Picton Mahoney Asset Management Acquires 11,740 Shares of Cal-Maine Foods, Inc. (NASDAQ:CALM)

Key Points

• Picton Mahoney Asset Management significantly increased its stake in Cal-Maine Foods by 329.8%, owning a total of 15,300 shares worth approximately $1.39 million.
• Cal-Maine Foods reported an impressive 72.1% revenue increase year-over-year, achieving $1.10 billion for the quarter and surpassing analyst expectations.
• Following the company's earnings announcement, analysts have adjusted price targets, with Stephens raising its target from $108 to $115 and BMO Capital Markets lifting it from $100 to $105.

Picton Mahoney Asset Management grew its stake in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 329.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,300 shares of the basic materials company's stock after buying an additional 11,740 shares during the quarter. Picton Mahoney Asset Management's holdings in Cal-Maine Foods were worth $1,391,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Cal-Maine Foods during the first quarter worth about $527,000. Bank of New York Mellon Corp grew its position in shares of Cal-Maine Foods by 8.7% during the first quarter. Bank of New York Mellon Corp now owns 562,810 shares of the basic materials company's stock worth $51,159,000 after purchasing an additional 45,201 shares in the last quarter. KBC Group NV grew its position in shares of Cal-Maine Foods by 23.2% during the first quarter. KBC Group NV now owns 2,071 shares of the basic materials company's stock worth $188,000 after purchasing an additional 390 shares in the last quarter. GAMMA Investing LLC boosted its stake in Cal-Maine Foods by 25.7% during the first quarter. GAMMA Investing LLC now owns 1,720 shares of the basic materials company's stock valued at $156,000 after buying an additional 352 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Cal-Maine Foods during the fourth quarter valued at approximately $1,123,000. Hedge funds and other institutional investors own 84.67% of the company's stock.

Cal-Maine Foods Price Performance

Shares of NASDAQ:CALM traded down $3.26 during trading on Friday, hitting $107.88. The company had a trading volume of 926,680 shares, compared to its average volume of 1,016,194. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 4.32 and a beta of 0.19. Cal-Maine Foods, Inc. has a one year low of $67.40 and a one year high of $126.40. The company has a fifty day simple moving average of $101.30 and a two-hundred day simple moving average of $97.87.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The basic materials company reported $7.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.29 by $1.75. The business had revenue of $1.10 billion during 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 company's revenue for the quarter was up 72.1% on a year-over-year basis. During the same period last year, the company earned $2.32 EPS. On average, equities research analysts anticipate that Cal-Maine Foods, Inc. will post 15.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CALM. BMO Capital Markets increased 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. Wall Street Zen lowered Cal-Maine Foods from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Stephens increased 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.

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.