Key Points
- Director Bruce Taylor bought 300,000 Mission Produce shares at an average price of $11.29, a purchase worth about $3.39 million. After the transaction, his stake rose to 455,842 shares, increasing his ownership by 192.5%.
- Mission Produce’s board approved a $100 million stock repurchase program on June 8, authorizing buybacks of up to 13.8% of outstanding shares. The company said such programs can signal that management believes the stock is undervalued.
- Wall Street sentiment on AVO is mixed but leans positive, with an average Moderate Buy rating and a consensus price target of $16.67. Shares recently traded at $12.18, below that target and near the middle of their 1-year range.
Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) Director Bruce Taylor bought 300,000 shares of the stock in a transaction on Monday, June 15th. The shares were bought at an average cost of $11.29 per share, with a total value of $3,387,000.00. Following the purchase, the director owned 455,842 shares of the company's stock, valued at $5,146,456.18. This trade represents a 192.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Mission Produce Price Performance
Shares of AVO opened at $12.18 on Thursday. The firm has a 50-day simple moving average of $12.28 and a two-hundred day simple moving average of $12.88. The stock has a market cap of $1.08 billion, a PE ratio of 38.06 and a beta of 0.50. Mission Produce, Inc. has a 1-year low of $10.07 and a 1-year high of $15.53. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12.
Mission Produce declared that its Board of Directors has approved a stock repurchase program 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 programs are often an indication that the company's board believes its stock is undervalued.
Institutional Trading of Mission Produce
Several hedge funds have recently made changes to their positions in AVO. Quarry LP purchased a new position in shares of Mission Produce in the third quarter valued at approximately $29,000. Leonteq Securities AG purchased a new stake in Mission Produce during the 4th quarter worth approximately $31,000. GAMMA Investing LLC lifted its holdings in Mission Produce by 87.1% during the 4th quarter. GAMMA Investing LLC now owns 4,589 shares of the company's stock worth $53,000 after buying an additional 2,136 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Mission Produce by 211.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company's stock worth $54,000 after buying an additional 3,158 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in Mission Produce by 466.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company's stock valued at $82,000 after buying an additional 5,792 shares during the period. Institutional investors and hedge funds own 63.57% of the company's stock.
Wall Street Analysts Forecast Growth
AVO has been the subject of several research reports. UBS Group set a $16.00 target price on shares of Mission Produce in a report on Wednesday, June 10th. Weiss Ratings cut Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, June 9th. Freedom Capital upgraded Mission Produce to a "strong-buy" rating in a research report on Thursday, March 19th. Finally, Wall Street Zen cut Mission Produce from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $16.67.
Read Our Latest Stock Analysis on AVO
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
