Cal-Maine Foods (NASDAQ:CALM) Stock Price Up 4.9% – Here’s Why

Cal-Maine Foods, Inc. (NASDAQ:CALM) shares shot up 4.9% during mid-day trading on Monday . The stock traded as high as $87.20 and last traded at $86.8490. 88,959 shares were traded during mid-day trading, a decline of 91% from the average session volume of 990,325 shares. The stock had previously closed at $82.80.

Analyst Ratings Changes

A number of brokerages have weighed in on CALM. Royal Bank Of Canada set a $100.00 price target on shares of Cal-Maine Foods in a research report on Tuesday, May 26th. Stephens dropped their target price 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. Benchmark reissued a “buy” rating on shares of Cal-Maine Foods in a research report on Monday, July 13th. BMO Capital Markets upped their price target on 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, Wall Street Zen lowered Cal-Maine Foods from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cal-Maine Foods currently has an average rating of “Hold” and an average price target of $94.71.

Cal-Maine Foods Stock Performance

The company has a market cap of $4.06 billion, a price-to-earnings ratio of 13.16 and a beta of 0.25. The company has a 50-day simple moving average of $83.78 and a 200-day simple moving average of $81.35.

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

Institutional Investors Weigh In On Cal-Maine Foods

Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its holdings in shares of Cal-Maine Foods by 7,727.9% in the 2nd quarter. California State Teachers Retirement System now owns 4,007,941 shares of the basic materials company’s stock worth $322,880,000 after acquiring an additional 3,956,740 shares during the period. Dimensional Fund Advisors LP raised its holdings in Cal-Maine Foods by 13.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,519,483 shares of the basic materials company’s stock worth $199,416,000 after purchasing an additional 300,910 shares during the last quarter. State Street Corp raised its holdings in Cal-Maine Foods by 6.8% during the second quarter. State Street Corp now owns 1,716,731 shares of the basic materials company’s stock worth $171,038,000 after purchasing an additional 108,578 shares during the last quarter. First Trust Advisors LP boosted its position in Cal-Maine Foods by 29.7% during the first quarter. First Trust Advisors LP now owns 1,552,297 shares of the basic materials company’s stock worth $122,864,000 after purchasing an additional 355,762 shares in the last quarter. Finally, Morgan Stanley boosted its position in Cal-Maine Foods by 9.4% during the fourth quarter. Morgan Stanley now owns 978,163 shares of the basic materials company’s stock worth $77,832,000 after purchasing an additional 84,124 shares in 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.