Cal-Maine Foods (NASDAQ:CALM) Reaches New 1-Year High After Earnings Beat

Cal-Maine Foods, Inc. (NASDAQ:CALMGet Free Report) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $63.14 and last traded at $62.68, with a volume of 342379 shares traded. The stock had previously closed at $58.91.

The basic materials company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.55. Cal-Maine Foods had a net margin of 16.94% and a return on equity of 28.34%. The firm had revenue of $703.08 million during the quarter, compared to analyst estimates of $692.35 million. During the same period in the previous year, the business posted $6.62 EPS. The business’s quarterly revenue was down 29.5% on a year-over-year basis.

Analysts Set New Price Targets

Separately, Stephens reiterated an “equal weight” rating and issued a $65.00 price target on shares of Cal-Maine Foods in a report on Wednesday.

Check Out Our Latest Report on Cal-Maine Foods

Insider Buying and Selling at Cal-Maine Foods

In related news, Director Letitia Callender Hughes sold 1,020 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $56.73, for a total value of $57,864.60. Following the completion of the transaction, the director now directly owns 43,570 shares in the company, valued at approximately $2,471,726.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director James E. Poole sold 3,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $55.91, for a total value of $167,730.00. Following the transaction, the director now owns 11,670 shares in the company, valued at approximately $652,469.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Letitia Callender Hughes sold 1,020 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $56.73, for a total transaction of $57,864.60. Following the sale, the director now directly owns 43,570 shares in the company, valued at $2,471,726.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,228 shares of company stock valued at $520,122. 13.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CALM. Exchange Traded Concepts LLC lifted its position in Cal-Maine Foods by 6,480.5% in the 4th quarter. Exchange Traded Concepts LLC now owns 39,417 shares of the basic materials company’s stock valued at $2,262,000 after acquiring an additional 38,818 shares in the last quarter. Citigroup Inc. lifted its holdings in shares of Cal-Maine Foods by 26.2% during the 3rd quarter. Citigroup Inc. now owns 42,829 shares of the basic materials company’s stock valued at $2,074,000 after buying an additional 8,898 shares during the period. Toroso Investments LLC grew its holdings in shares of Cal-Maine Foods by 227.5% in the third quarter. Toroso Investments LLC now owns 41,724 shares of the basic materials company’s stock worth $2,020,000 after acquiring an additional 28,983 shares during the period. QRG Capital Management Inc. purchased a new stake in Cal-Maine Foods during the third quarter valued at $1,533,000. Finally, O Shaughnessy Asset Management LLC increased its position in Cal-Maine Foods by 29.1% during the third quarter. O Shaughnessy Asset Management LLC now owns 59,954 shares of the basic materials company’s stock valued at $2,903,000 after acquiring an additional 13,501 shares during the last quarter. Institutional investors own 84.67% of the company’s stock.

Cal-Maine Foods Trading Up 5.9 %

The firm has a market capitalization of $3.06 billion, a P/E ratio of 6.77 and a beta of -0.06. The stock has a 50 day simple moving average of $57.64 and a 200-day simple moving average of $52.93.

About Cal-Maine Foods

(Get Free Report)

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.

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