Cal-Maine Foods, Inc. $CALM Shares Sold by Gallacher Capital Management LLC

Key Points

• Gallacher Capital Management LLC reduced its stake in Cal-Maine Foods by 32.2%, now holding 5,802 shares valued at $578,000.
• Cal-Maine Foods has reported a 72.1% increase in quarterly revenue, achieving $1.10 billion, significantly surpassing analyst estimates.
• The company announced a quarterly dividend of $3.46 per share, up from its previous dividend of $1.49, resulting in a 12.5% dividend yield.

Gallacher Capital Management LLC reduced its stake in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 32.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,802 shares of the basic materials company's stock after selling 2,758 shares during the period. Gallacher Capital Management LLC's holdings in Cal-Maine Foods were worth $578,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Financial Management Professionals Inc. acquired a new stake in shares of Cal-Maine Foods in the first quarter valued at $30,000. Investment Management Corp VA ADV raised its stake in shares of 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 valued at $36,000 after acquiring an additional 248 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Cal-Maine Foods in the first quarter valued at $52,000. Blue Trust Inc. raised its stake in shares of Cal-Maine Foods by 388.2% in the first quarter. Blue Trust Inc. now owns 620 shares of the basic materials company's stock valued at $56,000 after acquiring an additional 493 shares in the last quarter. Finally, Quarry LP raised its stake in shares of Cal-Maine Foods by 1,470.5% in the first quarter. Quarry LP now owns 691 shares of the basic materials company's stock valued at $63,000 after acquiring an additional 647 shares in the last quarter. 84.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CALM. The Goldman Sachs Group began coverage on Cal-Maine Foods in a research note on Thursday, August 14th. They issued a "neutral" rating and a $110.00 price objective on the stock. Stephens raised their price target 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. Wall Street Zen cut Cal-Maine Foods from a "buy" rating to a "hold" rating in a research note on Saturday, August 23rd. Finally, BMO Capital Markets raised their price target on Cal-Maine Foods from $100.00 to $105.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Cal-Maine Foods currently has a consensus rating of "Hold" and a consensus target price of $110.00.

Cal-Maine Foods Price Performance

Cal-Maine Foods stock opened at $110.64 on Monday. Cal-Maine Foods, Inc. has a 1-year low of $68.81 and a 1-year high of $126.40. The stock has a market cap of $5.43 billion, a PE ratio of 4.43 and a beta of 0.27. The stock's fifty day moving average is $108.87 and its two-hundred day moving average is $99.30.

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

Cal-Maine Foods Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Monday, August 4th were issued a dividend of $3.46 per share. The ex-dividend date of this dividend was Monday, August 4th. This is a positive change from Cal-Maine Foods's previous quarterly dividend of $1.49. This represents a $13.84 annualized dividend and a dividend yield of 12.5%. Cal-Maine Foods's dividend payout ratio is 37.76%.

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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