Pinnacle Associates Ltd. cut its position in shares of Cal-Maine (NASDAQ:CALM) by 48.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,065 shares of the basic materials company’s stock after selling 11,185 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Cal-Maine were worth $527,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CALM. Diamond Hill Capital Management Inc. bought a new stake in shares of Cal-Maine during the first quarter valued at approximately $10,961,000. Dean Investment Associates LLC bought a new stake in shares of Cal-Maine during the fourth quarter valued at approximately $3,817,000. Dean Capital Management bought a new stake in shares of Cal-Maine during the fourth quarter valued at approximately $2,780,000. BlackRock Inc. boosted its holdings in Cal-Maine by 1.5% in the first quarter. BlackRock Inc. now owns 3,828,096 shares of the basic materials company’s stock worth $167,289,000 after acquiring an additional 56,980 shares in the last quarter. Finally, Paloma Partners Management Co boosted its holdings in Cal-Maine by 135.0% in the fourth quarter. Paloma Partners Management Co now owns 12,999 shares of the basic materials company’s stock worth $578,000 after acquiring an additional 50,123 shares in the last quarter. Institutional investors own 56.89% of the company’s stock.

Shares of CALM opened at $46.40 on Tuesday. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -30.13 and a beta of 0.59. Cal-Maine has a 52 week low of $33.40 and a 52 week high of $50.45.

Cal-Maine (NASDAQ:CALM) last announced its quarterly earnings results on Monday, April 2nd. The basic materials company reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.01. Cal-Maine had a return on equity of 5.62% and a net margin of 2.23%. The company had revenue of $435.80 million during the quarter, compared to analyst estimates of $404.33 million. During the same period in the prior year, the company earned $0.09 earnings per share. The firm’s revenue was up 42.2% on a year-over-year basis. sell-side analysts expect that Cal-Maine will post 2.95 EPS for the current year.

In other news, VP Charles Jeff Hardin sold 2,036 shares of the stock in a transaction that occurred on Friday, April 6th. The stock was sold at an average price of $47.39, for a total value of $96,486.04. Following the sale, the vice president now directly owns 3,800 shares in the company, valued at $180,082. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 33.22% of the company’s stock.

CALM has been the topic of several analyst reports. TheStreet raised Cal-Maine from a “c” rating to a “b” rating in a report on Monday, April 2nd. BidaskClub downgraded Cal-Maine from a “buy” rating to a “hold” rating in a report on Monday, May 14th. Zacks Investment Research raised Cal-Maine from a “hold” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a report on Thursday, February 15th. ValuEngine upgraded Cal-Maine from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. Finally, Stephens upped their price target on Cal-Maine from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $46.67.

About Cal-Maine

Cal-Maine Foods, Inc produces, grades, packages, markets, and distributes shell eggs. It 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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Institutional Ownership by Quarter for Cal-Maine (NASDAQ:CALM)

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