According to a recent 13F filing with the Securities & Exchange Commission, Tectonic Advisors LLC has acquired a new stake in Calavo Growers, Inc. (NASDAQ:CVGW) during the second quarter. The firm purchased 19,446 shares of the company’s stock, valued at approximately $564,000. At the end of the reporting period, Tectonic Advisors LLC owned about 0.11% of Calavo Growers.
Calavo Growers recently announced its quarterly earnings results on September 6th. The company reported earnings per share (EPS) of $0.41 for the quarter, surpassing analysts’ consensus estimates of $0.31 by $0.10. Despite a negative net margin of 0.39%, Calavo Growers demonstrated a positive return on equity of 2.85%. However, the business experienced a decline in revenue as it reached $259.90 million during the quarter compared to the consensus estimate of $280.77 million. This indicated a 24% decrease in revenue compared to the same quarter last year.
Various research firms have also provided their analysis on Calavo Growers recently. Lake Street Capital raised the price target for Calavo Growers from $38.00 to $45.00 and bestowed a “buy” rating upon the company in their research report released on September 7th.
StockNews.com upgraded Calavo Growers’ rating from “sell” to “hold” in another report published on Thursday.
Analysts anticipate that Calavo Growers, Inc.’s EPS for the current fiscal year will amount to approximately $0.58.
This recent development signifies Tectonic Advisors LLC’s confidence in Calavo Growers and reflects their investment strategy and outlook on the company’s future prospects.
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Institutional Investors Show Confidence in Calavo Growers with Increased Stake
Calavo Growers, a leading provider of fresh avocados and other produce, has recently seen some significant changes in its institutional investor positions. FMR LLC, one of the largest financial management firms in the world, increased its stake in Calavo Growers by an astonishing 102.2% during the second quarter of this year. This move reflects FMR LLC’s confidence in the company’s future prospects and shows their commitment to benefiting from potential growth.
As a result of this increase in stake, FMR LLC now owns 910 shares of Calavo Grower’s stock with a value of $38,000. This additional investment was made after purchasing an extra 460 shares during the last quarter. This demonstrates FMR LLC’s determination to further capitalize on the company’s success and enhance its portfolio.
Point72 Hong Kong Ltd, another prominent institutional investor, joined the fray by acquiring a new position in Calavo Growers during the first quarter. The purchase was valued at approximately $37,000 and showcases Point72 Hong Kong Ltd’s belief in the company’s ability to generate favorable returns.
Meanwhile, Ridgewood Investments LLC seized an opportunity to acquire a new position in Calavo Growers earlier this year as well. Their investment amounted to about $55,000, highlighting Ridgewood Investments’ confidence in Calavo Growers’ long-term potential.
These institutional investors are not alone in recognizing the promising prospects of Calavo Growers. Captrust Financial Advisors also took notice and grew its stake by 17% during the second quarter. Captrust now owns 2,089 shares valued at $87,000. This move illustrates Captrust Financial Advisors’ commitment to capitalizing on Calavo Growers’ success and reaping benefits for its clients.
Furthermore, Lazard Asset Management LLC made a strategic acquisition of Calavo Grower’s stock during the fourth quarter of last year. The purchase amounted to around $62,000, demonstrating Lazard Asset Management’s decision to position itself for potential growth in the market.
Overall, approximately 81.40% of Calavo Grower’s stock is owned by institutional investors and hedge funds. This staggering number reflects the growing recognition among industry experts that Calavo Growers is a company worth investing in due to its ongoing success and potential for future growth.
In other news related to Calavo Growers, Director Steve Hollister made significant purchases of company stock. On July 14th, Hollister acquired 2,000 shares at an average cost of $30.59 per share, resulting in a total transaction value of $61,180. Following this purchase, Hollister now owns 36,702 shares directly within the company with an estimated value of $1,122,714.18.
Additionally, CEO Lecil E. Cole demonstrated his confidence in the company by acquiring 37,500 shares of Calavo Growers’ stock on July 12th. The average cost per share was $29.94, making the total transaction value approximately $1,122,750. Now owning 477,500 shares directly within the company valued at around $14,296,350.
It is important to note that insider purchases remained substantial throughout the last quarter with a total of 39,900 shares acquired by insiders from company stock worth approximately $1,195,186. This overall increase in insider ownership demonstrates a high level of confidence in Calavo Growers’ future performance from those truly knowledgeable about the company’s inner workings.
Calavo Growers’ stock opened at $27.52 on September 22nd and has shown consistent movement throughout this year with a range between $22.64 and $38.97. The company maintains a low debt-to-equity ratio of 0.21 and possesses strong liquidity ratios with a quick ratio of 1.10 and a current ratio of 1.48. These financial indicators showcase Calavo Growers’ stable financial footing and its ability to handle short-term obligations.
As investors carefully monitor the ever-evolving landscape of the stock market, the recent actions by reputable institutional investors in acquiring positions in Calavo Growers are likely to generate interest and attention from other parties looking for potential growth opportunities. With its industry-leading position and strong financial performance, Calavo Growers continues to be an intriguing prospect for both institutional and individual investors alike.
