Bridgeway Capital Management LLC Lowers Holdings in Cal-Maine Foods, Inc. $CALM

Key Points

• Bridgeway Capital Management LLC reduced its stake in Cal-Maine Foods by 19.5%, selling 13,900 shares in the first quarter, leaving it with 57,500 shares valued at approximately $5.23 million.
• Cal-Maine Foods recently declared a quarterly dividend of $3.46, significantly increasing from its previous $1.49 dividend, reflecting an annualized yield of 12.2%.
• Analysts have mixed ratings on Cal-Maine Foods, with upgrades raising the price target to $115.00, while others downgraded the stock to a "hold" rating.

Bridgeway Capital Management LLC decreased its position in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 19.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,500 shares of the basic materials company's stock after selling 13,900 shares during the quarter. Bridgeway Capital Management LLC owned 0.12% of Cal-Maine Foods worth $5,227,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Financial Management Professionals Inc. bought a new position in Cal-Maine Foods during the 1st quarter worth $30,000. Investment Management Corp VA ADV boosted its position in Cal-Maine Foods by 172.2% during the 1st quarter. Investment Management Corp VA ADV now owns 392 shares of the basic materials company's stock worth $36,000 after acquiring an additional 248 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Cal-Maine Foods during the 1st quarter worth $52,000. Blue Trust Inc. boosted its position in Cal-Maine Foods by 388.2% during the 1st quarter. Blue Trust Inc. now owns 620 shares of the basic materials company's stock worth $56,000 after acquiring an additional 493 shares during the period. Finally, Quarry LP boosted its position in Cal-Maine Foods by 1,470.5% during the 1st quarter. Quarry LP now owns 691 shares of the basic materials company's stock worth $63,000 after acquiring an additional 647 shares during the period. 84.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CALM. Wall Street Zen lowered Cal-Maine Foods from a "buy" rating to a "hold" rating in a report on Saturday, August 23rd. BMO Capital Markets upped 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 report on Thursday, July 24th. Stephens increased their target price on Cal-Maine Foods from $108.00 to $115.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Finally, The Goldman Sachs Group initiated coverage on Cal-Maine Foods in a research note on Thursday, August 14th. They set a "neutral" rating and a $110.00 target price for the company. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $110.00.

Cal-Maine Foods Stock Performance

CALM stock traded down $1.10 during trading on Wednesday, hitting $107.59. 207,695 shares of the company's stock traded hands, compared to its average volume of 941,346. Cal-Maine Foods, Inc. has a 52 week low of $68.55 and a 52 week high of $126.40. The business has a fifty day simple moving average of $108.39 and a 200 day simple moving average of $98.77. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of 4.34 and a beta of 0.27.

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

Cal-Maine Foods Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Monday, August 4th were paid a dividend of $3.46 per share. This represents a $13.84 annualized dividend and a yield of 12.9%. The ex-dividend date was Monday, August 4th. This is a positive change from Cal-Maine Foods's previous quarterly dividend of $1.49. Cal-Maine Foods's dividend payout ratio (DPR) is presently 37.72%.

About Cal-Maine Foods

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.