Cal-Maine Foods (NASDAQ:CALM) Issues Quarterly Earnings Results, Misses Expectations By $0.43 EPS

Key Points

• Cal-Maine Foods reported quarterly earnings of $4.12 per share, missing estimates by $0.43, with a revenue of $922.60 million compared to expectations of $931.62 million.
• The company announced a significant dividend increase to $3.46 per share, resulting in an annualized dividend of $13.84 and a yield of 14.7%.
• Hedge funds hold 84.67% of Cal-Maine Foods' stock, with several institutions like NewEdge Advisors and MIRAE ASSET increasing their stakes in the company recently.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) released its quarterly earnings data on Wednesday. The basic materials company reported $4.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.55 by ($0.43), Zacks reports. Cal-Maine Foods had a net margin of 28.63% and a return on equity of 54.81%. The company had revenue of $922.60 million for the quarter, compared to the consensus estimate of $931.62 million. During the same quarter in the previous year, the business earned $3.06 EPS. The company's quarterly revenue was up 17.4% on a year-over-year basis.

Cal-Maine Foods Stock Down 2.1%

Shares of Cal-Maine Foods stock opened at $94.10 on Wednesday. The firm has a market capitalization of $4.62 billion, a P/E ratio of 3.77 and a beta of 0.27. Cal-Maine Foods has a 52 week low of $74.00 and a 52 week high of $126.40. The company has a 50 day moving average price of $108.07 and a 200 day moving average price of $100.35.

Cal-Maine Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Monday, August 4th were issued a dividend of $3.46 per share. This represents a $13.84 annualized dividend and a dividend yield of 14.7%. This is an increase from Cal-Maine Foods's previous quarterly dividend of $1.49. The ex-dividend date was Monday, August 4th. Cal-Maine Foods's dividend payout ratio is currently 37.72%.

Hedge Funds Weigh In On Cal-Maine Foods

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Cal-Maine Foods by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,401 shares of the basic materials company's stock valued at $2,218,000 after purchasing an additional 1,057 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Cal-Maine Foods by 100.8% in the 1st quarter. NewEdge Advisors LLC now owns 7,985 shares of the basic materials company's stock valued at $726,000 after acquiring an additional 4,009 shares during the last quarter. United Services Automobile Association purchased a new stake in Cal-Maine Foods in the first quarter valued at $245,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cal-Maine Foods by 10.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,422 shares of the basic materials company's stock worth $7,765,000 after acquiring an additional 7,736 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Cal-Maine Foods by 323.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,087 shares of the basic materials company's stock valued at $108,000 after purchasing an additional 830 shares in the last quarter. Hedge funds and other institutional investors own 84.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CALM shares. Stephens boosted their price objective on shares of Cal-Maine Foods from $108.00 to $115.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Wall Street Zen downgraded shares of Cal-Maine Foods from a "buy" rating to a "hold" rating in a research note on Saturday, August 23rd. The Goldman Sachs Group started coverage on shares of Cal-Maine Foods in a research note on Thursday, August 14th. They issued a "neutral" rating and a $110.00 price objective for the company. Finally, BMO Capital Markets upped their price target on shares of Cal-Maine Foods from $100.00 to $105.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $110.00.

About Cal-Maine Foods

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.

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