Cal-Maine Foods, Inc. (NASDAQ:CALM) Raises Dividend to $3.46 Per Share

Cal-Maine Foods, Inc. (NASDAQ:CALM - Get Free Report) announced a quarterly dividend on Tuesday, November 27th, RTT News reports. Shareholders of record on Wednesday, April 30th will be given a dividend of 3.46 per share by the basic materials company on Thursday, May 15th. This represents a $13.84 annualized dividend and a yield of 13.98%. The ex-dividend date of this dividend is Wednesday, April 30th. This is a 132.4% increase from Cal-Maine Foods's previous quarterly dividend of $1.49.

Cal-Maine Foods has increased its dividend payment by an average of 401.0% annually over the last three years. Cal-Maine Foods has a dividend payout ratio of 422.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Cal-Maine Foods to earn $4.69 per share next year, which means the company may not be able to cover its $13.84 annual dividend with an expected future payout ratio of 295.1%.

Cal-Maine Foods Price Performance

Cal-Maine Foods stock traded up $4.31 during mid-day trading on Friday, hitting $98.99. 1,275,132 shares of the company's stock traded hands, compared to its average volume of 699,225. Cal-Maine Foods has a fifty-two week low of $55.15 and a fifty-two week high of $116.41. The stock has a market cap of $4.85 billion, a price-to-earnings ratio of 7.70 and a beta of 0.11. The firm has a 50 day simple moving average of $92.86 and a two-hundred day simple moving average of $96.01.

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Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last posted its earnings results on Tuesday, April 8th. The basic materials company reported $10.38 earnings per share for the quarter, topping analysts' consensus estimates of $5.79 by $4.59. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $953.76 million. Cal-Maine Foods had a return on equity of 33.69% and a net margin of 20.39%. The company's revenue was up 101.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.00 earnings per share. On average, research analysts anticipate that Cal-Maine Foods will post 15.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CALM has been the topic of several research analyst reports. StockNews.com lowered Cal-Maine Foods from a "buy" rating to a "hold" rating in a research note on Thursday. Stephens restated an "equal weight" rating and issued a $97.00 price objective on shares of Cal-Maine Foods in a report on Thursday, March 6th.

Insider Transactions at Cal-Maine Foods

In other Cal-Maine Foods news, Director Letitia Callender Hughes sold 809 shares of the stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $109.97, for a total value of $88,965.73. Following the transaction, the director now owns 42,761 shares in the company, valued at approximately $4,702,427.17. This represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 13.45% of the company's stock.

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.