Cal-Maine Foods, Inc. $CALM Shares Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd increased its stake in Cal-Maine Foods, Inc. by 79.6%, now holding 10,380 shares valued at over $1 million.
• Cal-Maine Foods reported Q3 earnings of $4.12 per share, falling short of expectations, with revenue growth of 17.4% year-over-year but below analyst estimates.
• The company declared a quarterly dividend of $1.37 per share, yielding 6.0%, amidst recent changes in institutional holdings and stock performance.

Bayforest Capital Ltd boosted its stake in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 79.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,380 shares of the basic materials company's stock after purchasing an additional 4,600 shares during the quarter. Bayforest Capital Ltd's holdings in Cal-Maine Foods were worth $1,034,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Cal-Maine Foods by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 4,945,681 shares of the basic materials company's stock valued at $449,562,000 after purchasing an additional 40,075 shares during the period. American Century Companies Inc. boosted its position in Cal-Maine Foods by 13.4% during the 1st quarter. American Century Companies Inc. now owns 1,436,943 shares of the basic materials company's stock worth $130,618,000 after acquiring an additional 170,322 shares during the period. Northern Trust Corp boosted its position in Cal-Maine Foods by 23.5% during the 1st quarter. Northern Trust Corp now owns 833,054 shares of the basic materials company's stock worth $75,725,000 after acquiring an additional 158,719 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Cal-Maine Foods by 3.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 664,304 shares of the basic materials company's stock worth $60,385,000 after acquiring an additional 20,174 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Cal-Maine Foods by 8.7% during the 1st quarter. Bank of New York Mellon Corp now owns 562,810 shares of the basic materials company's stock worth $51,159,000 after acquiring an additional 45,201 shares during the period. Institutional investors and hedge funds own 84.67% of the company's stock.

Cal-Maine Foods Stock Down 2.5%

Shares of Cal-Maine Foods stock opened at $92.03 on Tuesday. The stock's fifty day moving average is $105.22 and its 200-day moving average is $100.52. The firm has a market capitalization of $4.46 billion, a PE ratio of 3.54 and a beta of 0.22. Cal-Maine Foods, Inc. has a 12-month low of $79.55 and a 12-month high of $126.40.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its earnings results on Wednesday, October 1st. The basic materials company reported $4.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.55 by ($0.43). The company had revenue of $922.60 million for the quarter, compared to analyst estimates of $931.62 million. Cal-Maine Foods had a return on equity of 52.31% and a net margin of 28.86%.The firm's revenue for the quarter was up 17.4% on a year-over-year basis. During the same period last year, the firm earned $3.06 earnings per share. Analysts expect that Cal-Maine Foods, Inc. will post 15.59 EPS for the current year.

Cal-Maine Foods Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Investors of record on Wednesday, October 29th will be given a dividend of $1.37 per share. This represents a $5.48 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Wednesday, October 29th. Cal-Maine Foods's payout ratio is presently 36.22%.

Insider Buying and Selling

In other news, insider Keira L. Lombardo bought 2,800 shares of the stock in a transaction on Thursday, October 2nd. The shares were purchased at an average price of $92.36 per share, for a total transaction of $258,608.00. Following the completion of the purchase, the insider directly owned 3,738 shares of the company's stock, valued at $345,241.68. This trade represents a 298.51% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CALM shares. The Goldman Sachs Group reduced their price target on Cal-Maine Foods from $110.00 to $98.00 and set a "neutral" rating for the company in a research report on Friday, October 3rd. Stephens boosted their price objective on Cal-Maine Foods from $108.00 to $115.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. BMO Capital Markets dropped their price objective on Cal-Maine Foods from $105.00 to $97.00 and set a "market perform" rating on the stock in a research note on Friday, October 3rd. Lake Street Capital set a $97.00 price objective on Cal-Maine Foods in a research note on Friday, October 3rd. Finally, Wall Street Zen downgraded Cal-Maine Foods from a "buy" rating to a "hold" rating in a research note on Saturday, August 23rd. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $101.75.

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.

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