Cal-Maine Foods (NASDAQ:CALM) Shares Gap Down Following Weak Earnings

Cal-Maine Foods, Inc. (NASDAQ:CALM) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $87.25, but opened at $81.38. Cal-Maine Foods shares last traded at $83.0750, with a volume of 420,325 shares trading hands.

The basic materials company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.84). Cal-Maine Foods had a net margin of 20.07% and a return on equity of 26.05%. The company had revenue of $552.58 million for the quarter, compared to the consensus estimate of $563.83 million. During the same quarter in the previous year, the company posted $7.04 EPS.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CALM. Royal Bank Of Canada set a $100.00 target price on shares of Cal-Maine Foods in a research report on Tuesday, May 26th. BMO Capital Markets lowered their price target on shares of Cal-Maine Foods from $85.00 to $80.00 and set a “market perform” rating on the stock in a report on Wednesday, March 25th. Stephens dropped their price objective on Cal-Maine Foods from $90.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 14th. Wells Fargo & Company set a $100.00 price objective on Cal-Maine Foods in a report on Monday, July 13th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cal-Maine Foods in a research report on Wednesday, July 8th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Cal-Maine Foods presently has a consensus rating of “Hold” and a consensus price target of $94.29.

Hedge Funds Weigh In On Cal-Maine Foods

Several hedge funds have recently made changes to their positions in the stock. Pinnacle Holdings LLC purchased a new stake in shares of Cal-Maine Foods in the fourth quarter worth $30,000. WealthCollab LLC raised its holdings in shares of Cal-Maine Foods by 105.2% in the 4th quarter. WealthCollab LLC now owns 431 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 221 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Cal-Maine Foods by 58.2% during the 3rd quarter. IFP Advisors Inc now owns 378 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 139 shares during the last quarter. Signaturefd LLC increased its position in shares of Cal-Maine Foods by 46.5% in the fourth quarter. Signaturefd LLC now owns 488 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 155 shares during the last quarter. Finally, National Bank of Canada FI purchased a new stake in Cal-Maine Foods in the third quarter valued at approximately $42,000. 84.67% of the stock is currently owned by hedge funds and other institutional investors.

Cal-Maine Foods Stock Down 2.1%

The firm has a market capitalization of $4.05 billion, a P/E ratio of 5.99 and a beta of 0.25. The firm’s 50-day simple moving average is $79.93 and its 200-day simple moving average is $80.30.

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. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.