Zacks Investment Research upgraded shares of Calavo Growers (NASDAQ:CVGW) from a sell rating to a hold rating in a research report released on Tuesday.
According to Zacks, “Calavo Growers, Inc. is a global avocado-industry leader and an expanding provider of value-added fresh food. The company also procures and markets diversified fresh produce items, ranging from tomatoes to tropical produce. It operates in three segments: Fresh Products, Calavo Foods, and RFG. The Fresh products segment distributes avocados and other fresh produce products; and procures avocados grown in Mexico, as well as various other commodities, including tomatoes, papayas, and pineapples. The Calavo Foods segment is involved in purchasing, manufacturing, and distributing prepared products, including guacamole and salsa. The RFG segment produces, markets, and distributes fresh-cut fruits, ready-to-eat vegetables, recipe-ready vegetables, and deli products. The company offers its products primarily under the Calavo and RFG brands, and related logos; and Avo Fresco, Bueno, Calavo Gold, Calavo Salsa Lisa, Salsa Lisa, Celebrate the Taste, El Dorado, Fresh Ripe, Select etc. “
Several other research firms also recently weighed in on CVGW. Buckingham Research downgraded Calavo Growers from a buy rating to a neutral rating and set a $98.00 price target for the company. in a research note on Tuesday, September 4th. They noted that the move was a valuation call. BidaskClub upgraded Calavo Growers from a buy rating to a strong-buy rating in a research note on Saturday, August 25th. Lake Street Capital set a $109.00 price target on Calavo Growers and gave the stock a buy rating in a research note on Friday, September 7th. Finally, Vertical Group downgraded Calavo Growers from a buy rating to a hold rating in a research note on Tuesday, August 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $101.50.
Calavo Growers (NASDAQ:CVGW) last posted its quarterly earnings results on Wednesday, September 5th. The company reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.08. Calavo Growers had a return on equity of 18.68% and a net margin of 4.04%. The business had revenue of $296.50 million during the quarter, compared to the consensus estimate of $305.12 million. During the same period in the prior year, the company posted $0.50 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Calavo Growers will post 2.87 earnings per share for the current fiscal year.
The firm also recently declared an annual dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 16th will be paid a $1.00 dividend. This represents a yield of 1%. This is an increase from Calavo Growers’s previous annual dividend of $0.95. The ex-dividend date of this dividend is Thursday, November 15th. Calavo Growers’s dividend payout ratio is presently 46.95%.
In other news, Chairman Lecil E. Cole sold 100,296 shares of the stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $103.68, for a total transaction of $10,398,689.28. Following the completion of the transaction, the chairman now directly owns 571,071 shares in the company, valued at approximately $59,208,641.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Marc Laurence Brown sold 343 shares of the stock in a transaction that occurred on Tuesday, October 16th. The shares were sold at an average price of $95.74, for a total value of $32,838.82. Following the transaction, the director now owns 11,343 shares of the company’s stock, valued at $1,085,978.82. The disclosure for this sale can be found here. Corporate insiders own 8.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in shares of Calavo Growers by 4.4% during the first quarter. Principal Financial Group Inc. now owns 123,297 shares of the company’s stock worth $11,368,000 after buying an additional 5,223 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Calavo Growers by 685.6% during the second quarter. Acadian Asset Management LLC now owns 5,931 shares of the company’s stock worth $570,000 after buying an additional 5,176 shares in the last quarter. American Research & Management Co. increased its holdings in shares of Calavo Growers by 178.7% during the second quarter. American Research & Management Co. now owns 8,750 shares of the company’s stock worth $841,000 after buying an additional 5,610 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Calavo Growers by 1,857.1% during the second quarter. Bessemer Group Inc. now owns 6,850 shares of the company’s stock valued at $659,000 after purchasing an additional 6,500 shares during the last quarter. Finally, TD Asset Management Inc. bought a new stake in shares of Calavo Growers during the second quarter valued at approximately $2,365,000. Hedge funds and other institutional investors own 88.15% of the company’s stock.
Calavo Growers Company Profile
Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to grocery retailers, food services, club stores, mass merchandisers, food distributors, wholesalers, supermarkets, specialty/natural retailers, and convenience stores worldwide. It operates in three segments: Fresh Products, Calavo Foods, and RFG.
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