Calavo Growers, Inc. Announces Quarterly Dividend of $0.20 (NASDAQ:CVGW)

Key Points

• Calavo Growers, Inc. declared a quarterly dividend of $0.20 per share, payable to stockholders on October 31st, with a dividend yield of 3.0%.
• The company reported earnings of $0.57 per share for the quarter, exceeding analysts' expectations, although revenue declined slightly year-over-year.
• Calavo Growers maintains a healthy payout ratio of 37.4%, indicating that its dividend is well-supported by earnings.

Calavo Growers, Inc. (NASDAQ:CVGW - Get Free Report) declared a quarterly dividend on Wednesday, September 10th, Wall Street Journal reports. Stockholders of record on Tuesday, September 30th will be paid a dividend of 0.20 per share on Friday, October 31st. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 30th.

Calavo Growers has a payout ratio of 37.4% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of NASDAQ CVGW traded down $0.51 during trading on Wednesday, hitting $27.04. 423,874 shares of the company were exchanged, compared to its average volume of 246,213. The company has a market cap of $482.22 million, a price-to-earnings ratio of 46.52 and a beta of 0.39. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.00 and a quick ratio of 1.54. Calavo Growers has a 1 year low of $21.46 and a 1 year high of $30.02. The firm's fifty day moving average price is $27.03 and its 200 day moving average price is $25.90.

Calavo Growers (NASDAQ:CVGW - Get Free Report) last posted its quarterly earnings data on Tuesday, September 9th. The company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $0.03. The company had revenue of $178.82 million during the quarter, compared to the consensus estimate of $195.20 million. Calavo Growers had a net margin of 1.50% and a return on equity of 11.79%. The company's quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.57 EPS. On average, sell-side analysts expect that Calavo Growers will post 1.87 earnings per share for the current fiscal year.

Institutional Trading of Calavo Growers

A number of hedge funds have recently made changes to their positions in the business. US Bancorp DE grew its stake in shares of Calavo Growers by 4.4% in the 1st quarter. US Bancorp DE now owns 9,136 shares of the company's stock worth $219,000 after purchasing an additional 384 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Calavo Growers by 4.1% during the 1st 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 during the period. Canvas Wealth Advisors LLC raised its stake in Calavo Growers by 2.8% during the 1st quarter. Canvas Wealth Advisors LLC now owns 15,088 shares of the company's stock valued at $362,000 after purchasing an additional 407 shares during the last quarter. Engineers Gate Manager LP increased its position in shares of Calavo Growers by 1.1% during the second quarter. Engineers Gate Manager LP now owns 38,354 shares of the company's stock valued at $1,020,000 after purchasing an additional 422 shares during the period. Finally, Comerica Bank increased its stake in Calavo Growers by 3.9% in the first quarter. Comerica Bank now owns 11,776 shares of the company's stock valued at $283,000 after acquiring an additional 441 shares during the period. 81.30% of the stock is owned by institutional investors and hedge funds.

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.

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