) Shares

Today: IndexIQ Advisors LLC invests in Fresh Del Monte Produce Inc. (FDP) Shares

IndexIQ Advisors LLC raised its stake in shares of Fresh Del Monte Produce Inc. (NYSE:FDP) by 67.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,465 shares of the company’s stock after buying an additional 2,603 shares during the period. IndexIQ Advisors LLC’s holdings in Fresh Del Monte Produce were worth $387,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in FDP. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Fresh Del Monte Produce by 192.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,128 shares of the company’s stock valued at $116,000 after buying an additional 1,400 shares during the period. Barclays PLC raised its stake in Fresh Del Monte Produce by 450.2% in the second quarter. Barclays PLC now owns 2,410 shares of the company’s stock valued at $131,000 after buying an additional 1,972 shares during the period. New York State Teachers Retirement System raised its stake in Fresh Del Monte Produce by 38.1% in the second quarter. New York State Teachers Retirement System now owns 2,900 shares of the company’s stock valued at $158,000 after buying an additional 800 shares during the period. Bank of Montreal Can acquired a new stake in Fresh Del Monte Produce during the second quarter valued at $189,000. Finally, BNP Paribas Arbitrage SA raised its stake in Fresh Del Monte Produce by 111.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,641 shares of the company’s stock valued at $198,000 after buying an additional 1,920 shares during the period. 63.83% of the stock is currently owned by institutional investors and hedge funds.

Fresh Del Monte Produce Inc. (NYSE:FDP) traded down 0.12% during trading on Monday, reaching $66.04. The company’s stock had a trading volume of 80,772 shares. The stock has a 50-day moving average price of $62.29 and a 200 day moving average price of $57.79. Fresh Del Monte Produce Inc. has a 52-week low of $36.68 and a 52-week high of $66.86. The company has a market cap of $3.42 billion, a PE ratio of 24.56 and a beta of 0.30.

Fresh Del Monte Produce (NYSE:FDP) last released its quarterly earnings data on Tuesday, November 1st. The company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.63. Fresh Del Monte Produce had a return on equity of 12.62% and a net margin of 3.47%. The company had revenue of $950.20 million for the quarter, compared to analyst estimates of $950.40 million. During the same period in the previous year, the company posted $0.57 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, analysts expect that Fresh Del Monte Produce Inc. will post $4.64 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Wednesday, November 16th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.91%. Fresh Del Monte Produce’s payout ratio is 22.06%.

Several equities analysts have commented on FDP shares. Zacks Investment Research downgraded Fresh Del Monte Produce from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 16th. Wunderlich increased their target price on Fresh Del Monte Produce from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd.

In related news, Chairman Mohammad Abu-Ghazaleh sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $63.05, for a total transaction of $630,500.00. Following the sale, the chairman now directly owns 5,361,318 shares in the company, valued at approximately $338,031,099.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Hani El-Naffy sold 141,085 shares of the business’s stock in a transaction on Thursday, November 3rd. The shares were sold at an average price of $59.86, for a total value of $8,445,348.10. Following the sale, the director now owns 141,085 shares in the company, valued at $8,445,348.10. The disclosure for this sale can be found here. Corporate insiders own 37.80% of the company’s stock.

Fresh Del Monte Produce Company Profile

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

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