Cal-Maine Foods (NASDAQ:CALM) Issues Earnings Results, Beats Expectations By $0.55 EPS

Cal-Maine Foods (NASDAQ:CALM) announced its quarterly earnings results on Tuesday. The basic materials company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.55, Briefing.com reports. Cal-Maine Foods had a net margin of 11.61% and a return on equity of 17.06%. The business had revenue of $703.08 million during the quarter, compared to analysts’ expectations of $692.35 million. During the same quarter in the prior year, the company posted $6.62 EPS. The firm’s revenue for the quarter was down 29.5% compared to the same quarter last year.

Cal-Maine Foods Trading Up 3.6 %

Shares of NASDAQ CALM opened at $61.04 on Thursday. The firm has a fifty day simple moving average of $57.77 and a two-hundred day simple moving average of $52.99. The firm has a market capitalization of $2.99 billion, a PE ratio of 10.82 and a beta of -0.06. Cal-Maine Foods has a 12 month low of $42.25 and a 12 month high of $63.14.

Cal-Maine Foods Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Wednesday, May 1st will be issued a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $4.00 annualized dividend and a yield of 6.55%. This is a boost from Cal-Maine Foods’s previous quarterly dividend of $0.12. Cal-Maine Foods’s payout ratio is 8.16%.

Insider Activity

In other Cal-Maine Foods news, EVP Charles Jeff Hardin sold 4,458 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $56.56, for a total value of $252,144.48. Following the completion of the sale, the executive vice president now directly owns 17,830 shares in the company, valued at $1,008,464.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cal-Maine Foods news, EVP Charles Jeff Hardin sold 4,458 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $56.56, for a total transaction of $252,144.48. Following the completion of the transaction, the executive vice president now owns 17,830 shares of the company’s stock, valued at $1,008,464.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James E. Poole sold 3,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $55.91, for a total transaction of $167,730.00. Following the completion of the sale, the director now directly owns 11,670 shares in the company, valued at $652,469.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,228 shares of company stock valued at $520,122. Corporate insiders own 13.51% of the company’s stock.

Hedge Funds Weigh In On Cal-Maine Foods

Large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its position in Cal-Maine Foods by 19.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 165,507 shares of the basic materials company’s stock valued at $9,498,000 after buying an additional 27,418 shares in the last quarter. American International Group Inc. raised its position in shares of Cal-Maine Foods by 5.9% in the 4th quarter. American International Group Inc. now owns 22,324 shares of the basic materials company’s stock worth $1,281,000 after purchasing an additional 1,243 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Cal-Maine Foods by 16.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,747 shares of the basic materials company’s stock worth $1,593,000 after purchasing an additional 3,902 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Cal-Maine Foods by 136.2% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 175,957 shares of the basic materials company’s stock valued at $10,098,000 after purchasing an additional 101,463 shares during the last quarter. Finally, GSA Capital Partners LLP increased its stake in Cal-Maine Foods by 38.5% during the 4th quarter. GSA Capital Partners LLP now owns 7,686 shares of the basic materials company’s stock valued at $441,000 after purchasing an additional 2,138 shares in the last quarter. 84.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Stephens reiterated an “equal weight” rating and set a $65.00 target price on shares of Cal-Maine Foods in a report on Wednesday.

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.