Cal-Maine Foods, Inc. (NASDAQ:CALM) Raises Dividend to $1.00 Per Share

Cal-Maine Foods, Inc. (NASDAQ:CALM) declared a quarterly dividend on Tuesday, November 27th, Zacks reports. Shareholders of record on Wednesday, May 1st will be paid a dividend of 1.00 per share by the basic materials company on Thursday, May 16th. This represents a $4.00 annualized dividend and a yield of 7.03%. The ex-dividend date of this dividend is Tuesday, April 30th. This is a positive change from Cal-Maine Foods’s previous quarterly dividend of $0.12.

Cal-Maine Foods has a payout ratio of 182.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Cal-Maine Foods to earn $2.48 per share next year, which means the company may not be able to cover its $3.99 annual dividend with an expected future payout ratio of 160.9%.

Cal-Maine Foods Trading Down 2.1 %

Shares of NASDAQ CALM opened at $56.87 on Monday. The business has a fifty day simple moving average of $59.31 and a 200 day simple moving average of $54.60. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 10.08 and a beta of -0.06. Cal-Maine Foods has a one year low of $42.25 and a one year high of $64.76.

Cal-Maine Foods (NASDAQ:CALM) last issued its earnings results on Tuesday, April 2nd. The basic materials company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.55. The business had revenue of $703.08 million during the quarter, compared to analyst estimates of $692.35 million. Cal-Maine Foods had a return on equity of 16.79% and a net margin of 11.61%. Cal-Maine Foods’s revenue was down 29.5% on a year-over-year basis. During the same period in the prior year, the company posted $6.62 earnings per share. On average, research analysts anticipate that Cal-Maine Foods will post 4.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Stephens restated an “equal weight” rating and issued a $65.00 target price on shares of Cal-Maine Foods in a research note on Wednesday, April 3rd.

Insider Buying and Selling at Cal-Maine Foods

In other news, EVP Charles Jeff Hardin sold 4,458 shares of the 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 sale, the executive vice president now 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 available through the SEC website. In other news, EVP Charles Jeff Hardin sold 4,458 shares of the 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 sale, the executive vice president now 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 available through the SEC website. Also, Director James E. Poole sold 3,000 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $55.91, for a total value of $167,730.00. Following the sale, the director now owns 11,670 shares in the company, valued at approximately $652,469.70. The disclosure for this sale can be found here. Insiders have sold 9,228 shares of company stock worth $520,122 over the last three months. Company insiders own 13.51% of the company’s stock.

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.