Cal-Maine Foods, Inc. (NASDAQ:CALM) to Issue Quarterly Dividend of $0.77

Cal-Maine Foods, Inc. (NASDAQ:CALM) announced a quarterly dividend on Tuesday, July 23rd, Zacks reports. Investors of record on Monday, August 5th will be given a dividend of 0.77 per share by the basic materials company on Tuesday, August 20th. This represents a $3.08 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date of this dividend is Monday, August 5th.

Cal-Maine Foods has a dividend payout ratio of 150.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Cal-Maine Foods Stock Performance

NASDAQ:CALM opened at $66.86 on Thursday. Cal-Maine Foods has a 52 week low of $42.25 and a 52 week high of $69.44. The firm has a 50-day moving average price of $61.03 and a two-hundred day moving average price of $58.90. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 11.85 and a beta of -0.10.

Cal-Maine Foods (NASDAQ:CALM) last posted its quarterly earnings data on Tuesday, July 23rd. The basic materials company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.41 by ($0.09). Cal-Maine Foods had a return on equity of 16.82% and a net margin of 11.94%. The business had revenue of $640.80 million during the quarter, compared to analysts’ expectations of $652.32 million. During the same period in the prior year, the firm posted $2.27 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis.

Analyst Ratings Changes

A number of research firms recently issued reports on CALM. The Goldman Sachs Group raised their price objective on shares of Cal-Maine Foods from $47.00 to $52.00 and gave the stock a “sell” rating in a report on Wednesday, July 17th. Stephens reaffirmed an “equal weight” rating and issued a $65.00 price target on shares of Cal-Maine Foods in a report on Wednesday, April 3rd.

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.