Cal-Maine Foods, Inc. $CALM Shares Acquired by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. significantly increased its holdings in Cal-Maine Foods by 209.6% during Q2, acquiring 4,816 additional shares, valued at approximately $709,000.
• Cal-Maine Foods reported Q2 earnings of $4.12 per share, falling short of the expected $4.55, with revenues of $922.60 million compared to an estimate of $931.62 million.
• The company announced a quarterly dividend of $1.37, representing an annual yield of 6.1%, set to be paid on November 13th to investors of record as of October 29th.

First Citizens Bank & Trust Co. raised its position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 209.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,114 shares of the basic materials company's stock after buying an additional 4,816 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Cal-Maine Foods were worth $709,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. IFP Advisors Inc increased its holdings in shares of Cal-Maine Foods by 195.1% in the 2nd quarter. IFP Advisors Inc now owns 239 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 158 shares during the last quarter. Investment Management Corp VA ADV boosted its holdings in Cal-Maine Foods by 172.2% in the first quarter. Investment Management Corp VA ADV now owns 392 shares of the basic materials company's stock worth $36,000 after purchasing an additional 248 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Cal-Maine Foods during the first quarter valued at $52,000. AdvisorNet Financial Inc acquired a new stake in shares of Cal-Maine Foods during the second quarter worth $54,000. Finally, Blue Trust Inc. lifted its position in shares of Cal-Maine Foods by 388.2% in the 1st quarter. Blue Trust Inc. now owns 620 shares of the basic materials company's stock worth $56,000 after buying an additional 493 shares during the last quarter. Institutional investors own 84.67% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CALM shares. BMO Capital Markets lowered their price objective on shares of Cal-Maine Foods from $105.00 to $97.00 and set a "market perform" rating for the company in a research report on Friday, October 3rd. Wall Street Zen lowered Cal-Maine Foods from a "buy" rating to a "hold" rating in a report on Saturday, August 23rd. Lake Street Capital set a $97.00 price target on Cal-Maine Foods in a research report on Friday, October 3rd. Weiss Ratings restated a "buy (b)" rating on shares of Cal-Maine Foods in a research report on Wednesday. Finally, Stephens upped 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. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Cal-Maine Foods currently has a consensus rating of "Hold" and an average target price of $101.75.

Insider Transactions at Cal-Maine Foods

In related 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, with a total value of $258,608.00. Following the purchase, the insider owned 3,738 shares in the company, valued at approximately $345,241.68. This represents a 298.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.90% of the stock is owned by corporate insiders.

Cal-Maine Foods Price Performance

Shares of CALM stock opened at $90.01 on Friday. Cal-Maine Foods, Inc. has a 12-month low of $79.55 and a 12-month high of $126.40. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of 3.46 and a beta of 0.22. The business has a 50 day simple moving average of $102.38 and a 200 day simple moving average of $100.38.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its quarterly 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). Cal-Maine Foods had a return on equity of 52.31% and a net margin of 28.86%.The business had revenue of $922.60 million for the quarter, compared to analyst estimates of $931.62 million. During the same quarter last year, the firm posted $3.06 EPS. The company's revenue was up 17.4% compared to the same quarter last year. On average, equities analysts anticipate that Cal-Maine Foods, Inc. will post 15.59 EPS for the current fiscal year.

Cal-Maine Foods Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 13th. Investors of record on Wednesday, October 29th will be given a $1.37 dividend. This represents a $5.48 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date is Wednesday, October 29th. Cal-Maine Foods's dividend payout ratio is currently 36.22%.

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.

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