Cal-Maine Foods, Inc. $CALM Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp dramatically increased its stake in Cal-Maine Foods in the first quarter, boosting holdings by 11,570.6% to 46,799 shares worth about $3.7 million.
• Institutional interest in CALM remains strong overall, with several other hedge funds and asset managers also raising positions; institutional investors now own 84.67% of the stock.
• Cal-Maine Foods recently traded at $88.55, and analysts currently have a consensus Hold rating with an average price target of $94.29.

Fifth Third Bancorp grew its stake in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 11,570.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,799 shares of the basic materials company's stock after buying an additional 46,398 shares during the period. Fifth Third Bancorp owned 0.10% of Cal-Maine Foods worth $3,704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CALM. Northwestern Mutual Wealth Management Co. lifted its position in Cal-Maine Foods by 3,014.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 623,571 shares of the basic materials company's stock worth $49,618,000 after acquiring an additional 603,551 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of Cal-Maine Foods during the fourth quarter worth about $28,864,000. Millennium Management LLC lifted its holdings in shares of Cal-Maine Foods by 533.2% during the fourth quarter. Millennium Management LLC now owns 348,762 shares of the basic materials company's stock worth $27,751,000 after purchasing an additional 293,684 shares during the period. Bank of New York Mellon Corp boosted its position in Cal-Maine Foods by 32.2% in the fourth quarter. Bank of New York Mellon Corp now owns 759,310 shares of the basic materials company's stock valued at $60,418,000 after buying an additional 184,843 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in Cal-Maine Foods by 66.9% in the second quarter. Qube Research & Technologies Ltd now owns 435,376 shares of the basic materials company's stock valued at $43,377,000 after buying an additional 174,576 shares during the last quarter. 84.67% of the stock is currently owned by institutional investors and hedge funds.

Cal-Maine Foods Price Performance

CALM opened at $88.55 on Monday. The firm has a fifty day moving average price of $79.50 and a 200 day moving average price of $80.19. Cal-Maine Foods, Inc. has a 1 year low of $71.92 and a 1 year high of $126.40. The stock has a market cap of $4.20 billion, a P/E ratio of 6.17 and a beta of 0.25.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CALM shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Cal-Maine Foods in a report on Wednesday, July 8th. Benchmark reaffirmed a "buy" rating on shares of Cal-Maine Foods in a report on Monday, July 13th. Wells Fargo & Company set a $100.00 price objective on shares of Cal-Maine Foods in a research note on Monday, July 13th. BMO Capital Markets reduced their target price on shares of Cal-Maine Foods from $85.00 to $80.00 and set a "market perform" rating for the company in a report on Wednesday, March 25th. Finally, Stephens lowered their price target on shares of Cal-Maine Foods from $90.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 14th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $94.29.

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. 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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