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

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) announced a quarterly dividend on Friday, August 29th, Wall Street Journal reports. Investors 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 yield of 2.9%. The ex-dividend date is Tuesday, September 30th.

Calavo Growers has a payout ratio of 37.4% indicating that 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

CVGW traded up $0.08 on Monday, reaching $27.45. The company had a trading volume of 150,408 shares, compared to its average volume of 246,313. The business has a 50 day simple moving average of $27.02 and a 200 day simple moving average of $26.00. The company has a market cap of $489.98 million, a price-to-earnings ratio of 31.19 and a beta of 0.39. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.86 and a current ratio of 2.30. Calavo Growers has a 52-week low of $21.46 and a 52-week high of $30.02.

Calavo Growers (NASDAQ:CVGW - Get Free Report) last announced its earnings results on Tuesday, September 9th. The company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $0.03. The business had revenue of $178.82 million for the quarter, compared to the consensus estimate of $195.20 million. Calavo Growers had a net margin of 2.28% and a return on equity of 11.73%. Calavo Growers's quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the firm posted $0.57 earnings per share. As a group, sell-side analysts anticipate that Calavo Growers will post 1.87 EPS for the current year.

Hedge Funds Weigh In On Calavo Growers

A number of large investors have recently bought and sold shares of CVGW. Spire Wealth Management purchased a new position in Calavo Growers in the 2nd quarter worth approximately $30,000. New York State Teachers Retirement System purchased a new stake in Calavo Growers in the 1st quarter worth approximately $36,000. CWM LLC lifted its holdings in Calavo Growers by 5,960.5% in the 1st quarter. CWM LLC now owns 2,303 shares of the company's stock worth $55,000 after buying an additional 2,265 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Calavo Growers by 673.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,775 shares of the company's stock worth $74,000 after buying an additional 2,416 shares during the period. Finally, State of Wyoming purchased a new stake in Calavo Growers in the 4th quarter worth approximately $99,000. 81.30% of the stock is owned by hedge funds and other institutional investors.

Calavo Growers Company Profile

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.