Key Points
- Mission Produce director Bruce Taylor bought 29,717 shares on June 22 at an average price of $11.36, a transaction worth about $337,585.12. After the purchase, he owned 785,559 shares, increasing his position by 3.93%.
- The company’s board approved a $100 million stock buyback plan on June 8, authorizing repurchases of up to 13.8% of outstanding shares. Such buybacks often signal management believes the stock may be undervalued.
- Mission Produce shares were trading at $11.71, near the lower end of their 52-week range of $10.07 to $15.53. Analysts currently have a Moderate Buy consensus with an average price target of $16.67.
Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) Director Bruce Taylor acquired 29,717 shares of the stock in a transaction dated Monday, June 22nd. The shares were acquired at an average cost of $11.36 per share, with a total value of $337,585.12. Following the completion of the transaction, the director owned 785,559 shares in the company, valued at approximately $8,923,950.24. This represents a 3.93% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Mission Produce Price Performance
Shares of NASDAQ AVO opened at $11.71 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91. Mission Produce, Inc. has a fifty-two week low of $10.07 and a fifty-two week high of $15.53. The firm has a market capitalization of $1.03 billion, a PE ratio of 36.59 and a beta of 0.50. The stock's 50-day simple moving average is $12.34 and its 200-day simple moving average is $12.88.
Mission Produce declared that its Board of Directors has approved a stock buyback plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wedge Capital Management L L P NC boosted its stake in shares of Mission Produce by 1.0% during the fourth quarter. Wedge Capital Management L L P NC now owns 100,025 shares of the company's stock worth $1,160,000 after buying an additional 958 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Mission Produce by 4.4% in 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 during the period. Magnetar Financial LLC increased its position in Mission Produce by 12.6% in the 3rd quarter. Magnetar Financial LLC now owns 12,106 shares of the company's stock valued at $146,000 after acquiring an additional 1,351 shares during the period. The Manufacturers Life Insurance Company raised its stake in Mission Produce by 12.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company's stock valued at $218,000 after acquiring an additional 2,040 shares during the last quarter. Finally, Diversified Trust Co raised its stake in Mission Produce by 12.0% during the 1st quarter. Diversified Trust Co now owns 19,373 shares of the company's stock valued at $267,000 after acquiring an additional 2,074 shares during the last quarter. 63.57% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
AVO has been the subject of a number of research reports. Freedom Capital raised shares of Mission Produce to a "strong-buy" rating in a research report on Thursday, March 19th. Wall Street Zen cut Mission Produce from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. Weiss Ratings downgraded 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 report 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 issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Mission Produce currently has an average rating of "Moderate Buy" and a consensus target price of $16.67.
Get Our Latest Research Report on Mission Produce
Mission Produce Company Profile
(
Get Free Report)
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.
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