Cal-Maine Foods, Inc. (NASDAQ:CALM – Get Free Report)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $54.86, but opened at $53.27. Cal-Maine Foods shares last traded at $55.28, with a volume of 360,465 shares.
The basic materials company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.48). Cal-Maine Foods had a return on equity of 41.72% and a net margin of 21.50%. The company had revenue of $523.23 million during the quarter, compared to analysts’ expectations of $525.39 million. During the same quarter in the previous year, the company earned $4.07 EPS. The firm’s quarterly revenue was down 34.7% compared to the same quarter last year.
Cal-Maine Foods Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Wednesday, November 1st were issued a dividend of $0.006 per share. The ex-dividend date was Tuesday, October 31st. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.04%. Cal-Maine Foods’s payout ratio is currently 0.15%.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on CALM shares. StockNews.com started coverage on Cal-Maine Foods in a report on Thursday, October 5th. They set a “hold” rating for the company. Stephens increased their price target on Cal-Maine Foods from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. Aviva PLC boosted its position in shares of Cal-Maine Foods by 51.3% during the first quarter. Aviva PLC now owns 25,726 shares of the basic materials company’s stock worth $1,566,000 after buying an additional 8,725 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Cal-Maine Foods during the second quarter worth about $2,488,000. Raymond James & Associates grew its holdings in shares of Cal-Maine Foods by 65.6% during the second quarter. Raymond James & Associates now owns 113,285 shares of the basic materials company’s stock worth $5,098,000 after buying an additional 44,891 shares during the last quarter. ExodusPoint Capital Management LP boosted its holdings in Cal-Maine Foods by 138.9% in the 2nd quarter. ExodusPoint Capital Management LP now owns 117,733 shares of the basic materials company’s stock valued at $5,298,000 after purchasing an additional 68,457 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Cal-Maine Foods by 8.5% during the 2nd quarter. Arizona State Retirement System now owns 11,790 shares of the basic materials company’s stock worth $531,000 after acquiring an additional 920 shares in the last quarter. 84.70% of the stock is currently owned by hedge funds and other institutional investors.
Cal-Maine Foods Trading Up 2.0 %
The company has a 50 day moving average price of $51.00 and a 200 day moving average price of $47.97. The firm has a market cap of $2.74 billion, a PE ratio of 4.23 and a beta of -0.06.
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.