Cal-Maine Foods, Inc. (NASDAQ:CALM) Plans Dividend Increase – $1.00 Per Share

Cal-Maine Foods, Inc. (NASDAQ:CALM) declared 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 annualized dividend and a dividend 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% 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 Stock Down 2.1 %

Shares of CALM stock opened at $56.87 on Friday. Cal-Maine Foods has a 12-month low of $42.25 and a 12-month high of $64.76. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 10.08 and a beta of -0.06. The firm has a fifty day moving average of $59.31 and a 200-day moving average of $54.56.

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 (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.55. Cal-Maine Foods had a net margin of 11.61% and a return on equity of 16.79%. The company had revenue of $703.08 million during the quarter, compared to analyst estimates of $692.35 million. During the same quarter in the previous year, the business earned $6.62 EPS. The firm’s revenue was down 29.5% on a year-over-year basis. Research analysts expect that Cal-Maine Foods will post 4.63 earnings per share for the current year.

Insider Buying and Selling

In related news, Director James E. Poole sold 3,000 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $55.91, for a total value 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 document filed with the SEC, which is available through the SEC website. In other Cal-Maine Foods news, EVP Charles Jeff Hardin sold 4,458 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $56.56, for a total transaction of $252,144.48. Following the sale, the executive vice president now directly owns 17,830 shares of the company’s stock, valued at approximately $1,008,464.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James E. Poole sold 3,000 shares of the business’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 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 ninety days, insiders sold 9,228 shares of company stock valued at $520,122. Company insiders own 13.51% of the company’s stock.

Wall Street Analysts Forecast Growth

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