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

Calavo Growers, Inc. (NASDAQ:CVGW) announced a quarterly dividend on Thursday, March 13th, Wall Street Journal reports. Stockholders of record on Tuesday, April 1st will be given a dividend of 0.20 per share on Tuesday, April 29th. This represents a $0.80 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Tuesday, April 1st.

Calavo Growers has decreased its dividend by an average of 19.5% per year over the last three years. Calavo Growers has a payout ratio of 37.4% indicating that its dividend is sufficiently covered by earnings. Research 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 Trading Down 1.4 %

NASDAQ:CVGW traded down $0.31 during trading hours on Thursday, hitting $21.47. 334,301 shares of the stock were exchanged, compared to its average volume of 197,201. The company’s 50 day moving average is $23.48 and its two-hundred day moving average is $25.74. Calavo Growers has a twelve month low of $20.30 and a twelve month high of $30.58. The company has a quick ratio of 1.70, a current ratio of 2.17 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $382.17 million, a P/E ratio of -357.83 and a beta of 0.57.

Calavo Growers (NASDAQ:CVGW) last posted its quarterly earnings results on Tuesday, January 14th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.25). Calavo Growers had a negative net margin of 0.16% and a positive return on equity of 9.66%. The company had revenue of $169.96 million during the quarter, compared to analyst estimates of $161.99 million. During the same period last year, the company earned ($0.33) EPS. The business’s revenue for the quarter was up 19.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Calavo Growers will post 1.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital lowered their target price on Calavo Growers from $40.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, January 15th.

About Calavo Growers

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.