Mission Produce (NASDAQ:AVO) Announces Quarterly Earnings Results

Mission Produce (NASDAQ:AVO) posted its quarterly earnings data on Monday. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.07), MarketWatch Earnings reports. The company had revenue of $261.40 million for the quarter, compared to analyst estimates of $241.97 million. Mission Produce had a negative net margin of 3.75% and a positive return on equity of 3.82%. Mission Produce’s revenue was down 16.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS.

Mission Produce Stock Down 2.3 %

AVO stock opened at $8.77 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.28 and a quick ratio of 1.36. The firm has a market cap of $620.83 million, a PE ratio of -16.87, a P/E/G ratio of 0.77 and a beta of 0.54. Mission Produce has a 12 month low of $8.55 and a 12 month high of $16.96. The firm has a 50 day simple moving average of $10.82 and a 200 day simple moving average of $11.32.

Insiders Place Their Bets

In other news, Director Luis A. Gonzalez sold 20,000 shares of the firm’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $12.16, for a total transaction of $243,200.00. Following the completion of the sale, the director now directly owns 345,000 shares of the company’s stock, valued at approximately $4,195,200. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Luis A. Gonzalez sold 100,000 shares of Mission Produce stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $12.00, for a total value of $1,200,000.00. Following the transaction, the director now directly owns 8,305,160 shares of the company’s stock, valued at $99,661,920. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Luis A. Gonzalez sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $12.16, for a total transaction of $243,200.00. Following the completion of the sale, the director now owns 345,000 shares of the company’s stock, valued at approximately $4,195,200. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 122,000 shares of company stock worth $1,467,040. 41.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Mission Produce

Several hedge funds have recently bought and sold shares of AVO. Swiss National Bank increased its stake in Mission Produce by 7.4% in the 1st quarter. Swiss National Bank now owns 33,400 shares of the company’s stock valued at $423,000 after buying an additional 2,300 shares during the period. Raymond James & Associates raised its holdings in shares of Mission Produce by 131.2% during the first quarter. Raymond James & Associates now owns 172,111 shares of the company’s stock worth $2,177,000 after acquiring an additional 97,677 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Mission Produce by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 169,377 shares of the company’s stock valued at $2,142,000 after purchasing an additional 3,517 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Mission Produce by 3,991.7% in the first quarter. PNC Financial Services Group Inc. now owns 3,437 shares of the company’s stock valued at $43,000 after purchasing an additional 3,353 shares in the last quarter. Finally, MetLife Investment Management LLC increased its position in Mission Produce by 58.5% in the 1st quarter. MetLife Investment Management LLC now owns 23,931 shares of the company’s stock worth $303,000 after purchasing an additional 8,832 shares during the last quarter. 27.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. cut their price objective on Mission Produce from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday.

Mission Produce Company Profile

Mission Produce, Inc engages in the sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries to food retailers, distributors, and foodservice customers in the United States and internationally. The company operates through three segments, Marketing and Distribution; International Farming; and Blueberries.