Cal-Maine Foods (NASDAQ:CALM) Price Target Raised to $90.00

Cal-Maine Foods (NASDAQ:CALM) had its price target boosted by Stephens from $85.00 to $90.00 in a research report released on Wednesday,Benzinga reports. Stephens currently has an equal weight rating on the basic materials company’s stock.

A number of other analysts also recently commented on the stock. BMO Capital Markets decreased their price objective on shares of Cal-Maine Foods from $97.00 to $85.00 and set a “market perform” rating on the stock in a report on Thursday, January 8th. Benchmark reaffirmed a “buy” rating on shares of Cal-Maine Foods in a research note on Tuesday, March 3rd. Finally, Weiss Ratings cut shares of Cal-Maine Foods from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $94.00.

Cal-Maine Foods Stock Performance

Shares of CALM opened at $78.35 on Wednesday. The stock has a market capitalization of $3.73 billion, a P/E ratio of 3.31 and a beta of 0.26. Cal-Maine Foods has a 1 year low of $71.92 and a 1 year high of $126.40. The company’s fifty day moving average is $83.23 and its two-hundred day moving average is $88.16.

Cal-Maine Foods (NASDAQ:CALM) last posted its quarterly earnings results on Wednesday, January 7th. The basic materials company reported $2.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.04). The firm had revenue of $769.50 million for the quarter, compared to analysts’ expectations of $828.46 million. Cal-Maine Foods had a return on equity of 44.55% and a net margin of 27.37%.The company’s revenue for the quarter was down 19.4% on a year-over-year basis. During the same period in the prior year, the company earned $4.47 earnings per share. Sell-side analysts predict that Cal-Maine Foods will post 15.59 EPS for the current year.

Cal-Maine Foods Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 12th. Stockholders of record on Wednesday, January 28th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Wednesday, January 28th. Cal-Maine Foods’s dividend payout ratio is 12.21%.

Hedge Funds Weigh In On Cal-Maine Foods

Hedge funds have recently bought and sold shares of the company. Wedge Capital Management L L P NC boosted its holdings in Cal-Maine Foods by 1,085.8% in the third quarter. Wedge Capital Management L L P NC now owns 259,445 shares of the basic materials company’s stock worth $24,414,000 after purchasing an additional 237,566 shares during the period. Principal Financial Group Inc. raised its stake in Cal-Maine Foods by 6.5% during the third quarter. Principal Financial Group Inc. now owns 268,026 shares of the basic materials company’s stock worth $25,221,000 after acquiring an additional 16,251 shares during the period. Range Financial Group LLC lifted its holdings in Cal-Maine Foods by 1,274.2% in the third quarter. Range Financial Group LLC now owns 30,122 shares of the basic materials company’s stock worth $2,834,000 after acquiring an additional 27,930 shares during the last quarter. CX Institutional bought a new position in shares of Cal-Maine Foods during the third quarter valued at approximately $6,488,000. Finally, New York State Common Retirement Fund raised its position in shares of Cal-Maine Foods by 42.2% during the 3rd quarter. New York State Common Retirement Fund now owns 33,051 shares of the basic materials company’s stock worth $3,110,000 after purchasing an additional 9,805 shares during the period. 84.67% of the stock is currently owned by institutional investors and hedge funds.

Cal-Maine Foods Company Profile

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.