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Michael A. Browne, Executive Vice President of Calavo Growers Inc. (NASDAQ:CVGW), recently acquired 5,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The purchase, made on April 10, was executed at a weighted average price of $23.12 per share, totaling approximately $115,600. The timing appears strategic, as InvestingPro analysis indicates the stock is currently trading below its Fair Value, with a strong financial health score of "GOOD."
Following this transaction, Browne directly owns 6,400 shares of Calavo Growers. Additionally, he holds indirect ownership of 7,500 shares through a trust and 900 shares through his spouse. The recent acquisition reflects Browne's continued investment in the company, which specializes in agriculture services and has maintained dividend payments for 24 consecutive years. With a current dividend yield of 3.52% and a PEG ratio of 0.16, InvestingPro subscribers can access 8 additional key insights about CVGW's investment potential.
In other recent news, Calavo Growers reported first-quarter earnings that exceeded analyst expectations, with adjusted earnings per share reaching $0.33, surpassing the projected $0.30. However, the company's revenue fell short of forecasts, coming in at $154.4 million compared to the anticipated $159.85 million. The Fresh segment, featuring avocados and tomatoes, was a significant contributor to the earnings, with sales rising 23.7% to $139.9 million, driven by a notable increase in average price per carton. Despite a 4.6% decline in volume, the Fresh segment's gross profit surged 88.8% to $12.1 million, contributing to a 46.2% rise in overall gross profit to $15.7 million. Additionally, Calavo Growers achieved a 23.6% reduction in selling, general, and administrative expenses, enhancing its financial position. The company also announced a share repurchase program, with plans to buy back up to $25 million of its outstanding common stock by March 18, 2027. This move reflects Calavo's confidence in its long-term strategy and financial health, as stated by President and CEO Lee Cole. The company's strategic focus on margin improvement and operational efficiency has resulted in an adjusted EBITDA nearly tripling to $9.3 million compared to the same quarter last year.
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