Cal-Maine Foods (NASDAQ:CALM) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Cal-Maine Foods (NASDAQ:CALM) from a buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs, including conventional, cage-free, organic and nutritionally-enhanced eggs. The Company, which is headquartered in Jackson, Mississippi, is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States. “

Other equities analysts have also issued research reports about the company. BidaskClub raised Cal-Maine Foods from a sell rating to a hold rating in a report on Saturday, June 27th. Stephens reissued an overweight rating and set a $55.00 price target (up previously from $47.00) on shares of Cal-Maine Foods in a report on Tuesday, March 31st. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $52.50.

Shares of CALM stock traded up $0.80 during mid-day trading on Wednesday, hitting $44.74. 6,706 shares of the stock were exchanged, compared to its average volume of 392,560. The stock’s fifty day simple moving average is $43.40 and its two-hundred day simple moving average is $40.54. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -34.80 and a beta of -0.14. Cal-Maine Foods has a 12-month low of $30.74 and a 12-month high of $46.65.

Cal-Maine Foods (NASDAQ:CALM) last issued its quarterly earnings data on Monday, March 30th. The basic materials company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.10. Cal-Maine Foods had a negative return on equity of 6.18% and a negative net margin of 5.25%. The company had revenue of $345.60 million for the quarter, compared to analyst estimates of $338.32 million. During the same quarter last year, the company posted $0.82 earnings per share. The business’s quarterly revenue was down 10.0% compared to the same quarter last year. As a group, analysts anticipate that Cal-Maine Foods will post 0.49 earnings per share for the current year.

In other Cal-Maine Foods news, VP Charles Jeff Hardin sold 958 shares of Cal-Maine Foods stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $43.46, for a total value of $41,634.68. Following the sale, the vice president now owns 4,221 shares of the company’s stock, valued at approximately $183,444.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 32.82% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. FDx Advisors Inc. purchased a new stake in Cal-Maine Foods in the 1st quarter valued at approximately $348,000. APG Asset Management N.V. purchased a new stake in Cal-Maine Foods in the 1st quarter valued at approximately $12,467,000. Twinbeech Capital LP purchased a new stake in Cal-Maine Foods in the 1st quarter valued at approximately $419,000. Voloridge Investment Management LLC purchased a new stake in Cal-Maine Foods in the 1st quarter valued at approximately $313,000. Finally, Advisor Group Holdings Inc. purchased a new stake in Cal-Maine Foods in the 1st quarter valued at approximately $91,000. 61.10% of the stock is currently owned by institutional investors.

About Cal-Maine Foods

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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