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

Cal-Maine Foods, Inc. (NASDAQ:CALM) announced a quarterly dividend on Tuesday, November 27th, Zacks reports. Investors 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 dividend 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 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 Performance

Shares of CALM stock opened at $56.87 on Monday. Cal-Maine Foods has a 52-week low of $42.25 and a 52-week high of $64.76. The company has a market capitalization of $2.79 billion, a PE ratio of 10.08 and a beta of -0.06. The business’s fifty day moving average is $59.31 and its 200 day moving average is $54.60.

Cal-Maine Foods (NASDAQ:CALM) last issued its quarterly earnings data on Tuesday, April 2nd. The basic materials company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.45 by $0.55. Cal-Maine Foods had a return on equity of 16.79% and a net margin of 11.61%. The company had revenue of $703.08 million for the quarter, compared to the consensus estimate of $692.35 million. During the same quarter last year, the business posted $6.62 earnings per share. The firm’s revenue was down 29.5% compared to the same quarter last year. On average, sell-side analysts forecast that Cal-Maine Foods will post 4.63 EPS for the current fiscal year.

Insider Buying and Selling at Cal-Maine Foods

In other Cal-Maine Foods news, Director Letitia Callender Hughes sold 1,020 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $56.73, for a total transaction of $57,864.60. Following the sale, the director now owns 43,570 shares in the company, valued at $2,471,726.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Charles Jeff Hardin sold 4,458 shares of Cal-Maine Foods stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $56.56, for a total value of $252,144.48. Following the transaction, the executive vice president now owns 17,830 shares in the company, valued at $1,008,464.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Letitia Callender Hughes sold 1,020 shares of Cal-Maine Foods stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $56.73, for a total value of $57,864.60. Following the completion of the transaction, the director now owns 43,570 shares in the company, valued at approximately $2,471,726.10. The disclosure for this sale can be found here. Insiders have sold 9,228 shares of company stock worth $520,122 over the last 90 days. Corporate insiders own 13.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Stephens reiterated an “equal weight” rating and issued a $65.00 price objective 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.