Convergence Investment Partners LLC Decreases Position in Cal-Maine Foods, Inc. $CALM

Convergence Investment Partners LLC lessened its holdings in Cal-Maine Foods, Inc. (NASDAQ:CALM) by 44.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 9,885 shares of the basic materials company’s stock after selling 7,769 shares during the quarter. Convergence Investment Partners LLC’s holdings in Cal-Maine Foods were worth $787,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its position in Cal-Maine Foods by 3,014.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 623,571 shares of the basic materials company’s stock valued at $49,618,000 after buying an additional 603,551 shares during the period. Oregon Public Employees Retirement Fund lifted its position in shares of Cal-Maine Foods by 2.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,423 shares of the basic materials company’s stock worth $829,000 after purchasing an additional 200 shares during the last quarter. World Investment Advisors purchased a new stake in shares of Cal-Maine Foods during the 4th quarter worth $397,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of Cal-Maine Foods by 17.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,495 shares of the basic materials company’s stock worth $2,586,000 after purchasing an additional 4,900 shares during the last quarter. Finally, Versor Investments LP lifted its position in shares of Cal-Maine Foods by 8.0% during the 4th quarter. Versor Investments LP now owns 24,278 shares of the basic materials company’s stock worth $1,932,000 after purchasing an additional 1,794 shares during the last quarter. Hedge funds and other institutional investors own 84.67% of the company’s stock.

Cal-Maine Foods Price Performance

Shares of NASDAQ:CALM opened at $76.88 on Friday. The company’s fifty day moving average price is $79.45 and its 200 day moving average price is $82.29. Cal-Maine Foods, Inc. has a 12 month low of $71.92 and a 12 month high of $126.40. The firm has a market capitalization of $3.64 billion, a P/E ratio of 5.36 and a beta of 0.28.

Cal-Maine Foods (NASDAQ:CALM) last announced its quarterly earnings results on Wednesday, April 1st. The basic materials company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.89 by $0.17. Cal-Maine Foods had a net margin of 20.07% and a return on equity of 26.05%. The firm had revenue of $666.95 million for the quarter, compared to analyst estimates of $655.82 million. During the same period last year, the business earned $10.39 EPS. Cal-Maine Foods’s revenue for the quarter was down 53.0% compared to the same quarter last year.

Cal-Maine Foods Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Wednesday, April 29th were paid a dividend of $0.36 per share. The ex-dividend date was Wednesday, April 29th. This represents a $1.44 dividend on an annualized basis and a yield of 1.9%. Cal-Maine Foods’s dividend payout ratio is currently 9.97%.

Wall Street Analysts Forecast Growth

CALM has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cal-Maine Foods in a research report on Friday, March 27th. Stephens lifted their price objective on shares of Cal-Maine Foods from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 18th. BMO Capital Markets decreased their price objective on shares of Cal-Maine Foods from $85.00 to $80.00 and set a “market perform” rating for the company in a research report on Wednesday, March 25th. Finally, Benchmark reaffirmed a “buy” rating on shares of Cal-Maine Foods in a research report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $93.00.

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.