Zacks Investment Research upgraded shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) from a hold rating to a buy rating in a report released on Friday. They currently have $51.00 price target on the basic materials company’s stock.
According to Zacks, “Cal-Maine Foods, Inc. is engaged in the production, cleaning, grading, and packaging of fresh shell eggs for sale to shell egg retailers. The company is the one of the largest producers and distributors of fresh shell eggs in the United States. The company markets its eggs primarily in the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States. “
CALM has been the topic of a number of other research reports. Stephens upgraded Cal-Maine Foods from an equal weight rating to an overweight rating and boosted their price objective for the stock from $35.00 to $50.00 in a research note on Tuesday, October 3rd. BidaskClub upgraded Cal-Maine Foods from a sell rating to a hold rating in a research note on Monday, July 31st. Four investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $40.08.
Cal-Maine Foods (NASDAQ:CALM) last issued its quarterly earnings data on Monday, October 2nd. The basic materials company reported ($0.33) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.18). The company had revenue of $262.80 million for the quarter, compared to analyst estimates of $265.50 million. Cal-Maine Foods had a negative return on equity of 6.97% and a negative net margin of 5.41%. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.64) EPS. research analysts predict that Cal-Maine Foods will post 0.9 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. California Public Employees Retirement System increased its position in shares of Cal-Maine Foods by 2.2% during the third quarter. California Public Employees Retirement System now owns 61,028 shares of the basic materials company’s stock worth $2,508,000 after acquiring an additional 1,328 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Cal-Maine Foods during the third quarter worth about $127,000. Point72 Asset Management L.P. increased its position in shares of Cal-Maine Foods by 481.9% during the third quarter. Point72 Asset Management L.P. now owns 141,400 shares of the basic materials company’s stock worth $5,812,000 after acquiring an additional 117,100 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Cal-Maine Foods by 19.4% during the third quarter. Janus Henderson Group PLC now owns 2,361,375 shares of the basic materials company’s stock worth $97,053,000 after acquiring an additional 383,193 shares during the last quarter. Finally, Diversified Investment Strategies LLC increased its position in shares of Cal-Maine Foods by 36.1% during the third quarter. Diversified Investment Strategies LLC now owns 113,875 shares of the basic materials company’s stock worth $4,680,000 after acquiring an additional 30,175 shares during the last quarter. 60.63% of the stock is currently owned by institutional investors and hedge funds.
About Cal-Maine Foods
Cal-Maine Foods, Inc is a producer and marketer of shell eggs in the United States. The Company operates through the segment of production, grading, packaging, marketing and distribution of shell eggs. It offers shell eggs, including specialty and non-specialty eggs. It classifies cage free, organic and brown eggs as specialty products.
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