CALM CAL-MAINE FOODS INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2021: $1M, Q2 2021: $0M, Q1 2021: $0M, Q3 2020: $1M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $1M vs trailing avg $0M (+167%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-85M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 66,645 shares = 0.1% of 48,857,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

8 open-market purchases by 4 insiders

• Lombardo Keira L (Chief Strategy Officer) bought 267 shares at $92.37 on 2025-10-02
• Lombardo Keira L (Chief Strategy Officer) bought 110 shares at $92.39 on 2025-10-02
• Lombardo Keira L (Chief Strategy Officer) bought 1,823 shares at $92.40 on 2025-10-02
• Lombardo Keira L (Chief Strategy Officer) bought 500 shares at $92.22 on 2025-10-02
• Lombardo Keira L (Chief Strategy Officer) bought 100 shares at $92.18 on 2025-10-02
• HARDIN CHARLES JEFF (Vice President Sales) bought 2,000 shares at $38.28 on 2020-10-15
• BOWMAN MAX P (Vice President, CFO, Sec/Treas) bought 2,000 shares at $45.51 on 2018-10-11
• Poole James E () bought 1,000 shares at $38.58 on 2015-04-09

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 1 of 4 quarters

• Q3 2020: BOWMAN MAX P bought while company spent $1M

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $412M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 887.3x more than bought. 5 C-suite officers among sellers

• Walters Michael Todd (COO) sold 3,000 shares on 2024-07-31
• HARDIN CHARLES JEFF (Executive Vice President Sales) sold 750 shares on 2024-02-20
• HARDIN CHARLES JEFF (Executive Vice President Sales) sold 4,458 shares on 2024-02-02
• HARDIN CHARLES JEFF (Executive Vice President Sales) sold 1,201 shares on 2023-03-31
• HARDIN CHARLES JEFF (Vice President Sales) sold 2,000 shares on 2022-04-05
• HARDIN CHARLES JEFF (Vice President Sales) sold 1,675 shares on 2022-04-05
• BAKER ADOLPHUS B (Chairman & CEO) sold 5,520,000 shares on 2020-08-24
• HARDIN CHARLES JEFF (Vice President Sales) sold 958 shares on 2020-05-20
• HARDIN CHARLES JEFF (Vice President Sales) sold 800 shares on 2019-04-16
• HARDIN CHARLES JEFF (Vice President Marketing) sold 2,036 shares on 2018-04-06