Cal-Maine Foods, Inc. (NASDAQ:CALM) Increases Dividend to $1.02 Per Share

Cal-Maine Foods, Inc. (NASDAQ:CALM) announced a quarterly dividend on Tuesday, October 1st, Zacks reports. Investors of record on Wednesday, October 30th will be given a dividend of 1.02 per share by the basic materials company on Thursday, November 14th. 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 has a payout ratio of 96.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble.

Cal-Maine Foods Stock Performance

NASDAQ CALM traded up $3.53 during trading on Thursday, reaching $78.94. 338,307 shares of the company traded hands, compared to its average volume of 604,462. The stock’s 50 day moving average price is $71.38 and its two-hundred day moving average price is $64.14. Cal-Maine Foods has a 1-year low of $42.25 and a 1-year high of $79.14. The company 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 (NASDAQ:CALM) last issued its quarterly earnings data on Tuesday, October 1st. The basic materials company reported $3.06 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.30). 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 period in the prior year, the company posted $0.02 earnings per share. Cal-Maine Foods’s quarterly revenue was up 71.1% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related 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 sale, the vice president now directly owns 16,754 shares in the company, valued at approximately $1,188,361.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Robert L. Holladay, Jr. sold 1,500 shares of Cal-Maine Foods 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 sale, the vice president now directly owns 16,754 shares in the company, valued at $1,188,361.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Todd Walters sold 3,000 shares of the firm’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 transaction, 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. Insiders have sold a total of 6,000 shares of company stock valued at $422,970 in the last 90 days. 13.51% of the stock is owned by company insiders.

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.