Cal-Maine Foods (NASDAQ:CALM) Sets New 12-Month Low – What’s Next?

Cal-Maine Foods, Inc. (NASDAQ:CALM) hit a new 52-week low during mid-day trading on Monday. The company traded as low as $61.86 and last traded at $62.1020, with a volume of 329,534 shares changing hands. The stock had previously closed at $63.65.

Analyst Ratings Changes

CALM has been the topic of several research analyst reports. BMO Capital Markets reiterated a “market perform” rating and set a $75.00 price target (down from $83.00) on shares of Cal-Maine Foods in a research report on Thursday, September 24th. Raymond James Financial cut Cal-Maine Foods to an “outperform” rating in a research note on Thursday, October 1st. Weiss Ratings cut Cal-Maine Foods from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, July 23rd. The Goldman Sachs Group set a $60.00 target price on Cal-Maine Foods in a report on Thursday, October 1st. Finally, Wall Street Zen cut shares of Cal-Maine Foods from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 26th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $84.17.

Cal-Maine Foods Trading Down 2.5%

The stock has a 50-day moving average of $73.69 and a two-hundred day moving average of $77.87. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 53.07 and a beta of 0.25.

Cal-Maine Foods (NASDAQ:CALM) last posted its quarterly earnings data on Wednesday, September 30th. The basic materials company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.49). Cal-Maine Foods had a net margin of 2.32% and a return on equity of 2.21%. The firm had revenue of $539.61 million for the quarter, compared to analysts’ expectations of $561.57 million. During the same period in the prior year, the company posted $4.12 earnings per share. Cal-Maine Foods’s quarterly revenue was down 41.5% compared to the same quarter last year.

Institutional Investors Weigh In On Cal-Maine Foods

A number of large investors have recently made changes to their positions in CALM. Bank of New York Mellon Corp purchased a new position in Cal-Maine Foods during the 2nd quarter worth approximately $57,894,000. Bank of America Corp DE lifted its holdings in shares of Cal-Maine Foods by 21.9% in the first quarter. Bank of America Corp DE now owns 505,359 shares of the basic materials company’s stock valued at $39,999,000 after purchasing an additional 90,779 shares in the last quarter. Hound Partners LLC lifted its holdings in shares of Cal-Maine Foods by 163.6% in the first quarter. Hound Partners LLC now owns 203,851 shares of the basic materials company’s stock valued at $16,135,000 after purchasing an additional 126,510 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Cal-Maine Foods by 41.2% in the fourth quarter. Hsbc Holdings PLC now owns 53,608 shares of the basic materials company’s stock worth $4,298,000 after buying an additional 15,643 shares during the period. Finally, Bessemer Group Inc. boosted its position in shares of Cal-Maine Foods by 60.3% in the first quarter. Bessemer Group Inc. now owns 59,116 shares of the basic materials company’s stock worth $4,680,000 after buying an additional 22,233 shares during the period. Institutional investors and hedge funds own 84.67% of the company’s stock.

Cal-Maine Foods Company Profile

Cal-Maine Foods, Inc is a major producer and distributor of shell eggs in the United States. The company supplies eggs to grocery retailers, foodservice operators, food distributors and institutional customers under both its own brands and private-label programs.

Its product portfolio includes conventional eggs as well as specialty products such as cage-free, organic, free-range, brown, pasture-raised and nutritionally enhanced eggs. Cal-Maine also markets hard-boiled eggs and other value-added egg products, and sells eggs through a network of production, processing, packaging and distribution facilities.

Founded in 1969 and headquartered in Jackson, Mississippi, Cal-Maine serves customers throughout the United States and has expanded through acquisitions and investments in production capacity.