Cal-Maine Foods (NASDAQ:CALM) Posts Quarterly Earnings Results, Misses Estimates By $0.30 EPS

Cal-Maine Foods (NASDAQ:CALM) announced its quarterly earnings data on Tuesday. The basic materials company reported $3.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.30), Briefing.com reports. Cal-Maine Foods had a net margin of 11.94% and a return on equity of 16.46%. The business had revenue of $785.87 million during the quarter, compared to analyst estimates of $704.65 million. During the same period in the prior year, the firm earned $0.02 earnings per share. The firm’s revenue for the quarter was up 71.1% compared to the same quarter last year.

Cal-Maine Foods Price Performance

Shares of NASDAQ:CALM traded up $3.51 during trading on Thursday, reaching $78.92. 557,740 shares of the stock were exchanged, compared to its average volume of 605,740. Cal-Maine Foods has a 1-year low of $42.25 and a 1-year high of $79.47. The stock has a fifty day moving average of $71.38 and a two-hundred day moving average of $64.14. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 13.37 and a beta of -0.10.

Cal-Maine Foods Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Wednesday, October 30th will be paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date of this dividend is Wednesday, October 30th. This is a boost from Cal-Maine Foods’s previous quarterly dividend of $0.77. Cal-Maine Foods’s dividend payout ratio (DPR) is 54.61%.

Insider Activity at Cal-Maine Foods

In related news, VP Robert L. Holladay, Jr. sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $70.93, for a total value of $106,395.00. Following the transaction, the vice president now owns 16,754 shares of the company’s stock, valued at approximately $1,188,361.22. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, COO Michael Todd Walters sold 3,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $70.20, for a total value of $210,600.00. Following the completion of the sale, the chief operating officer now owns 5,310 shares in the company, valued at approximately $372,762. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Robert L. Holladay, Jr. sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $70.93, for a total transaction of $106,395.00. Following the transaction, the vice president now directly owns 16,754 shares in the company, valued at $1,188,361.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,000 shares of company stock valued at $422,970. 13.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CALM. Stephens started coverage on Cal-Maine Foods in a report on Thursday. They set an “equal weight” rating and a $82.00 price target on the stock. The Goldman Sachs Group increased their target price on shares of Cal-Maine Foods from $47.00 to $52.00 and gave the stock a “sell” rating in a research note on Wednesday, July 17th.

About Cal-Maine Foods

Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names.