Cal-Maine Foods (NASDAQ:CALM) Posts Quarterly Earnings Results, Misses Expectations By $0.43 EPS

Cal-Maine Foods (NASDAQ:CALM) issued its earnings results on Wednesday. The basic materials company reported $4.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.55 by ($0.43), Zacks reports. Cal-Maine Foods had a net margin of 28.86% and a return on equity of 52.31%. The business had revenue of $922.60 million for the quarter, compared to the consensus estimate of $931.62 million. During the same period last year, the business posted $3.06 EPS. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year.

Cal-Maine Foods Stock Down 0.4%

Shares of NASDAQ:CALM opened at $92.58 on Friday. Cal-Maine Foods has a 52 week low of $75.61 and a 52 week high of $126.40. The stock has a market capitalization of $4.54 billion, a P/E ratio of 3.56 and a beta of 0.22. The firm has a fifty day simple moving average of $107.28 and a two-hundred day simple moving average of $100.31.

Cal-Maine Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 13th. Shareholders of record on Wednesday, October 29th will be paid a $1.37 dividend. This represents a $5.48 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Wednesday, October 29th. Cal-Maine Foods’s dividend payout ratio (DPR) is presently 37.76%.

Hedge Funds Weigh In On Cal-Maine Foods

A number of institutional investors and hedge funds have recently made changes to their positions in CALM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Cal-Maine Foods by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,401 shares of the basic materials company’s stock worth $2,218,000 after acquiring an additional 1,057 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Cal-Maine Foods by 100.8% in the 1st quarter. NewEdge Advisors LLC now owns 7,985 shares of the basic materials company’s stock worth $726,000 after acquiring an additional 4,009 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Cal-Maine Foods in the 1st quarter worth about $245,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Cal-Maine Foods by 10.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,422 shares of the basic materials company’s stock worth $7,765,000 after acquiring an additional 7,736 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Cal-Maine Foods by 323.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,087 shares of the basic materials company’s stock worth $108,000 after acquiring an additional 830 shares during the last quarter. 84.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CALM. BMO Capital Markets raised their target price on shares of Cal-Maine Foods from $100.00 to $105.00 and gave the company a “market perform” rating in a research note on Thursday, July 24th. The Goldman Sachs Group began coverage on shares of Cal-Maine Foods in a research note on Thursday, August 14th. They set a “neutral” rating and a $110.00 target price for the company. Stephens raised their target price on shares of Cal-Maine Foods from $108.00 to $115.00 and gave the company an “equal weight” rating in a research note on Thursday, July 24th. Finally, Wall Street Zen cut shares of Cal-Maine Foods from a “buy” rating to a “hold” rating in a research note on Saturday, August 23rd. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $110.00.

Cal-Maine Foods Company Profile

Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names.