27,328 Cal-Maine Foods, Inc. $CALM Shares Purchased by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its Cal-Maine Foods position by 15.6%, purchasing 27,328 shares in the third quarter and bringing its holdings to 202,936 shares valued at approximately $13.8 million.
• Analyst sentiment remains cautious: Cal-Maine has a consensus “Hold” rating from six analysts, with an average price target of $84.17, while several firms recently downgraded the stock or lowered their targets.
• Cal-Maine shares opened at $63.40 after declining 2.4%, near their 12-month low, following quarterly results that missed estimates and showed a 41.5% year-over-year revenue decline.

Congress Asset Management Co. lifted its position in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 15.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 202,936 shares of the basic materials company's stock after purchasing an additional 27,328 shares during the quarter. Congress Asset Management Co. owned 0.43% of Cal-Maine Foods worth $13,812,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Versant Capital Management Inc lifted its position in Cal-Maine Foods by 257.7% in the 3rd quarter. Versant Capital Management Inc now owns 626 shares of the basic materials company's stock worth $43,000 after buying an additional 451 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Cal-Maine Foods by 4.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,429 shares of the basic materials company's stock valued at $598,000 after purchasing an additional 317 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Cal-Maine Foods in the 2nd quarter valued at $580,000. NewEdge Advisors LLC grew its holdings in shares of Cal-Maine Foods by 10.2% during the 2nd quarter. NewEdge Advisors LLC now owns 4,518 shares of the basic materials company's stock valued at $364,000 after purchasing an additional 418 shares during the last quarter. Finally, Baird Financial Group Inc. grew its holdings in shares of Cal-Maine Foods by 3.8% during the 2nd quarter. Baird Financial Group Inc. now owns 187,732 shares of the basic materials company's stock valued at $15,124,000 after purchasing an additional 6,923 shares during the last quarter. 84.67% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CALM has been the subject of a number of recent research reports. Stephens lowered their target price on Cal-Maine Foods from $80.00 to $70.00 and set an "equal weight" rating for the company in a research note on Thursday, October 1st. The Goldman Sachs Group set a $60.00 price target on Cal-Maine Foods in a research report on Thursday, October 1st. Wall Street Zen cut Cal-Maine Foods from a "sell" rating to a "strong sell" rating in a research note on Saturday, September 26th. Weiss Ratings downgraded Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, July 23rd. Finally, Benchmark cut shares of Cal-Maine Foods from a "strong-buy" rating to a "hold" rating in a report on Friday, September 4th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $84.17.

Cal-Maine Foods Trading Down 2.4%

Shares of Cal-Maine Foods stock opened at $63.40 on Wednesday. Cal-Maine Foods, Inc. has a 12-month low of $63.34 and a 12-month high of $95.57. The company has a market cap of $2.97 billion, a P/E ratio of 54.19 and a beta of 0.25. The company's fifty day simple moving average is $77.44 and its two-hundred day simple moving average is $78.71.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its earnings results on Wednesday, September 30th. The basic materials company reported ($1.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.77) by ($0.49). Cal-Maine Foods had a net margin of 2.32% and a return on equity of 2.21%. The company had revenue of $539.61 million for the quarter, compared to the consensus estimate of $561.57 million. During the same period in the previous year, the firm posted $4.12 EPS. The company's revenue for the quarter was down 41.5% on a year-over-year basis.

Cal-Maine Foods Company Profile

Cal-Maine Foods, Inc is a major producer and distributor of shell eggs in the United States. The company supplies eggs to grocery retailers, foodservice operators, food distributors and institutional customers under both its own brands and private-label programs.

Its product portfolio includes conventional eggs as well as specialty products such as cage-free, organic, free-range, brown, pasture-raised and nutritionally enhanced eggs. Cal-Maine also markets hard-boiled eggs and other value-added egg products, and sells eggs through a network of production, processing, packaging and distribution facilities.

Founded in 1969 and headquartered in Jackson, Mississippi, Cal-Maine serves customers throughout the United States and has expanded through acquisitions and investments in production capacity.

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