Cal-Maine Foods (NASDAQ:CALM) Trading Down 5% – What’s Next?

Cal-Maine Foods, Inc. (NASDAQ:CALM)’s share price traded down 5% during mid-day trading on Thursday . The company traded as low as $79.65 and last traded at $78.9140. Approximately 276,826 shares were traded during trading, a decline of 72% from the average daily volume of 988,541 shares. The stock had previously closed at $83.06.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada set a $100.00 price target on shares of Cal-Maine Foods in a research note on Tuesday, May 26th. Benchmark reaffirmed a “buy” rating on shares of Cal-Maine Foods in a research note on Monday, July 13th. Stephens cut their price objective on shares of Cal-Maine Foods from $90.00 to $85.00 and set an “equal weight” rating for the company in a report on Tuesday, July 14th. BMO Capital Markets raised their target price on shares of Cal-Maine Foods from $75.00 to $83.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings cut Cal-Maine Foods from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cal-Maine Foods currently has a consensus rating of “Hold” and a consensus target price of $94.71.

Cal-Maine Foods Stock Performance

The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 12.02 and a beta of 0.25. The business has a 50-day moving average of $84.08 and a 200-day moving average of $81.32.

Cal-Maine Foods (NASDAQ:CALM) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported ($0.76) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.84). Cal-Maine Foods had a return on equity of 11.79% and a net margin of 10.88%.The company had revenue of $552.58 million during the quarter, compared to analyst estimates of $563.83 million. During the same quarter in the prior year, the company posted $7.04 earnings per share. The business’s revenue was down 49.9% compared to the same quarter last year.

Institutional Investors Weigh In On Cal-Maine Foods

A number of hedge funds have recently added to or reduced their stakes in CALM. Smartleaf Asset Management LLC grew its holdings in Cal-Maine Foods by 12.8% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,022 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 116 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in Cal-Maine Foods by 0.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 23,884 shares of the basic materials company’s stock worth $1,900,000 after buying an additional 131 shares during the period. MML Investors Services LLC lifted its holdings in Cal-Maine Foods by 1.8% in the 4th quarter. MML Investors Services LLC now owns 7,428 shares of the basic materials company’s stock worth $591,000 after buying an additional 131 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in Cal-Maine Foods by 13.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,153 shares of the basic materials company’s stock worth $93,000 after buying an additional 137 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in Cal-Maine Foods by 58.2% in the 3rd quarter. IFP Advisors Inc now owns 378 shares of the basic materials company’s stock valued at $37,000 after buying an additional 139 shares during the last quarter. 84.67% of the stock is currently owned by institutional investors and hedge funds.

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. 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.