Arrowstreet Capital Limited Partnership Cuts Position in Cal-Maine Foods, Inc. $CALM

Arrowstreet Capital Limited Partnership trimmed its position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) by 54.6% during the second quarter, Holdings Channel reports. The firm owned 393,362 shares of the basic materials company’s stock after selling 472,700 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Cal-Maine Foods were worth $39,191,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CALM. IFP Advisors Inc raised its holdings in shares of Cal-Maine Foods by 195.1% in the 2nd quarter. IFP Advisors Inc now owns 239 shares of the basic materials company’s stock valued at $25,000 after buying an additional 158 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Cal-Maine Foods in the 1st quarter valued at about $52,000. AdvisorNet Financial Inc purchased a new stake in Cal-Maine Foods during the second quarter worth about $54,000. Quarry LP lifted its position in shares of Cal-Maine Foods by 1,470.5% during the first quarter. Quarry LP now owns 691 shares of the basic materials company’s stock worth $63,000 after purchasing an additional 647 shares in the last quarter. Finally, Reyes Financial Architecture Inc. purchased a new position in shares of Cal-Maine Foods in the second quarter valued at approximately $82,000. 84.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Keira L. Lombardo acquired 2,800 shares of the business’s stock in a transaction on Thursday, October 2nd. The shares were bought at an average price of $92.36 per share, with a total value of $258,608.00. Following the completion of the acquisition, the insider owned 3,738 shares in the company, valued at $345,241.68. This trade represents a 298.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.90% of the stock is owned by corporate insiders.

Cal-Maine Foods Price Performance

Cal-Maine Foods stock opened at $84.71 on Friday. The stock has a market cap of $4.11 billion, a PE ratio of 3.26 and a beta of 0.24. The stock’s fifty day moving average is $89.10 and its two-hundred day moving average is $98.91. Cal-Maine Foods, Inc. has a 1-year low of $79.55 and a 1-year high of $126.40.

Cal-Maine Foods (NASDAQ:CALM) last released its quarterly earnings data on Wednesday, October 1st. The basic materials company reported $4.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.55 by ($0.43). Cal-Maine Foods had a return on equity of 52.31% and a net margin of 28.86%.The business had revenue of $922.60 million for the quarter, compared to analyst estimates of $931.62 million. During the same period in the prior year, the company posted $3.06 earnings per share. The company’s revenue was up 17.4% compared to the same quarter last year. On average, research analysts expect that Cal-Maine Foods, Inc. will post 15.59 earnings per share for the current fiscal year.

Cal-Maine Foods Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Shareholders of record on Wednesday, October 29th were paid a $1.37 dividend. This represents a $5.48 annualized dividend and a yield of 6.5%. The ex-dividend date was Wednesday, October 29th. Cal-Maine Foods’s dividend payout ratio is currently 21.18%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CALM shares. Lake Street Capital set a $97.00 price objective on shares of Cal-Maine Foods in a report on Friday, October 3rd. The Goldman Sachs Group dropped their price target on shares of Cal-Maine Foods from $110.00 to $98.00 and set a “neutral” rating for the company in a research note on Friday, October 3rd. BMO Capital Markets dropped their price target on shares of Cal-Maine Foods from $105.00 to $97.00 and set a “market perform” rating for the company in a research note on Friday, October 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cal-Maine Foods in a research note on Monday. Finally, Wall Street Zen lowered Cal-Maine Foods from a “buy” rating to a “hold” rating in a report on Saturday, August 23rd. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.40.

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.