ARGA Investment Management LP Makes New Investment in Cal-Maine Foods, Inc. $CALM

Key Points

• ARGA Investment Management initiated a Cal-Maine Foods position, buying 17,446 shares valued at about $1.19 million. Institutional investors collectively own 84.67% of the company.
• Cal-Maine reported a quarterly loss of $1.26 per share, worse than the $0.77 loss analysts expected; revenue of $539.6 million also fell short of estimates and declined 41.5% year over year.
• Analysts rate the stock a consensus Hold, with an average price target of $84.17; six analysts surveyed included one Buy and five Hold ratings.

ARGA Investment Management LP acquired a new stake in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 17,446 shares of the basic materials company's stock, valued at approximately $1,187,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its holdings in Cal-Maine Foods by 13.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,519,483 shares of the basic materials company's stock valued at $199,416,000 after acquiring an additional 300,910 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Cal-Maine Foods by 29.7% in the 1st quarter. First Trust Advisors LP now owns 1,552,297 shares of the basic materials company's stock worth $122,864,000 after purchasing an additional 355,762 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Cal-Maine Foods in the 2nd quarter worth about $57,894,000. Bank of America Corp DE lifted its stake in shares of Cal-Maine Foods by 21.9% in the 1st quarter. Bank of America Corp DE now owns 505,359 shares of the basic materials company's stock valued at $39,999,000 after purchasing an additional 90,779 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of Cal-Maine Foods by 68.8% in the 1st quarter. Janus Henderson Group PLC now owns 353,751 shares of the basic materials company's stock valued at $27,997,000 after purchasing an additional 144,140 shares in the last quarter. Institutional investors and hedge funds own 84.67% of the company's stock.

Cal-Maine Foods Stock Up 0.2%

NASDAQ CALM opened at $66.17 on Wednesday. The stock has a market cap of $3.09 billion, a PE ratio of 56.56 and a beta of 0.28. Cal-Maine Foods, Inc. has a fifty-two week low of $60.13 and a fifty-two week high of $95.25. The business has a 50 day moving average price of $69.24 and a two-hundred day moving average price of $78.35.

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

Analysts Set New Price Targets

CALM has been the subject of a number of research analyst reports. Stephens dropped their target price on shares of Cal-Maine Foods from $80.00 to $70.00 and set an "equal weight" rating for the company in a research report on Thursday, October 1st. Raymond James Financial lowered shares of Cal-Maine Foods to an "outperform" rating in a report on Thursday, October 1st. BMO Capital Markets reaffirmed a "market perform" rating on shares of Cal-Maine Foods in a research report on Tuesday, October 27th. Benchmark downgraded shares of Cal-Maine Foods from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 4th. Finally, Wells Fargo & Company set a $100.00 price objective on shares of Cal-Maine Foods in a research report on Monday, July 13th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Cal-Maine Foods presently has an average rating of "Hold" and an average target price of $84.17.

Cal-Maine Foods Company Profile

Cal-Maine Foods, Inc NASDAQ: CALM is a major producer and distributor of shell eggs in the United States. The company supplies eggs to grocery retailers, foodservice distributors, restaurants, food processors and institutional customers.

Its product portfolio includes conventional shell eggs as well as specialty products such as cage-free, organic, free-range, nutritionally enhanced and omega-3 eggs. Cal-Maine also markets hard-cooked eggs and other value-added egg products through its brands and customer relationships.

Founded in 1969 and headquartered in Jackson, Mississippi, Cal-Maine operates egg production, processing, packaging and distribution facilities in multiple U.S.

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