Key Points
- Mission Produce Chairman Stephen Barnard sold 66,496 shares at an average price of $13.02, generating approximately $865,778. He retains 1.75 million shares, and the transaction reduced his ownership by 3.66%.
- Mission Produce reported quarterly EPS of $0.18, exceeding estimates by $0.06, while revenue reached $450 million, up 25.8% year over year and well above analyst expectations.
- The stock opened at $12.39 after declining 3.3%; despite the insider sale, analysts maintain a “Moderate Buy” consensus with an average price target of $16.50, and the company has authorized a $100 million share-repurchase program.
Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) Chairman Stephen Barnard sold 15,000 shares of the company's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $13.10, for a total transaction of $196,500.00. Following the completion of the transaction, the chairman owned 35,062 shares in the company, valued at approximately $459,312.20. This trade represents a 29.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Mission Produce Stock Down 3.3%
Mission Produce stock opened at $12.39 on Wednesday. The company's 50-day moving average price is $12.93 and its two-hundred day moving average price is $12.85. The company has a quick ratio of 1.24, a current ratio of 1.92 and a debt-to-equity ratio of 0.52. The stock has a market cap of $1.09 billion, a P/E ratio of 413.14 and a beta of 0.48. Mission Produce, Inc. has a twelve month low of $10.07 and a twelve month high of $15.53.
Mission Produce (NASDAQ:AVO - Get Free Report) last issued its quarterly earnings data on Tuesday, September 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. Mission Produce had a return on equity of 5.91% and a net margin of 0.12%.The company had revenue of $450.00 million during the quarter, compared to analysts' expectations of $367.57 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The business's revenue was up 25.8% on a year-over-year basis. As a group, analysts expect that Mission Produce, Inc. will post 0.56 EPS for the current year.
Mission Produce declared that its Board of Directors has authorized a share buyback program on Monday, June 8th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 13.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.
Analyst Ratings Changes
Several analysts recently issued reports on the company. Wall Street Zen upgraded Mission Produce from a "sell" rating to a "hold" rating in a research note on Saturday. Weiss Ratings reissued a "hold (c-)" rating on shares of Mission Produce in a report on Friday, September 4th. Roth Capital reissued a "buy" rating and set a $17.00 target price on shares of Mission Produce in a report on Thursday, September 10th. Finally, UBS Group set a $16.00 price target on shares of Mission Produce in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Mission Produce has a consensus rating of "Moderate Buy" and an average target price of $16.50.
View Our Latest Research Report on AVO
Institutional Investors Weigh In On Mission Produce
Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its stake in shares of Mission Produce by 31.2% in the second quarter. The Manufacturers Life Insurance Company now owns 16,671 shares of the company's stock valued at $197,000 after buying an additional 3,961 shares during the period. Capital Advantage Inc. bought a new position in Mission Produce during the 2nd quarter worth $311,000. Squarepoint Ops LLC acquired a new position in Mission Produce in the 2nd quarter valued at $2,836,000. Arizona State Retirement System raised its holdings in Mission Produce by 20.8% in the 2nd quarter. Arizona State Retirement System now owns 15,236 shares of the company's stock valued at $180,000 after acquiring an additional 2,628 shares in the last quarter. Finally, Corient Private Wealth LP lifted its position in shares of Mission Produce by 660.8% during the 2nd quarter. Corient Private Wealth LP now owns 213,417 shares of the company's stock valued at $2,516,000 after acquiring an additional 185,366 shares during the period. 63.57% of the stock is currently owned by institutional investors and hedge funds.
About Mission Produce
(
Get Free Report)
Mission Produce, Inc (NASDAQ:AVO) is an avocado sourcing, production, distribution and marketing company headquartered in Oxnard, California. The company supplies fresh Hass avocados and other avocado varieties to retail, foodservice and wholesale customers, managing activities across the supply chain from growing and procurement to ripening, packing and delivery.
Mission Produce works with avocado growers and operates or manages production and distribution activities in several major growing regions, including Mexico, Peru, Colombia, Chile, Brazil and the United States.
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