Cal-Maine Foods (CALM) Downgraded by BidaskClub to Hold

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BidaskClub downgraded shares of Cal-Maine Foods (NASDAQ:CALM) from a buy rating to a hold rating in a report issued on Wednesday.

CALM has been the subject of several other reports. ValuEngine lowered Cal-Maine Foods from a buy rating to a hold rating in a research note on Tuesday, June 5th. Zacks Investment Research upgraded Cal-Maine Foods from a hold rating to a strong-buy rating and set a $54.00 price target for the company in a research note on Thursday, August 9th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $54.50.

Shares of NASDAQ:CALM opened at $48.80 on Wednesday. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 16.82 and a beta of 0.54. Cal-Maine Foods has a 12 month low of $35.20 and a 12 month high of $52.30.

Cal-Maine Foods (NASDAQ:CALM) last announced its quarterly earnings results on Monday, July 23rd. The basic materials company reported $1.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.01. The company had revenue of $443.10 million during the quarter, compared to analyst estimates of $445.00 million. Cal-Maine Foods had a return on equity of 16.48% and a net margin of 8.38%. The firm’s revenue was up 61.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.51) earnings per share. sell-side analysts anticipate that Cal-Maine Foods will post 3.35 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 21st. Shareholders of record on Monday, August 6th were paid a dividend of $0.351 per share. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $1.40 annualized dividend and a yield of 2.88%. Cal-Maine Foods’s dividend payout ratio is presently 49.30%.

In other news, major shareholder Jean Morris Adams sold 70,000 shares of the company’s stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $44.62, for a total value of $3,123,400.00. Following the completion of the sale, the insider now owns 1,374,895 shares of the company’s stock, valued at $61,347,814.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 225,000 shares of company stock valued at $10,027,482 in the last ninety days. Company insiders own 33.16% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Cal-Maine Foods by 11.2% in the second quarter. BlackRock Inc. now owns 4,258,478 shares of the basic materials company’s stock worth $195,252,000 after buying an additional 430,382 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Cal-Maine Foods by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,000,072 shares of the basic materials company’s stock worth $45,854,000 after buying an additional 5,546 shares during the period. Millennium Management LLC boosted its position in shares of Cal-Maine Foods by 58.8% in the second quarter. Millennium Management LLC now owns 533,035 shares of the basic materials company’s stock worth $24,440,000 after buying an additional 197,341 shares during the period. Wells Fargo & Company MN boosted its position in shares of Cal-Maine Foods by 721.7% in the second quarter. Wells Fargo & Company MN now owns 517,197 shares of the basic materials company’s stock worth $23,713,000 after buying an additional 454,254 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Cal-Maine Foods by 1,935.7% in the second quarter. Renaissance Technologies LLC now owns 490,608 shares of the basic materials company’s stock worth $22,494,000 after buying an additional 466,508 shares during the period. 59.34% of the stock is owned by institutional investors.

Cal-Maine Foods Company Profile

Cal-Maine Foods, Inc produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse, and 4-Grain brand names, as well as under private labels.

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