Cal-Maine Foods (NASDAQ:CALM) Sets New 1-Year High After Earnings Beat

Cal-Maine Foods, Inc. (NASDAQ:CALM - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $125.00 and last traded at $119.83, with a volume of 477635 shares. The stock had previously closed at $104.71.

The basic materials company reported $7.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.29 by $1.75. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $877.03 million. Cal-Maine Foods had a return on equity of 54.81% and a net margin of 28.63%. The firm's revenue was up 72.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.32 EPS.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. BMO Capital Markets lifted their price target on Cal-Maine Foods from $100.00 to $105.00 and gave the stock a "market perform" rating in a research report on Thursday. Wall Street Zen downgraded Cal-Maine Foods from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Stephens lifted their target price on Cal-Maine Foods from $108.00 to $115.00 and gave the stock an "equal weight" rating in a report on Thursday.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Man Group plc grew its position in shares of Cal-Maine Foods by 258.7% in the fourth quarter. Man Group plc now owns 582,711 shares of the basic materials company's stock valued at $59,973,000 after purchasing an additional 420,247 shares during the period. Millennium Management LLC raised its stake in Cal-Maine Foods by 515.1% during the fourth quarter. Millennium Management LLC now owns 477,477 shares of the basic materials company's stock valued at $49,142,000 after buying an additional 399,848 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Cal-Maine Foods during the 1st quarter worth approximately $35,322,000. Jupiter Asset Management Ltd. grew its holdings in Cal-Maine Foods by 336.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 487,214 shares of the basic materials company's stock worth $44,288,000 after buying an additional 375,604 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Cal-Maine Foods by 60.2% in the 4th quarter. Northern Trust Corp now owns 674,335 shares of the basic materials company's stock worth $69,403,000 after buying an additional 253,310 shares in the last quarter. Hedge funds and other institutional investors own 84.67% of the company's stock.

Cal-Maine Foods Stock Performance

The business has a 50 day simple moving average of $100.06 and a 200-day simple moving average of $97.87. The stock has a market capitalization of $5.15 billion, a P/E ratio of 4.21 and a beta of 0.17.

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.