Cal-Maine Foods (NASDAQ:CALM) Downgraded by Benchmark to “Hold”

Benchmark downgraded shares of Cal-Maine Foods (NASDAQ:CALM) from a strong-buy rating to a hold rating in a research note released on Friday,Zacks reports.

A number of other research analysts also recently issued reports on the company. BMO Capital Markets boosted their price target on Cal-Maine Foods from $75.00 to $83.00 and gave the company a “market perform” rating in a report on Thursday, July 23rd. Wall Street Zen cut shares of Cal-Maine Foods from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Royal Bank Of Canada set a $100.00 target price on shares of Cal-Maine Foods in a report on Tuesday, May 26th. Wells Fargo & Company set a $100.00 target price on shares of Cal-Maine Foods in a research note on Monday, July 13th. Finally, Stephens lowered their price target on shares of Cal-Maine Foods from $90.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 14th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Cal-Maine Foods currently has a consensus rating of “Hold” and a consensus target price of $94.71.

Cal-Maine Foods Stock Performance

Shares of CALM opened at $74.63 on Friday. The business’s 50-day moving average is $84.06 and its two-hundred day moving average is $81.11. The company has a market capitalization of $3.50 billion, a P/E ratio of 11.39 and a beta of 0.23. Cal-Maine Foods has a fifty-two week low of $71.92 and a fifty-two week high of $115.49.

Cal-Maine Foods (NASDAQ:CALM) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.84). The company had revenue of $552.58 million during the quarter, compared to analyst estimates of $563.83 million. Cal-Maine Foods had a net margin of 10.88% and a return on equity of 11.79%. The business’s quarterly revenue was down 49.9% compared to the same quarter last year. During the same period last year, the firm earned $7.04 EPS.

Hedge Funds Weigh In On Cal-Maine Foods

A number of hedge funds have recently bought and sold shares of CALM. California State Teachers Retirement System increased its position in shares of Cal-Maine Foods by 7,727.9% in the second quarter. California State Teachers Retirement System now owns 4,007,941 shares of the basic materials company’s stock valued at $322,880,000 after buying an additional 3,956,740 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cal-Maine Foods by 13.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,519,483 shares of the basic materials company’s stock worth $199,416,000 after buying an additional 300,910 shares during the period. State Street Corp lifted its position in shares of Cal-Maine Foods by 6.8% during the 2nd quarter. State Street Corp now owns 1,716,731 shares of the basic materials company’s stock valued at $171,038,000 after buying an additional 108,578 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Cal-Maine Foods by 29.7% during the 1st quarter. First Trust Advisors LP now owns 1,552,297 shares of the basic materials company’s stock valued at $122,864,000 after buying an additional 355,762 shares in the last quarter. Finally, Morgan Stanley grew its stake in Cal-Maine Foods by 9.4% in the 4th quarter. Morgan Stanley now owns 978,163 shares of the basic materials company’s stock valued at $77,832,000 after acquiring an additional 84,124 shares during the period. Hedge funds and other institutional investors own 84.67% of the company’s stock.

About Cal-Maine Foods

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. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.