Cal-Maine Foods (NASDAQ:CALM) Releases Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Cal-Maine Foods (NASDAQ:CALM) released its quarterly earnings results on Tuesday. The basic materials company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.41 by ($0.09), Briefing.com reports. Cal-Maine Foods had a return on equity of 16.46% and a net margin of 11.94%. The company had revenue of $640.80 million for the quarter, compared to analyst estimates of $652.32 million. During the same quarter last year, the company earned $2.27 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis.

Cal-Maine Foods Stock Performance

Shares of NASDAQ CALM traded down $0.56 during midday trading on Friday, reaching $70.49. 195,249 shares of the stock were exchanged, compared to its average volume of 636,636. The company has a 50 day simple moving average of $61.29 and a 200 day simple moving average of $58.98. The stock has a market capitalization of $3.46 billion, a P/E ratio of 12.60 and a beta of -0.10. Cal-Maine Foods has a twelve month low of $42.25 and a twelve month high of $71.78.

Cal-Maine Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, August 5th will be issued a $0.77 dividend. The ex-dividend date is Monday, August 5th. This represents a $3.08 dividend on an annualized basis and a yield of 4.37%. Cal-Maine Foods’s payout ratio is 70.74%.

Analyst Ratings Changes

A number of analysts have commented on CALM shares. The Goldman Sachs Group increased their price objective on shares of Cal-Maine Foods from $47.00 to $52.00 and gave the company a “sell” rating in a report on Wednesday, July 17th. Stephens reiterated an “equal weight” rating and issued a $65.00 price objective on shares of Cal-Maine Foods in a report on Wednesday, April 3rd.

About Cal-Maine Foods

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.