Shares of Cal-Maine Foods Inc (NASDAQ:CALM) dropped 0.8% on Friday following a dissappointing earnings announcement. The stock traded as low as $39.50 and last traded at $43.80. Approximately 380,000 shares changed hands during trading, an increase of 21% from the average daily volume of 314,100 shares. The stock had previously closed at $43.45.
The basic materials company reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.15). Cal-Maine Foods had a negative net margin of 5.41% and a negative return on equity of 6.97%. The firm had revenue of $361.20 million during the quarter, compared to analyst estimates of $370.85 million. During the same quarter in the previous year, the business posted ($0.48) earnings per share. Cal-Maine Foods’s revenue for the quarter was up 42.5% compared to the same quarter last year.
CALM has been the topic of a number of analyst reports. Stephens upgraded shares of Cal-Maine Foods from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $35.00 to $50.00 in a report on Tuesday, October 3rd. Zacks Investment Research raised shares of Cal-Maine Foods from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research report on Friday, November 17th. BidaskClub downgraded shares of Cal-Maine Foods from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Cleveland Research raised shares of Cal-Maine Foods from a “sell” rating to a “neutral” rating in a research report on Friday, December 22nd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Cal-Maine Foods presently has a consensus rating of “Hold” and an average target price of $39.00.
Several hedge funds and other institutional investors have recently bought and sold shares of CALM. Janus Henderson Group PLC purchased a new position in shares of Cal-Maine Foods in the 2nd quarter valued at $78,336,000. Robecosam AG purchased a new position in shares of Cal-Maine Foods in the 2nd quarter valued at $7,647,000. Royce & Associates LP grew its position in shares of Cal-Maine Foods by 18.3% in the 3rd quarter. Royce & Associates LP now owns 1,099,910 shares of the basic materials company’s stock valued at $45,206,000 after buying an additional 170,304 shares during the last quarter. Point72 Asset Management L.P. grew its position in shares of Cal-Maine Foods by 481.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 141,400 shares of the basic materials company’s stock valued at $5,812,000 after buying an additional 117,100 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new position in shares of Cal-Maine Foods in the 2nd quarter valued at $3,088,000. 62.97% of the stock is currently owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.14 and a current ratio of 6.67. The company has a market capitalization of $1,980.00, a PE ratio of -33.17 and a beta of 0.76.
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About Cal-Maine Foods
Cal-Maine Foods, Inc is a producer and marketer of shell eggs in the United States. The Company operates through the segment of production, grading, packaging, marketing and distribution of shell eggs. It offers shell eggs, including specialty and non-specialty eggs. It classifies cage free, organic and brown eggs as specialty products.
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