Benchmark Downgrades Cal-Maine Foods (NASDAQ:CALM) to Hold

Key Points

• Benchmark downgraded Cal-Maine Foods from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with five analysts holding that rating and an average price target of $94.71.
• Cal-Maine shares opened at $74.63, down 1.8%, and remain well below their 12-month high of $115.49.
• The company reported a quarterly loss of $0.76 per share, missing estimates by $0.84, while revenue fell nearly 50% year over year to $552.58 million.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) was downgraded by Benchmark from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Friday, Zacks reports.

Several other analysts have also commented on CALM. BMO Capital Markets raised their price objective on shares of Cal-Maine Foods from $75.00 to $83.00 and gave the stock a "market perform" rating in a report on Thursday, July 23rd. Royal Bank Of Canada set a $100.00 target price on Cal-Maine Foods in a research report on Tuesday, May 26th. Stephens lowered their target price on Cal-Maine Foods from $90.00 to $85.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 14th. Wells Fargo & Company set a $100.00 price target on Cal-Maine Foods in a research note on Monday, July 13th. Finally, Weiss Ratings downgraded Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, July 23rd. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Cal-Maine Foods has an average rating of "Hold" and a consensus price target of $94.71.

Cal-Maine Foods Trading Down 1.8%

Shares of Cal-Maine Foods stock opened at $74.63 on Friday. Cal-Maine Foods has a 12-month low of $71.92 and a 12-month high of $115.49. The company has a market cap of $3.50 billion, a P/E ratio of 11.39 and a beta of 0.23. The company's fifty day simple moving average is $84.06 and its two-hundred day simple moving average is $81.11.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The basic materials company reported ($0.76) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.84). Cal-Maine Foods had a return on equity of 11.79% and a net margin of 10.88%.The company had revenue of $552.58 million during the quarter, compared to analysts' expectations of $563.83 million. During the same period in the prior year, the business posted $7.04 earnings per share. The company's revenue for the quarter was down 49.9% on a year-over-year basis.

Hedge Funds Weigh In On Cal-Maine Foods

Institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Cal-Maine Foods by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,401 shares of the basic materials company's stock valued at $2,218,000 after acquiring an additional 1,057 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Cal-Maine Foods by 100.8% in the 1st quarter. NewEdge Advisors LLC now owns 7,985 shares of the basic materials company's stock worth $726,000 after purchasing an additional 4,009 shares in the last quarter. United Services Automobile Association purchased a new stake in Cal-Maine Foods during the 1st quarter valued at about $245,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cal-Maine Foods by 10.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,422 shares of the basic materials company's stock valued at $7,765,000 after purchasing an additional 7,736 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Cal-Maine Foods by 323.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,087 shares of the basic materials company's stock valued at $108,000 after purchasing an additional 830 shares in the last quarter. 84.67% of the stock is currently owned by institutional investors.

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.

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