Mission Produce (NASDAQ:AVO) Releases Earnings Results, Misses Expectations By $0.07 EPS

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

Mission Produce Trading Down 2.3 %

AVO opened at $8.77 on Wednesday. The stock has a market cap of $620.83 million, a PE ratio of -16.87, a PEG ratio of 0.77 and a beta of 0.54. The business has a 50 day moving average of $10.82 and a 200-day moving average of $11.32. Mission Produce has a 52 week low of $8.55 and a 52 week high of $16.96. The company has a quick ratio of 1.36, a current ratio of 2.28 and a debt-to-equity ratio of 0.37.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, Director Luis A. Gonzalez sold 20,000 shares of the stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $12.16, for a total value of $243,200.00. Following the completion of the transaction, the director now directly owns 345,000 shares in the company, valued at approximately $4,195,200. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Mission Produce news, Director Luis A. Gonzalez sold 100,000 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $12.00, for a total value of $1,200,000.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Luis A. Gonzalez sold 20,000 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $12.16, for a total value of $243,200.00. Following the completion of the sale, the director now directly owns 345,000 shares in the company, valued at $4,195,200. The disclosure for this sale can be found here. Insiders have sold a total of 122,000 shares of company stock valued at $1,467,040 over the last ninety days. Company insiders own 41.79% of the company’s stock.

Hedge Funds Weigh In On Mission Produce

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its position in Mission Produce by 19.3% in the 2nd quarter. BlackRock Inc. now owns 3,294,820 shares of the company’s stock valued at $39,933,000 after acquiring an additional 533,364 shares in the last quarter. Lido Advisors LLC purchased a new position in shares of Mission Produce in the second quarter worth $4,848,000. Nuance Investments LLC lifted its holdings in shares of Mission Produce by 12.8% during the first quarter. Nuance Investments LLC now owns 3,372,274 shares of the company’s stock valued at $37,466,000 after purchasing an additional 381,762 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Mission Produce by 19.2% during the third quarter. Vanguard Group Inc. now owns 2,286,840 shares of the company’s stock valued at $33,068,000 after buying an additional 368,338 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Mission Produce by 136.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 373,032 shares of the company’s stock worth $4,521,000 after buying an additional 215,278 shares in the last quarter. Institutional investors own 27.88% of the company’s stock.

About Mission Produce

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.