Cal-Maine Foods (CALM) Releases Quarterly Earnings Results, Misses Expectations By $0.23 EPS

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Cal-Maine Foods (NASDAQ:CALM) posted its quarterly earnings results on Monday, October 1st. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.23), MarketWatch Earnings reports. The business had revenue of $340.60 million during the quarter, compared to analyst estimates of $346.76 million. Cal-Maine Foods had a return on equity of 18.99% and a net margin of 9.76%. The company’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.33) EPS.

NASDAQ CALM traded down $0.26 on Tuesday, hitting $47.79. 445,104 shares of the stock were exchanged, compared to its average volume of 359,092. Cal-Maine Foods has a 52-week low of $39.50 and a 52-week high of $52.30. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 16.83 and a beta of 0.49.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st will be given a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a yield of 0.71%. The ex-dividend date is Tuesday, October 30th. Cal-Maine Foods’s payout ratio is 49.30%.

Several research firms have issued reports on CALM. BidaskClub lowered shares of Cal-Maine Foods from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. Stephens lowered shares of Cal-Maine Foods from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 1st. Zacks Investment Research upgraded shares of Cal-Maine Foods from a “hold” rating to a “strong-buy” rating and set a $54.00 price objective on the stock in a research report on Thursday, August 9th. Finally, ValuEngine upgraded shares of Cal-Maine Foods from a “hold” rating to a “buy” rating in a research report on Friday, October 12th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Cal-Maine Foods presently has an average rating of “Hold” and a consensus target price of $54.50.

In other Cal-Maine Foods news, major shareholder Jean Morris Adams sold 114,851 shares of Cal-Maine Foods stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $44.40, for a total transaction of $5,099,384.40. Following the transaction, the insider now directly owns 1,199,895 shares in the company, valued at approximately $53,275,338. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Max P. Bowman acquired 2,000 shares of the stock in a transaction on Thursday, October 11th. The shares were purchased at an average price of $45.51 per share, for a total transaction of $91,020.00. Following the completion of the transaction, the chief financial officer now owns 2,000 shares in the company, valued at approximately $91,020. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 225,000 shares of company stock worth $10,027,482. Corporate insiders own 33.03% of the company’s stock.

About Cal-Maine Foods

Cal-Maine Foods, Inc produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse, and 4-Grain brand names, as well as under private labels.

Further Reading: Why is the ex-dividend date different from the record date?

Earnings History for Cal-Maine Foods (NASDAQ:CALM)

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