Cal-Maine Foods (NASDAQ:CALM) Stock Price Down 6.9% - Here's What Happened

Cal-Maine Foods, Inc. (NASDAQ:CALM - Get Free Report)'s share price fell 6.9% during mid-day trading on Thursday . The stock traded as low as $110.80 and last traded at $110.95. 379,071 shares were traded during trading, a decline of 61% from the average session volume of 969,624 shares. The stock had previously closed at $119.16.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of 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 shares of Cal-Maine Foods from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Stephens upped their price objective on Cal-Maine Foods from $108.00 to $115.00 and gave the company an "equal weight" rating in a research note on Thursday.

Cal-Maine Foods Trading Down 0.5%

The stock has a market capitalization of $5.12 billion, a PE ratio of 4.18 and a beta of 0.17. The firm has a 50 day moving average of $100.20 and a two-hundred day moving average of $97.79.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last released its earnings results on Tuesday, July 22nd. The basic materials company reported $7.04 EPS for the quarter, topping the consensus estimate of $5.29 by $1.75. Cal-Maine Foods had a net margin of 28.63% and a return on equity of 54.81%. The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $877.03 million. During the same period in the previous year, the company earned $2.32 EPS. Cal-Maine Foods's revenue for the quarter was up 72.1% on a year-over-year basis. Equities research analysts forecast that Cal-Maine Foods, Inc. will post 15.59 EPS for the current year.

Institutional Trading of Cal-Maine Foods

Large investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. purchased a new position in Cal-Maine Foods in the first quarter valued at about $527,000. Bank of New York Mellon Corp grew its position in Cal-Maine Foods by 8.7% in the 1st quarter. Bank of New York Mellon Corp now owns 562,810 shares of the basic materials company's stock worth $51,159,000 after purchasing an additional 45,201 shares during the last quarter. KBC Group NV grew its position in Cal-Maine Foods by 23.2% in the 1st quarter. KBC Group NV now owns 2,071 shares of the basic materials company's stock worth $188,000 after purchasing an additional 390 shares during the last quarter. GAMMA Investing LLC grew its position in Cal-Maine Foods by 25.7% in the 1st quarter. GAMMA Investing LLC now owns 1,720 shares of the basic materials company's stock worth $156,000 after purchasing an additional 352 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Cal-Maine Foods in the fourth quarter valued at about $1,123,000. 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.