Advisors Asset Management Inc. Trims Holdings in Cal-Maine Foods, Inc. $CALM

Key Points

• Advisors Asset Management Inc. reduced its stake in Cal-Maine Foods by 26.5%, holding 27,008 shares worth approximately $2.46 million as of its latest SEC filing.
• Cal-Maine Foods reported a strong quarterly earnings performance, with $7.04 EPS exceeding estimates and revenue of $1.10 billion, up 72.1% year-over-year.
• The company recently increased its quarterly dividend to $3.46 per share, reflecting a significant rise and a notable 12.2% yield.

Advisors Asset Management Inc. trimmed its position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 26.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,008 shares of the basic materials company's stock after selling 9,719 shares during the period. Advisors Asset Management Inc. owned about 0.06% of Cal-Maine Foods worth $2,455,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Financial Management Professionals Inc. bought a new position in Cal-Maine Foods during the first quarter valued at approximately $30,000. Investment Management Corp VA ADV boosted its stake in shares of Cal-Maine Foods by 172.2% in the 1st quarter. Investment Management Corp VA ADV now owns 392 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 248 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Cal-Maine Foods in the 1st quarter worth $52,000. Blue Trust Inc. lifted its stake in Cal-Maine Foods by 388.2% in the first quarter. Blue Trust Inc. now owns 620 shares of the basic materials company's stock worth $56,000 after purchasing an additional 493 shares during the last quarter. Finally, Quarry LP lifted its stake in Cal-Maine Foods by 1,470.5% in 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 during the last quarter. Institutional investors own 84.67% of the company's stock.

Cal-Maine Foods Trading Down 0.3%

NASDAQ CALM traded down $0.37 during trading on Friday, hitting $110.64. The company had a trading volume of 411,190 shares, compared to its average volume of 652,496. Cal-Maine Foods, Inc. has a one year low of $68.81 and a one year high of $126.40. The company has a market cap of $5.43 billion, a price-to-earnings ratio of 4.43 and a beta of 0.27. The company's fifty day moving average is $108.87 and its 200-day moving average is $99.15.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The basic materials company reported $7.04 earnings per share for the quarter, beating analysts' consensus estimates of $5.29 by $1.75. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $877.03 million. Cal-Maine Foods had a net margin of 28.63% and a return on equity of 54.81%. The company's revenue for the quarter was up 72.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.32 EPS. As a group, equities analysts anticipate that Cal-Maine Foods, Inc. will post 15.59 EPS for the current year.

Cal-Maine Foods Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Monday, August 4th were given a dividend of $3.46 per share. This is a boost from Cal-Maine Foods's previous quarterly dividend of $1.49. This represents a $13.84 annualized dividend and a dividend yield of 12.5%. The ex-dividend date was Monday, August 4th. Cal-Maine Foods's dividend payout ratio is presently 37.76%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CALM. Wall Street Zen cut Cal-Maine Foods from a "buy" rating to a "hold" rating in a research note on Saturday, August 23rd. Stephens raised their target price on shares of Cal-Maine Foods from $108.00 to $115.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. The Goldman Sachs Group began coverage on shares of Cal-Maine Foods in a research note on Thursday, August 14th. They issued a "neutral" rating and a $110.00 target price on the stock. Finally, BMO Capital Markets increased their price target on shares of Cal-Maine Foods from $100.00 to $105.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $110.00.

Cal-Maine Foods 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.