Cornercap Investment Counsel Inc. Makes New $425,000 Investment in Fresh Del Monte Produce Inc. (NYSE:FDP)

Cornercap Investment Counsel Inc. purchased a new position in Fresh Del Monte Produce Inc. (NYSE:FDP) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 12,795 shares of the company’s stock, valued at approximately $425,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sherman Asset Management Inc. purchased a new position in Fresh Del Monte Produce in the 4th quarter worth $54,000. Signaturefd LLC lifted its holdings in shares of Fresh Del Monte Produce by 244.3% during the fourth quarter. Signaturefd LLC now owns 1,663 shares of the company’s stock worth $55,000 after purchasing an additional 1,180 shares during the period. HHM Wealth Advisors LLC boosted its position in Fresh Del Monte Produce by 75.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 1,750 shares of the company’s stock valued at $58,000 after buying an additional 750 shares during the last quarter. KBC Group NV increased its holdings in Fresh Del Monte Produce by 65.0% in the 4th quarter. KBC Group NV now owns 2,550 shares of the company’s stock worth $85,000 after buying an additional 1,005 shares during the period. Finally, GAMMA Investing LLC raised its position in Fresh Del Monte Produce by 106.5% during the 4th quarter. GAMMA Investing LLC now owns 7,482 shares of the company’s stock worth $248,000 after buying an additional 3,858 shares during the last quarter. 64.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fresh Del Monte Produce news, CFO Monica Vicente sold 2,532 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $77,023.44. Following the transaction, the chief financial officer now owns 10,808 shares in the company, valued at approximately $328,779.36. This represents a 18.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mohammed Abbas sold 5,064 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.42, for a total value of $154,046.88. Following the completion of the sale, the chief operating officer now owns 45,560 shares of the company’s stock, valued at $1,385,935.20. This trade represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,321 shares of company stock valued at $283,545. Corporate insiders own 30.10% of the company’s stock.

Fresh Del Monte Produce Price Performance

NYSE:FDP opened at $30.34 on Friday. The firm’s fifty day moving average is $30.51 and its two-hundred day moving average is $31.24. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 91.95 and a beta of 0.33. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 2.09. Fresh Del Monte Produce Inc. has a one year low of $21.23 and a one year high of $35.27.

Fresh Del Monte Produce (NYSE:FDP) last issued its earnings results on Monday, February 24th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.16). The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. The firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 EPS.

Fresh Del Monte Produce declared that its board has authorized a stock repurchase program on Monday, February 24th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to reacquire up to 10.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Fresh Del Monte Produce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were paid a $0.30 dividend. This is a boost from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 3.95%. The ex-dividend date was Monday, March 10th. Fresh Del Monte Produce’s payout ratio is currently 40.40%.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.