Cal-Maine Foods (NASDAQ:CALM) Releases Earnings Results, Misses Expectations By $0.30 EPS

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

Cal-Maine Foods Price Performance

Cal-Maine Foods stock traded up $4.16 during midday trading on Thursday, reaching $79.57. 605,832 shares of the company 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 business has a 50 day moving average of $71.38 and a two-hundred day moving average 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 business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Wednesday, October 30th will be paid a $1.02 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. 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%. Cal-Maine Foods’s payout ratio is currently 54.61%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Cal-Maine Foods from $47.00 to $52.00 and gave the company a “sell” rating in a research note on Wednesday, July 17th. Stephens assumed coverage on Cal-Maine Foods in a research report on Thursday. They issued an “equal weight” rating and a $82.00 price objective on the stock.

Insiders Place Their Bets

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

Cal-Maine Foods Company Profile

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.