Cal-Maine Foods Inc (NASDAQ:CALM) fell 2.8% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $37.00 and last traded at $38.02, 1,012,477 shares changed hands during trading. An increase of 331% from the average session volume of 234,927 shares. The stock had previously closed at $39.11.
The basic materials company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.24). Cal-Maine Foods had a negative net margin of 0.31% and a positive return on equity of 0.07%. The business had revenue of $311.50 million during the quarter, compared to the consensus estimate of $327.90 million. During the same period last year, the firm earned $0.49 EPS. The business’s revenue for the quarter was down 12.5% on a year-over-year basis.
Several research firms have recently issued reports on CALM. Cleveland Research raised shares of Cal-Maine Foods from an “underperform” rating to a “neutral” rating in a research report on Monday. ValuEngine lowered shares of Cal-Maine Foods from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 24th. Stephens set a $45.00 target price on shares of Cal-Maine Foods and gave the stock a “hold” rating in a report on Monday, September 23rd. Zacks Investment Research lowered shares of Cal-Maine Foods from a “hold” rating to a “sell” rating in a report on Monday, December 23rd. Finally, BidaskClub lowered shares of Cal-Maine Foods from a “buy” rating to a “hold” rating in a report on Wednesday, December 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $43.50.
Institutional investors have recently bought and sold shares of the stock. Balyasny Asset Management LLC bought a new stake in Cal-Maine Foods during the 2nd quarter worth approximately $1,411,000. Diamond Hill Capital Management Inc. increased its holdings in Cal-Maine Foods by 19.3% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 2,072,124 shares of the basic materials company’s stock worth $82,792,000 after acquiring an additional 335,458 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Cal-Maine Foods in the 3rd quarter worth $541,000. Russell Investments Group Ltd. bought a new position in shares of Cal-Maine Foods in the 3rd quarter worth $228,000. Finally, Metropolitan Life Insurance Co NY increased its holdings in shares of Cal-Maine Foods by 13.2% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 11,124 shares of the basic materials company’s stock worth $444,000 after buying an additional 1,296 shares during the last quarter. 67.04% of the stock is currently owned by institutional investors and hedge funds.
The stock’s fifty day moving average price is $43.11 and its 200 day moving average price is $41.61. The stock has a market cap of $2.07 billion, a P/E ratio of 32.76 and a beta of 0.41.
Cal-Maine Foods Company Profile (NASDAQ:CALM)
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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