Renaissance Technologies LLC Grows Position in Mission Produce, Inc. $AVO

Renaissance Technologies LLC grew its holdings in Mission Produce, Inc. (NASDAQ:AVO) by 44.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 151,900 shares of the company’s stock after buying an additional 47,100 shares during the period. Renaissance Technologies LLC owned 0.21% of Mission Produce worth $2,090,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Mission Produce by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company’s stock valued at $271,000 after acquiring an additional 1,092 shares in the last quarter. Magnetar Financial LLC lifted its stake in Mission Produce by 12.6% in the 3rd quarter. Magnetar Financial LLC now owns 12,106 shares of the company’s stock worth $146,000 after purchasing an additional 1,351 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Mission Produce by 12.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company’s stock worth $218,000 after purchasing an additional 2,040 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Mission Produce by 12.0% during the 1st quarter. Diversified Trust Co now owns 19,373 shares of the company’s stock worth $267,000 after purchasing an additional 2,074 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Mission Produce by 5.1% during the 4th quarter. AQR Capital Management LLC now owns 43,646 shares of the company’s stock worth $506,000 after purchasing an additional 2,130 shares during the last quarter. 63.57% of the stock is currently owned by institutional investors and hedge funds.

Mission Produce Stock Down 0.4%

Shares of AVO opened at $13.15 on Tuesday. The firm has a market cap of $1.16 billion, a P/E ratio of 41.10 and a beta of 0.49. Mission Produce, Inc. has a 12-month low of $10.07 and a 12-month high of $15.53. The company’s 50-day moving average price is $12.24 and its 200 day moving average price is $13.02. The company has a current ratio of 1.91, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22.

Mission Produce announced that its board has initiated a stock buyback plan on Monday, June 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 13.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AVO. Wall Street Zen downgraded Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings cut Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. Finally, UBS Group set a $16.00 target price on Mission Produce in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.67.

Insider Activity at Mission Produce

In related news, CFO Bryan E. Giles sold 5,000 shares of Mission Produce stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $12.13, for a total value 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. This trade represents a 3.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holdings Venture Globalharvest bought 592,957 shares of the company’s stock in a transaction that occurred on Thursday, July 9th. The stock was bought at an average price of $13.28 per share, with a total value of $7,874,468.96. Following the acquisition, the insider directly owned 12,963,396 shares in the company, valued at $172,153,898.88. The trade was a 4.79% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 3,352,161 shares of company stock valued at $42,458,664 in the last ninety days. Insiders own 30.85% of the company’s stock.

Mission Produce Company Profile

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.