Key Points
- Chairman Stephen Barnard sold 21,646 Mission Produce shares at an average price of $13, generating $281,398; his remaining stake totals 1,684,794 shares.
- Mission Produce exceeded quarterly expectations, reporting $0.18 in EPS versus the $0.12 estimate and $450 million in revenue, up 25.8% year over year.
- The company authorized a $100 million share repurchase plan, while analysts maintain a “Moderate Buy” consensus with an average price target of $16.50.
Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) Chairman Stephen Barnard sold 21,646 shares of Mission Produce stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $13.00, for a total value of $281,398.00. Following the sale, the chairman owned 1,684,794 shares in the company, valued at $21,902,322. This trade represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.
Mission Produce Stock Performance
Shares of AVO stock opened at $13.14 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.24 and a current ratio of 1.92. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 438.15 and a beta of 0.48. Mission Produce, Inc. has a 52 week low of $10.07 and a 52 week high of $15.53. The firm's 50-day simple moving average is $12.83 and its two-hundred day simple moving average is $12.78.
Mission Produce (NASDAQ:AVO - Get Free Report) last issued its quarterly earnings results on Tuesday, September 8th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.06. The firm had revenue of $450.00 million for the quarter, compared to analysts' expectations 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 for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.26 EPS. As a group, equities analysts forecast that Mission Produce, Inc. will post 0.61 earnings per share for the current year.
Mission Produce declared that its Board of Directors has approved a stock repurchase plan on Monday, June 8th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 13.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on AVO shares. Weiss Ratings downgraded shares of Mission Produce from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, September 18th. UBS Group set a $16.00 target price on shares of Mission Produce in a research report on Wednesday, June 10th. Roth Capital reissued a "buy" rating and issued a $17.00 target price on shares of Mission Produce in a research note on Thursday, September 10th. Finally, Wall Street Zen raised Mission Produce from a "sell" rating to a "hold" rating in a research note on Saturday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $16.50.
Get Our Latest Analysis on AVO
Institutional Investors Weigh In On Mission Produce
A number of hedge funds and other institutional investors have recently modified their holdings of AVO. Public Employees Retirement System of Ohio purchased a new stake in Mission Produce during the 2nd quarter valued at about $26,000. Leonteq Securities AG purchased a new position in Mission Produce in the 4th quarter worth approximately $31,000. Quantbot Technologies LP bought a new stake in Mission Produce in the second quarter valued at approximately $44,000. Virtus Advisers LLC bought a new stake in Mission Produce in the second quarter valued at approximately $106,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Mission Produce during the second quarter valued at approximately $140,000. Institutional investors own 63.57% of the company's stock.
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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