Cal-Maine Foods (NASDAQ:CALM) Upgraded at Zacks Investment Research

Cal-Maine Foods (NASDAQ:CALM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, 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. “

Several other equities analysts have also recently issued reports on the company. ValuEngine upgraded Cal-Maine Foods from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 6th. Stephens set a $45.00 price target on Cal-Maine Foods and gave the company a “hold” rating in a research report on Monday, September 23rd. Finally, BidaskClub upgraded Cal-Maine Foods from a “sell” rating to a “hold” rating in a research report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company’s stock. Cal-Maine Foods currently has an average rating of “Hold” and a consensus price target of $44.50.

Shares of CALM traded down $0.84 during midday trading on Tuesday, reaching $39.11. 952,300 shares of the stock were exchanged, compared to its average volume of 356,860. The business’s 50-day moving average price is $42.79 and its 200 day moving average price is $41.62. Cal-Maine Foods has a twelve month low of $36.65 and a twelve month high of $50.69. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 33.72 and a beta of 0.34.

Cal-Maine Foods (NASDAQ:CALM) last posted its earnings results on Monday, September 30th. The basic materials company reported ($0.94) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.78). Cal-Maine Foods had a return on equity of 5.67% and a net margin of 3.98%. The firm had revenue of $241.20 million for the quarter, compared to analyst estimates of $251.33 million. During the same quarter last year, the firm posted $0.26 EPS. The firm’s revenue for the quarter was down 29.2% on a year-over-year basis. As a group, equities research analysts expect that Cal-Maine Foods will post -0.34 earnings per share for the current year.

Hedge funds have recently modified their holdings of the stock. Oakworth Capital Inc. acquired a new position in Cal-Maine Foods in the 2nd quarter valued at about $44,000. NEXT Financial Group Inc increased its position in Cal-Maine Foods by 28.6% in the 2nd quarter. NEXT Financial Group Inc now owns 1,350 shares of the basic materials company’s stock valued at $56,000 after acquiring an additional 300 shares during the period. Advisor Group Inc. increased its position in Cal-Maine Foods by 17.5% in the 2nd quarter. Advisor Group Inc. now owns 2,574 shares of the basic materials company’s stock valued at $107,000 after acquiring an additional 383 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in Cal-Maine Foods in the 1st quarter valued at about $161,000. Finally, Bank of Montreal Can increased its position in Cal-Maine Foods by 109.0% in the 2nd quarter. Bank of Montreal Can now owns 4,349 shares of the basic materials company’s stock valued at $181,000 after acquiring an additional 2,268 shares during the period. Hedge funds and other institutional investors own 67.48% 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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