Cal-Maine Foods (NASDAQ:CALM) Announces Quarterly Earnings Results

Cal-Maine Foods (NASDAQ:CALM) posted its quarterly earnings results on Wednesday. The basic materials company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.84), FiscalAI reports. 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 during the quarter, compared to the consensus estimate of $563.83 million. During the same period last year, the firm posted $7.04 earnings per share.

Cal-Maine Foods Trading Down 1.3%

Cal-Maine Foods stock opened at $87.25 on Wednesday. Cal-Maine Foods has a 1-year low of $71.92 and a 1-year high of $126.40. The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of 6.08 and a beta of 0.25. The firm’s fifty day moving average price is $79.93 and its two-hundred day moving average price is $80.30.

Analysts Set New Price Targets

Several brokerages have recently commented on CALM. BMO Capital Markets reduced their target price on Cal-Maine Foods from $85.00 to $80.00 and set a “market perform” rating for the company in a research note on Wednesday, March 25th. Wells Fargo & Company set a $100.00 price target on Cal-Maine Foods in a research note on Monday, July 13th. Benchmark reiterated a “buy” rating on shares of Cal-Maine Foods in a report on Monday, July 13th. Royal Bank Of Canada set a $100.00 price objective on Cal-Maine Foods in a research note on Tuesday, May 26th. Finally, Stephens decreased their price objective on 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. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $94.29.

Institutional Investors Weigh In On Cal-Maine Foods

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its stake in shares of 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 during the period. Illinois Municipal Retirement Fund boosted its stake in Cal-Maine Foods by 0.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 23,884 shares of the basic materials company’s stock worth $1,900,000 after purchasing an additional 131 shares during the period. MML Investors Services LLC grew its holdings in Cal-Maine Foods by 1.8% during the 4th quarter. MML Investors Services LLC now owns 7,428 shares of the basic materials company’s stock valued at $591,000 after buying an additional 131 shares in the last quarter. IFP Advisors Inc grew its holdings in 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 buying an additional 139 shares in the last quarter. Finally, Private Advisor Group LLC grew its holdings in Cal-Maine Foods by 4.1% during the 3rd quarter. Private Advisor Group LLC now owns 3,899 shares of the basic materials company’s stock valued at $367,000 after buying an additional 154 shares in the last quarter. 84.67% of the stock is owned by institutional investors.

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.