Jackson Financial Management cut its stake in shares of Calavo Growers, Inc. (NASDAQ:CVGW) by 30.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,000 shares of the company’s stock after selling 1,309 shares during the period. Jackson Financial Management’s holdings in Calavo Growers were worth $290,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. New York State Common Retirement Fund increased its holdings in shares of Calavo Growers by 5.0% during the first quarter. New York State Common Retirement Fund now owns 25,396 shares of the company’s stock worth $2,342,000 after purchasing an additional 1,200 shares during the period. California Public Employees Retirement System increased its holdings in shares of Calavo Growers by 3.3% during the first quarter. California Public Employees Retirement System now owns 36,235 shares of the company’s stock worth $3,341,000 after purchasing an additional 1,146 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Calavo Growers by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 655,329 shares of the company’s stock worth $60,421,000 after purchasing an additional 9,057 shares during the period. 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 purchasing an additional 5,223 shares during the period. Finally, Profund Advisors LLC bought a new position in shares of Calavo Growers during the first quarter worth approximately $226,000. Hedge funds and other institutional investors own 89.44% of the company’s stock.
Several brokerages have recently commented on CVGW. BidaskClub raised shares of Calavo Growers from a “hold” rating to a “buy” rating in a report on Friday. Zacks Investment Research cut shares of Calavo Growers from a “hold” rating to a “sell” rating in a report on Thursday, September 20th. Lake Street Capital set a $109.00 target price on shares of Calavo Growers and gave the stock a “buy” rating in a report on Friday, September 7th. Buckingham Research cut shares of Calavo Growers from a “buy” rating to a “neutral” rating and set a $98.00 target price on the stock. in a report on Tuesday, September 4th. They noted that the move was a valuation call. Finally, Vertical Group cut shares of Calavo Growers from a “buy” rating to a “hold” rating in a report on Tuesday, August 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Calavo Growers currently has an average rating of “Hold” and a consensus price target of $101.50.
In related news, Chairman Lecil E. Cole sold 100,296 shares of Calavo Growers stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $103.68, for a total value of $10,398,689.28. Following the transaction, the chairman now directly owns 571,071 shares of the company’s stock, valued at $59,208,641.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Marc Laurence Brown sold 343 shares of the business’s stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $95.74, for a total transaction of $32,838.82. Following the sale, the director now directly owns 11,343 shares in the company, valued at approximately $1,085,978.82. The disclosure for this sale can be found here. Insiders sold 101,639 shares of company stock worth $10,531,528 over the last three months. 8.40% of the stock is currently owned by insiders.
NASDAQ:CVGW traded down $0.40 during mid-day trading on Friday, reaching $96.58. The stock had a trading volume of 1,789 shares, compared to its average volume of 139,646. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 46.37 and a beta of 0.46. Calavo Growers, Inc. has a 12 month low of $68.70 and a 12 month high of $108.00.
Calavo Growers (NASDAQ:CVGW) last announced its quarterly earnings data on Wednesday, September 5th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.08. The business had revenue of $296.50 million for the quarter, compared to analysts’ expectations of $305.12 million. Calavo Growers had a net margin of 4.04% and a return on equity of 18.68%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. As a group, sell-side analysts predict that Calavo Growers, Inc. will post 2.87 EPS for the current fiscal year.
The company also recently disclosed an annual dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 16th will be paid a $1.00 dividend. This represents a yield of 1%. This is a boost 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 (DPR) is 44.60%.
About Calavo Growers
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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