Cal-Maine Foods (NASDAQ:CALM) Shares Gap Up Following Earnings Beat

Cal-Maine Foods, Inc. (NASDAQ:CALM) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $103.68, but opened at $109.78. Cal-Maine Foods shares last traded at $111.14, with a volume of 212,529 shares trading hands.

The basic materials company reported $4.47 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.42. Cal-Maine Foods had a net margin of 16.09% and a return on equity of 24.25%. The company had revenue of $954.70 million during the quarter, compared to analyst estimates of $751.50 million. During the same period in the prior year, the business posted $0.35 EPS. The firm’s revenue was up 82.5% compared to the same quarter last year.

Cal-Maine Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 13th. Shareholders of record on Wednesday, January 29th will be issued a $1.489 dividend. The ex-dividend date of this dividend is Wednesday, January 29th. This is a positive change from Cal-Maine Foods’s previous quarterly dividend of $1.02. This represents a $5.96 annualized dividend and a yield of 5.69%. Cal-Maine Foods’s dividend payout ratio is 46.62%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com lowered shares of Cal-Maine Foods from a “buy” rating to a “hold” rating in a report on Tuesday. Stephens began coverage on shares of Cal-Maine Foods in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $82.00 price objective for the company.

Institutional Trading of Cal-Maine Foods

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Range Financial Group LLC purchased a new stake in shares of Cal-Maine Foods in the 4th quarter worth about $1,578,000. GAMMA Investing LLC grew its position in Cal-Maine Foods by 24.3% during the 4th quarter. GAMMA Investing LLC now owns 1,368 shares of the basic materials company’s stock valued at $141,000 after purchasing an additional 267 shares during the last quarter. JPMorgan Chase & Co. grew its position in Cal-Maine Foods by 88.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 340,155 shares of the basic materials company’s stock valued at $25,457,000 after purchasing an additional 159,787 shares during the last quarter. Franklin Resources Inc. grew its position in Cal-Maine Foods by 91.7% during the 3rd quarter. Franklin Resources Inc. now owns 62,979 shares of the basic materials company’s stock valued at $4,713,000 after purchasing an additional 30,122 shares during the last quarter. Finally, Tidal Investments LLC grew its position in Cal-Maine Foods by 418.6% during the 3rd quarter. Tidal Investments LLC now owns 47,653 shares of the basic materials company’s stock valued at $3,566,000 after purchasing an additional 38,465 shares during the last quarter. 84.67% of the stock is owned by hedge funds and other institutional investors.

Cal-Maine Foods Stock Performance

The company’s 50-day moving average is $98.90 and its 200 day moving average is $82.22. The company has a market capitalization of $5.14 billion, a PE ratio of 12.00 and a beta of -0.11.

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.