Bank of America Corp DE Raises Holdings in Cal-Maine Foods, Inc. $CALM

Key Points

• Bank of America increased its Cal-Maine Foods stake by 21.9% in the first quarter, adding 90,779 shares to own 505,359 shares worth approximately $40 million. Institutional investors collectively own 84.67% of the company.
• Analyst sentiment remains mixed, with one Buy and four Hold ratings; the consensus rating is Hold with a $94.71 price target. Wall Street Zen downgraded the stock to Sell.
• Cal-Maine Foods reported a quarterly loss of $0.76 per share, missing estimates by $0.84, while revenue fell 49.9% year over year to $552.58 million. Shares opened at $82.59, near the $81.41 200-day moving average.

Bank of America Corp DE lifted its position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 21.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 505,359 shares of the basic materials company's stock after purchasing an additional 90,779 shares during the period. Bank of America Corp DE owned about 1.07% of Cal-Maine Foods worth $39,999,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Cal-Maine Foods by 13.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,519,483 shares of the basic materials company's stock worth $199,416,000 after purchasing an additional 300,910 shares during the last quarter. State Street Corp boosted its position in Cal-Maine Foods by 6.8% during the second quarter. State Street Corp now owns 1,716,731 shares of the basic materials company's stock worth $171,038,000 after purchasing an additional 108,578 shares during the period. First Trust Advisors LP grew its position in shares of Cal-Maine Foods by 29.7% in the first quarter. First Trust Advisors LP now owns 1,552,297 shares of the basic materials company's stock valued at $122,864,000 after purchasing an additional 355,762 shares during the last quarter. Morgan Stanley grew its holdings in Cal-Maine Foods by 9.4% during the 4th quarter. Morgan Stanley now owns 978,163 shares of the basic materials company's stock worth $77,832,000 after acquiring an additional 84,124 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Cal-Maine Foods by 8.4% during the third quarter. Northern Trust Corp now owns 900,466 shares of the basic materials company's stock valued at $84,734,000 after buying an additional 70,063 shares during the last quarter. Institutional investors own 84.67% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CALM. Benchmark restated a "buy" rating on shares of Cal-Maine Foods in a research report on Monday, July 13th. Royal Bank Of Canada set a $100.00 price target on shares of Cal-Maine Foods in a research note on Tuesday, May 26th. Weiss Ratings lowered shares of Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, July 23rd. Wells Fargo & Company set a $100.00 price objective on shares of Cal-Maine Foods in a research report on Monday, July 13th. Finally, Wall Street Zen downgraded shares of Cal-Maine Foods from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Cal-Maine Foods currently has an average rating of "Hold" and a consensus price target of $94.71.

Cal-Maine Foods Trading Up 0.5%

Shares of Cal-Maine Foods stock opened at $82.59 on Friday. The business has a fifty day simple moving average of $83.35 and a two-hundred day simple moving average of $81.41. Cal-Maine Foods, Inc. has a 12 month low of $71.92 and a 12 month high of $117.45. The firm has a market capitalization of $3.88 billion, a P/E ratio of 12.61 and a beta of 0.25.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported ($0.76) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.84). Cal-Maine Foods had a net margin of 10.88% and a return on equity of 11.79%. The firm had revenue of $552.58 million for the quarter, compared to the consensus estimate of $563.83 million. During the same quarter in the previous year, the business earned $7.04 earnings per share. The firm's revenue for the quarter was down 49.9% on a year-over-year basis.

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. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.

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