Cal-Maine Foods (NASDAQ:CALM) Hits New 1-Year Low – Here’s Why

Cal-Maine Foods, Inc. (NASDAQ:CALM)’s share price hit a new 52-week low during trading on Tuesday. The stock traded as low as $63.34 and last traded at $63.40, with a volume of 1765460 shares trading hands. The stock had previously closed at $64.99.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CALM. Wells Fargo & Company set a $100.00 price objective on shares of Cal-Maine Foods in a research note on Monday, July 13th. Wall Street Zen lowered shares of Cal-Maine Foods from a “sell” rating to a “strong sell” rating in a report on Saturday, September 26th. Weiss Ratings cut shares of Cal-Maine Foods from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, July 23rd. Benchmark lowered shares of Cal-Maine Foods from a “strong-buy” rating to a “hold” rating in a report on Friday, September 4th. Finally, Stephens reduced their price objective on shares of Cal-Maine Foods from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, October 1st. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $84.17.

Cal-Maine Foods Price Performance

The firm has a market capitalization of $3.04 billion, a P/E ratio of 55.31 and a beta of 0.25. The stock’s fifty day simple moving average is $76.82 and its 200 day simple moving average is $78.58.

Cal-Maine Foods (NASDAQ:CALM) last issued its quarterly earnings data on Wednesday, September 30th. The basic materials company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.49). Cal-Maine Foods had a return on equity of 2.21% and a net margin of 2.32%.The firm had revenue of $539.61 million during the quarter, compared to analysts’ expectations of $561.57 million. During the same period in the previous year, the firm earned $4.12 EPS. The firm’s quarterly revenue was down 41.5% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its stake in shares of Cal-Maine Foods by 13.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,519,483 shares of the basic materials company’s stock worth $199,416,000 after acquiring an additional 300,910 shares during the last quarter. First Trust Advisors LP boosted its stake in Cal-Maine Foods by 29.7% in the 1st quarter. First Trust Advisors LP now owns 1,552,297 shares of the basic materials company’s stock worth $122,864,000 after purchasing an additional 355,762 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Cal-Maine Foods during the 2nd quarter worth approximately $57,894,000. Bank of America Corp DE increased its stake in Cal-Maine Foods by 21.9% during the 1st quarter. Bank of America Corp DE now owns 505,359 shares of the basic materials company’s stock valued at $39,999,000 after purchasing an additional 90,779 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Cal-Maine Foods by 68.8% during the 1st quarter. Janus Henderson Group PLC now owns 353,751 shares of the basic materials company’s stock valued at $27,997,000 after purchasing an additional 144,140 shares in the last quarter. 84.67% of the stock is owned by institutional investors and hedge funds.

About Cal-Maine Foods

Cal-Maine Foods, Inc is a major producer and distributor of shell eggs in the United States. The company supplies eggs to grocery retailers, foodservice operators, food distributors and institutional customers under both its own brands and private-label programs.

Its product portfolio includes conventional eggs as well as specialty products such as cage-free, organic, free-range, brown, pasture-raised and nutritionally enhanced eggs. Cal-Maine also markets hard-boiled eggs and other value-added egg products, and sells eggs through a network of production, processing, packaging and distribution facilities.

Founded in 1969 and headquartered in Jackson, Mississippi, Cal-Maine serves customers throughout the United States and has expanded through acquisitions and investments in production capacity.