Fresh Del Monte Produce (NYSE:DMC) Stock Rated Hold in New Coverage at Freedom Broker

Freedom Broker assumed coverage on shares of Fresh Del Monte Produce (NYSE:DMC) in a research report sent to investors on Wednesday morning,Zacks reports. The firm issued a hold rating on the stock.

Several other research firms also recently weighed in on DMC. Wall Street Zen downgraded shares of Fresh Del Monte Produce from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Weiss Ratings downgraded shares of Fresh Del Monte Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, October 30th. Two equities research analysts have rated the stock with a Hold rating. According to MarketBeat, Fresh Del Monte Produce presently has a consensus rating of “Hold”.

Fresh Del Monte Produce Stock Down 0.9%

Shares of NYSE DMC traded down $0.25 during mid-day trading on Wednesday, hitting $27.38. 433,079 shares of the company traded hands, compared to its average volume of 522,287. Fresh Del Monte Produce has a 1 year low of $26.09 and a 1 year high of $43.58. The firm has a market cap of $1.29 billion, a PE ratio of 16.01 and a beta of 0.25. The company has a quick ratio of 0.93, a current ratio of 2.30 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $30.12.

Fresh Del Monte Produce (NYSE:DMC) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.04. The firm had revenue of $1.10 billion for the quarter. Fresh Del Monte Produce had a return on equity of 5.96% and a net margin of 1.86%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.69 EPS.

Fresh Del Monte Produce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Wednesday, November 11th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, November 10th. Fresh Del Monte Produce’s payout ratio is presently 70.18%.

Institutional Investors Weigh In On Fresh Del Monte Produce

Hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC acquired a new stake in Fresh Del Monte Produce during the 2nd quarter worth about $26,000. Fortitude Family Office LLC purchased a new stake in shares of Fresh Del Monte Produce in the third quarter worth approximately $61,000. Farther Finance Advisors LLC purchased a new stake in shares of Fresh Del Monte Produce in the third quarter worth approximately $84,000. Signaturefd LLC lifted its position in shares of Fresh Del Monte Produce by 212.0% in the third quarter. Signaturefd LLC now owns 4,374 shares of the company’s stock worth $131,000 after purchasing an additional 2,972 shares in the last quarter. Finally, Moss Adams Wealth Advisors LLC purchased a new stake in shares of Fresh Del Monte Produce in the third quarter worth approximately $201,000. 64.83% of the stock is owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc is a vertically integrated producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, berries, grapes, tomatoes and other fresh produce, along with prepared fruit, vegetables, juices and snacks sold under the Del Monte brand and other labels.

The company manages activities across the produce supply chain, including cultivation, sourcing, harvesting, processing, packaging, transportation and distribution.