Cal-Maine Foods, Inc. (CALM) To Go Ex-Dividend on April 30th

Cal-Maine Foods, Inc. (NASDAQ:CALM) announced a quarterly dividend on Tuesday, November 27th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 7.03%. The ex-dividend date is Tuesday, April 30th. This is a boost from Cal-Maine Foods’s previous quarterly dividend of $0.12.

Cal-Maine Foods has a payout ratio of 182.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Cal-Maine Foods stock opened at $56.87 on Friday. The business’s 50 day simple moving average is $59.31 and its 200-day simple moving average is $54.56. The stock 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 twelve month low of $42.25 and a twelve month high of $64.76.

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

Insider Activity at Cal-Maine Foods

In related news, EVP Charles Jeff Hardin sold 750 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $56.51, for a total value of $42,382.50. Following the sale, the executive vice president now directly owns 3,999 shares in the company, valued at approximately $225,983.49. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Cal-Maine Foods news, 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 transaction of $167,730.00. Following the completion of the transaction, the director now directly owns 11,670 shares of the company’s stock, valued at approximately $652,469.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Charles Jeff Hardin sold 750 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $56.51, for a total value of $42,382.50. Following the transaction, the executive vice president now directly owns 3,999 shares of the company’s stock, valued at $225,983.49. The disclosure for this sale can be found here. Insiders have sold a total of 9,228 shares of company stock worth $520,122 in the last three months. 13.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.