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

Cal-Maine Foods Stock Up 5.6 %

CALM stock traded up $4.21 during midday trading on Thursday, reaching $79.62. The stock had a trading volume of 1,146,035 shares, compared to its average volume of 609,036. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of 13.99 and a beta of -0.10. Cal-Maine Foods has a twelve month low of $42.25 and a twelve month high of $79.75. The business has a fifty day simple moving average of $71.38 and a two-hundred day simple moving average of $64.14.

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 paid a $1.02 dividend. This is a boost from Cal-Maine Foods’s previous quarterly dividend of $0.77. This represents a $4.08 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend is Wednesday, October 30th. Cal-Maine Foods’s dividend payout ratio (DPR) is 54.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. The Goldman Sachs Group raised their price target 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. Stephens began coverage on Cal-Maine Foods in a research report on Thursday. They set an “equal weight” rating and a $82.00 target price for the company.

Insider Activity

In other Cal-Maine Foods 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 transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director James E. Poole sold 1,500 shares of Cal-Maine Foods 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 transaction, the director now owns 10,170 shares of the company’s stock, valued at approximately $718,510.50. 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 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 transaction of $210,600.00. Following the completion of 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 have sold 6,000 shares of company stock valued at $422,970. 13.51% of the stock is currently owned by insiders.

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.