Key Points
- Chairman Stephen Barnard sold 35,562 Mission Produce shares at an average price of $12.55, generating approximately $446,303 in proceeds.
- Mission Produce recently exceeded quarterly expectations, reporting $0.18 in earnings per share versus the $0.12 consensus and $450 million in revenue, up 25.8% year over year.
- The stock traded at $12.80, while analysts maintained a “Moderate Buy” consensus with an average price target of $16.50; the company also has authorization to repurchase up to $100 million of shares.
Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) Chairman Stephen Barnard sold 35,562 shares of the stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $12.55, for a total value of $446,303.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Mission Produce Trading Down 0.8%
NASDAQ AVO opened at $12.80 on Tuesday. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 426.81 and a beta of 0.48. The stock's 50 day moving average price is $12.88 and its two-hundred day moving average price is $12.80. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.24 and a current ratio of 1.92. Mission Produce, Inc. has a 52 week low of $10.07 and a 52 week high of $15.53.
Mission Produce (NASDAQ:AVO - Get Free Report) last released its quarterly earnings results on Tuesday, September 8th. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. The firm had revenue of $450.00 million during the quarter, compared to the consensus estimate of $367.57 million. Mission Produce had a return on equity of 5.91% and a net margin of 0.12%.The business's revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 EPS. As a group, analysts anticipate that Mission Produce, Inc. will post 0.61 earnings per share for the current fiscal year.
Mission Produce announced that its Board of Directors has approved a share buyback program on Monday, June 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 13.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Mission Produce by 36.9% during the 2nd quarter. BlackRock Inc. now owns 4,775,250 shares of the company's stock worth $56,300,000 after purchasing an additional 1,286,263 shares in the last quarter. Fourth Sail Capital LP grew its stake in shares of Mission Produce by 258.5% in the second quarter. Fourth Sail Capital LP now owns 3,976,272 shares of the company's stock valued at $46,880,000 after buying an additional 2,867,072 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Mission Produce by 12.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company's stock valued at $41,614,000 after buying an additional 334,629 shares in the last quarter. Rubric Capital Management LP acquired a new position in Mission Produce during the first quarter worth $23,756,000. Finally, Platform Wealth Management LLC acquired a new position in Mission Produce during the fourth quarter worth $12,130,000. Institutional investors and hedge funds own 63.57% of the company's stock.
Analysts Set New Price Targets
AVO has been the subject of a number of analyst reports. UBS Group set a $16.00 target price on shares of Mission Produce in a research report on Wednesday, June 10th. Weiss Ratings cut shares of Mission Produce from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday. Roth Capital restated a "buy" rating and set a $17.00 price objective on shares of Mission Produce in a research note on Thursday, September 10th. Finally, Wall Street Zen upgraded shares of Mission Produce from a "sell" rating to a "hold" rating in a research note on Saturday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $16.50.
Get Our Latest Stock Report on AVO
Mission Produce Company Profile
(
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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