Cal-Maine Foods (NASDAQ:CALM) Stock Price Down 4.5% – Here’s Why

Cal-Maine Foods, Inc. (NASDAQ:CALM) shares were down 4.5% during mid-day trading on Tuesday . The stock traded as low as $107.05 and last traded at $107.22. Approximately 60,841 shares traded hands during trading, a decline of 90% from the average daily volume of 590,069 shares. The stock had previously closed at $112.24.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CALM shares. StockNews.com downgraded Cal-Maine Foods from a “buy” rating to a “hold” rating in a research report on Saturday, November 23rd. Stephens started coverage on Cal-Maine Foods in a report on Thursday, October 3rd. They set an “equal weight” rating and a $82.00 price objective for the company.

Cal-Maine Foods Price Performance

The stock’s 50-day moving average price is $94.77 and its 200 day moving average price is $77.39. The firm has a market capitalization of $5.08 billion, a PE ratio of 11.86 and a beta of -0.10.

Cal-Maine Foods (NASDAQ:CALM) last released its quarterly earnings data on Tuesday, October 1st. The basic materials company reported $3.06 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.30). The business had revenue of $785.87 million during the quarter, compared to analysts’ expectations of $704.65 million. Cal-Maine Foods had a return on equity of 24.25% and a net margin of 16.09%. The firm’s revenue was up 71.1% compared to the same quarter last year. During the same period last year, the company earned $0.02 earnings per share. Equities research analysts forecast that Cal-Maine Foods, Inc. will post 8.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cal-Maine Foods

Several institutional investors and hedge funds have recently bought and sold shares of the company. Neo Ivy Capital Management purchased a new position in Cal-Maine Foods during the 3rd quarter worth $788,000. Centiva Capital LP acquired a new position in shares of Cal-Maine Foods during the third quarter valued at about $491,000. AE Wealth Management LLC boosted its stake in Cal-Maine Foods by 267.4% in the 2nd quarter. AE Wealth Management LLC now owns 17,747 shares of the basic materials company’s stock worth $1,085,000 after purchasing an additional 12,917 shares in the last quarter. Main Street Financial Solutions LLC grew its position in Cal-Maine Foods by 47.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 28,343 shares of the basic materials company’s stock worth $1,732,000 after purchasing an additional 9,145 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Cal-Maine Foods in the 2nd quarter valued at $368,000. 84.67% of the stock is owned by hedge funds and other institutional investors.

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.