Cal-Maine Foods (NASDAQ:CALM) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Cal-Maine Foods (NASDAQ:CALM) from a hold rating to a buy rating in a report issued on Monday morning, Zacks.com reports. They currently have $43.00 price objective on the basic materials company’s stock.

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 also recently issued research reports about the company. Stephens set a $45.00 price target on Cal-Maine Foods and gave the company a hold rating in a research note on Monday, September 23rd. BidaskClub downgraded Cal-Maine Foods from a hold rating to a sell rating in a research note on Saturday. Cleveland Research raised shares of Cal-Maine Foods from an underperform rating to a neutral rating in a research report on Monday, January 6th. Finally, ValuEngine cut shares of Cal-Maine Foods from a strong-buy rating to a buy rating in a report on Tuesday, December 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of Hold and an average price target of $44.00.

CALM stock opened at $38.70 on Monday. The company has a market capitalization of $1.86 billion, a P/E ratio of 33.36 and a beta of 0.41. Cal-Maine Foods has a 52-week low of $36.65 and a 52-week high of $47.00. The business has a 50-day simple moving average of $42.41 and a two-hundred day simple moving average of $41.53.

Cal-Maine Foods (NASDAQ:CALM) last released its quarterly earnings results on Monday, January 6th. The basic materials company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.24). The company had revenue of $311.50 million for the quarter, compared to analyst estimates of $327.90 million. Cal-Maine Foods had a negative net margin of 2.94% and a negative return on equity of 3.40%. Cal-Maine Foods’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.49 EPS. Equities research analysts expect that Cal-Maine Foods will post 0.23 earnings per share for the current year.

A number of large investors have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its position in Cal-Maine Foods by 1.0% during the third quarter. California State Teachers Retirement System now owns 48,992 shares of the basic materials company’s stock valued at $1,957,000 after buying an additional 483 shares during the period. UBS Asset Management Americas Inc. raised its stake in shares of Cal-Maine Foods by 2.3% during the second quarter. UBS Asset Management Americas Inc. now owns 30,987 shares of the basic materials company’s stock valued at $1,293,000 after acquiring an additional 683 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Cal-Maine Foods by 7.3% during the third quarter. Nisa Investment Advisors LLC now owns 14,750 shares of the basic materials company’s stock valued at $589,000 after acquiring an additional 1,000 shares during the last quarter. State of Tennessee Treasury Department raised its stake in shares of Cal-Maine Foods by 8.5% during the third quarter. State of Tennessee Treasury Department now owns 13,163 shares of the basic materials company’s stock valued at $526,000 after acquiring an additional 1,035 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY raised its stake in shares of Cal-Maine Foods by 13.2% during the third quarter. Metropolitan Life Insurance Co NY now owns 11,124 shares of the basic materials company’s stock valued at $444,000 after acquiring an additional 1,296 shares during the last quarter. Institutional investors own 67.04% of the company’s stock.

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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