Cal-Maine Foods (NASDAQ:CALM) Shares Gap Up Following Strong Earnings

Cal-Maine Foods, Inc. (NASDAQ:CALM)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $103.68, but opened at $109.78. Cal-Maine Foods shares last traded at $111.14, with a volume of 212,529 shares changing hands.

The basic materials company reported $4.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.42. The firm had revenue of $954.70 million during the quarter, compared to analysts’ expectations of $751.50 million. Cal-Maine Foods had a return on equity of 24.25% and a net margin of 16.09%. The company’s revenue was up 82.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS.

Cal-Maine Foods Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 13th. Shareholders of record on Wednesday, January 29th will be given a dividend of $1.489 per share. The ex-dividend date of this dividend is Wednesday, January 29th. This represents a $5.96 dividend on an annualized basis and a yield of 5.69%. This is an increase from Cal-Maine Foods’s previous quarterly dividend of $1.02. Cal-Maine Foods’s dividend payout ratio is 46.62%.

Analyst Ratings Changes

A number of analysts have recently commented on CALM shares. Stephens started coverage on shares of Cal-Maine Foods in a research report on Thursday, October 3rd. They issued an “equal weight” rating and a $82.00 price objective on the stock. StockNews.com lowered shares of Cal-Maine Foods from a “buy” rating to a “hold” rating in a research note on Tuesday.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CALM. Harbor Capital Advisors Inc. bought a new stake in shares of Cal-Maine Foods during the 3rd quarter worth approximately $29,000. Hexagon Capital Partners LLC raised its position in Cal-Maine Foods by 57.0% during the third quarter. Hexagon Capital Partners LLC now owns 427 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 155 shares in the last quarter. Krane Funds Advisors LLC acquired a new stake in Cal-Maine Foods in the third quarter valued at $33,000. Quarry LP lifted its stake in Cal-Maine Foods by 1,975.0% in the second quarter. Quarry LP now owns 581 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 553 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Cal-Maine Foods in the 2nd quarter valued at about $47,000. 84.67% of the stock is currently owned by institutional investors.

Cal-Maine Foods Trading Up 1.0 %

The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of 12.00 and a beta of -0.11. The firm’s 50 day moving average price is $98.56 and its two-hundred day moving average price is $82.07.

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.