Cal-Maine Foods (NASDAQ:CALM) Issues Earnings Results

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

Cal-Maine Foods Price Performance

NASDAQ:CALM traded up $4.16 during mid-day trading on Thursday, reaching $79.57. 605,832 shares of the company’s stock traded hands, compared to its average volume of 606,071. Cal-Maine Foods has a 12-month low of $42.25 and a 12-month high of $79.75. The company has a 50 day moving average price of $71.38 and a 200-day moving average price of $64.14. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 13.37 and a beta of -0.10.

Cal-Maine Foods Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Wednesday, October 30th will be issued a dividend of $1.02 per share. This is a positive change from Cal-Maine Foods’s previous quarterly dividend of $0.77. This represents a $4.08 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date is Wednesday, October 30th. Cal-Maine Foods’s dividend payout ratio is currently 54.61%.

Analysts Set New Price Targets

Several equities analysts recently commented on CALM shares. Stephens initiated coverage on shares of Cal-Maine Foods in a report on Thursday. They set an “equal weight” rating and a $82.00 target price on the stock. The Goldman Sachs Group lifted their price objective on Cal-Maine Foods from $47.00 to $52.00 and gave the stock a “sell” rating in a report on Wednesday, July 17th.

Insider Activity

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

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.