Canada Pension Plan Investment Board Buys 65,900 Shares of Cal-Maine Foods, Inc. $CALM

Key Points

• The Canada Pension Plan Investment Board increased its stake in Cal-Maine Foods by 207.2% during the first quarter, acquiring an additional 65,900 shares to hold a total of 97,700 shares valued at approximately $8.88 million.
• Cal-Maine Foods reported a significant earnings beat with $7.04 EPS for the quarter, surpassing analyst expectations and marking a 72.1% year-over-year revenue increase to $1.10 billion.
• The company recently raised its dividend to $3.46 per share, reflecting an annual yield of 11.9%, which is an increase from the previous quarterly dividend of $1.49.

Canada Pension Plan Investment Board grew its stake in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 207.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,700 shares of the basic materials company's stock after acquiring an additional 65,900 shares during the period. Canada Pension Plan Investment Board owned 0.20% of Cal-Maine Foods worth $8,881,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CALM. Financial Management Professionals Inc. bought a new position in shares of Cal-Maine Foods in the 1st quarter valued at about $30,000. Investment Management Corp VA ADV grew its holdings in shares of Cal-Maine Foods by 172.2% in the 1st 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 bought a new position in shares of Cal-Maine Foods in the 1st quarter valued at about $52,000. Blue Trust Inc. grew its holdings 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 valued at $56,000 after acquiring an additional 493 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Cal-Maine Foods in the 1st quarter valued at about $77,000. Institutional investors own 84.67% of the company's stock.

Cal-Maine Foods Trading Up 0.7%

CALM stock traded up $0.76 during mid-day trading on Friday, hitting $113.83. 720,527 shares of the company were exchanged, compared to its average volume of 666,640. The business has a 50 day simple moving average of $108.01 and a 200-day simple moving average of $98.50. The stock has a market capitalization of $5.58 billion, a PE ratio of 4.56 and a beta of 0.27. Cal-Maine Foods, Inc. has a 1-year low of $68.22 and a 1-year high of $126.40.

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 firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $877.03 million. Cal-Maine Foods had a net margin of 28.63% and a return on equity of 54.81%. The business's revenue for the quarter was up 72.1% compared to the same quarter last year. During the same period last year, the business posted $2.32 earnings per share. Equities research analysts expect that Cal-Maine Foods, Inc. will post 15.59 earnings per share for the current year.

Cal-Maine Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Monday, August 4th were given a dividend of $3.46 per share. This represents a $13.84 annualized dividend and a yield of 12.2%. This is a boost from Cal-Maine Foods's previous quarterly dividend of $1.49. The ex-dividend date was Monday, August 4th. Cal-Maine Foods's dividend payout ratio (DPR) is 37.72%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CALM shares. The Goldman Sachs Group initiated coverage on Cal-Maine Foods in a report on Thursday, August 14th. They issued a "neutral" rating and a $110.00 price objective for the company. BMO Capital Markets lifted their price target on Cal-Maine Foods from $100.00 to $105.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Stephens lifted their price target on Cal-Maine Foods from $108.00 to $115.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Finally, Wall Street Zen cut Cal-Maine Foods from a "buy" rating to a "hold" rating in a report on Saturday, August 23rd. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $110.00.

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.