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

Cal-Maine Foods (NASDAQ:CALM) posted 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. Cal-Maine Foods had a return on equity of 16.46% and a net margin of 11.94%. The firm had revenue of $785.87 million for the quarter, compared to the consensus estimate of $704.65 million. During the same quarter in the previous year, the company posted $0.02 EPS. The firm’s revenue was up 71.1% compared to the same quarter last year.

Cal-Maine Foods Price Performance

Shares of CALM traded up $3.51 during midday trading on Thursday, hitting $78.92. 557,740 shares of the company traded hands, compared to its average volume of 605,740. The stock has a 50-day moving average of $71.38 and a 200-day moving average of $64.14. Cal-Maine Foods has a one year low of $42.25 and a one year high of $79.47. The firm has a market cap of $3.87 billion, a P/E ratio of 13.37 and a beta of -0.10.

Cal-Maine Foods Increases Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $4.08 annualized dividend and a yield of 5.17%. This is an increase from Cal-Maine Foods’s previous quarterly dividend of $0.77. Cal-Maine Foods’s dividend payout ratio (DPR) is currently 54.61%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CALM. 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 report on Wednesday, July 17th. Stephens began coverage on shares of Cal-Maine Foods in a report on Thursday. They issued an “equal weight” rating and a $82.00 price objective for the company.

Insider Activity at Cal-Maine Foods

In related news, COO Michael Todd Walters sold 3,000 shares of the 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 owns 5,310 shares in the company, valued at $372,762. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Michael Todd Walters sold 3,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 5,310 shares in the company, valued at $372,762. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James E. Poole sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $70.65, for a total transaction of $105,975.00. Following the completion of the sale, the director now directly owns 10,170 shares in the company, valued at $718,510.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,000 shares of company stock valued at $422,970. Corporate 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.