Calavo Growers, Inc. (NASDAQ:CVGW) to Issue $0.20 Quarterly Dividend

Calavo Growers, Inc. (NASDAQ:CVGW - Get Free Report) declared a quarterly dividend on Tuesday, June 10th, Wall Street Journal reports. Stockholders of record on Monday, June 30th will be paid a dividend of 0.20 per share on Wednesday, July 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, June 30th.

Calavo Growers has a payout ratio of 37.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Calavo Growers to earn $2.32 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 34.5%.

Calavo Growers Stock Performance

Shares of NASDAQ CVGW traded down $0.02 during trading on Friday, reaching $27.66. 639,391 shares of the company traded hands, compared to its average volume of 240,797. The firm has a 50 day simple moving average of $26.02 and a 200-day simple moving average of $24.91. Calavo Growers has a 52-week low of $20.30 and a 52-week high of $30.02. The stock has a market capitalization of $493.37 million, a PE ratio of -461.00 and a beta of 0.41. The company has a quick ratio of 1.70, a current ratio of 2.17 and a debt-to-equity ratio of 0.02.

Calavo Growers (NASDAQ:CVGW - Get Free Report) last issued its earnings results on Monday, June 9th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.13). Calavo Growers had a positive return on equity of 9.66% and a negative net margin of 0.16%. The company had revenue of $190.55 million during the quarter, compared to analysts' expectations of $192.75 million. During the same quarter in the prior year, the business posted $0.50 EPS. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. Equities research analysts anticipate that Calavo Growers will post 1.87 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Calavo Growers from a "buy" rating to a "hold" rating in a report on Thursday, May 15th.

Insider Activity

In other Calavo Growers news, CFO James E. Snyder acquired 3,213 shares of the business's stock in a transaction dated Thursday, April 10th. The stock was purchased at an average price of $23.33 per share, with a total value of $74,959.29. Following the transaction, the chief financial officer now directly owns 5,157 shares in the company, valued at approximately $120,312.81. The trade was a 165.28% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael A. Browne bought 6,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The stock was bought at an average cost of $23.69 per share, for a total transaction of $142,140.00. Following the completion of the acquisition, the executive vice president now owns 7,500 shares in the company, valued at $177,675. This trade represents a 400.00% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 73,438 shares of company stock valued at $1,771,303 in the last quarter. 7.20% of the stock is currently owned by insiders.

Institutional Trading of Calavo Growers

Hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC lifted its position in shares of Calavo Growers by 49.7% during the 1st quarter. Jane Street Group LLC now owns 50,858 shares of the company's stock valued at $1,220,000 after buying an additional 16,891 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Calavo Growers by 91.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 275,452 shares of the company's stock worth $6,608,000 after acquiring an additional 131,674 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Calavo Growers by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,985 shares of the company's stock valued at $240,000 after purchasing an additional 390 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new position in Calavo Growers during the first quarter valued at approximately $2,520,000. Institutional investors own 81.30% of the company's stock.

About Calavo Growers

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers worldwide. It operates through Grown and Prepared segments. The Grown segment distributes tomatoes and papayas; and procures avocados grown in California, Mexico, Peru, and Colombia.