Comerica Bank Cuts Stake in Cal-Maine Foods, Inc. $CALM

Key Points

• Comerica Bank cut its stake in Cal-Maine Foods by 58.7% in the fourth quarter, selling 19,798 shares and leaving it with 13,952 shares worth about $1.11 million.
• Cal-Maine Foods reported better-than-expected quarterly earnings of $1.06 per share on revenue of $666.95 million, though revenue was still down 53% year over year.
• The company declared a quarterly dividend of $0.36 per share and said Wall Street currently has a consensus Hold rating with an average price target of $93.00.

Comerica Bank reduced its stake in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 58.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,952 shares of the basic materials company's stock after selling 19,798 shares during the quarter. Comerica Bank's holdings in Cal-Maine Foods were worth $1,110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of Cal-Maine Foods by 2.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,052,171 shares of the basic materials company's stock valued at $193,118,000 after acquiring an additional 39,669 shares during the last quarter. State Street Corp boosted its position in shares of Cal-Maine Foods by 6.8% during the 2nd quarter. State Street Corp now owns 1,716,731 shares of the basic materials company's stock valued at $171,038,000 after acquiring an additional 108,578 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Cal-Maine Foods by 3.5% during the 3rd quarter. American Century Companies Inc. now owns 1,618,491 shares of the basic materials company's stock valued at $152,300,000 after acquiring an additional 54,757 shares during the last quarter. Northern Trust Corp boosted its position in shares of Cal-Maine Foods by 8.4% during the 3rd quarter. Northern Trust Corp now owns 900,466 shares of the basic materials company's stock valued at $84,734,000 after acquiring an additional 70,063 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Cal-Maine Foods by 6.6% during the 2nd quarter. Bank of America Corp DE now owns 705,671 shares of the basic materials company's stock valued at $70,306,000 after acquiring an additional 43,414 shares during the last quarter. 84.67% of the stock is currently owned by institutional investors.

Cal-Maine Foods Stock Up 0.5%

Shares of CALM opened at $76.09 on Friday. The company has a market cap of $3.61 billion, a PE ratio of 5.30 and a beta of 0.28. The business has a fifty day moving average of $80.54 and a 200 day moving average of $82.78. Cal-Maine Foods, Inc. has a 52-week low of $71.92 and a 52-week high of $126.40.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 1st. The basic materials company reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.17. The company had revenue of $666.95 million during the quarter, compared to the consensus estimate of $655.82 million. Cal-Maine Foods had a return on equity of 26.05% and a net margin of 20.07%.Cal-Maine Foods's revenue was down 53.0% on a year-over-year basis. During the same period last year, the company earned $10.39 earnings per share.

Cal-Maine Foods Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Investors of record on Wednesday, April 29th will be given a $0.36 dividend. The ex-dividend date is Wednesday, April 29th. This represents a $1.44 dividend on an annualized basis and a yield of 1.9%. Cal-Maine Foods's dividend payout ratio (DPR) is currently 9.97%.

Wall Street Analysts Forecast Growth

CALM has been the subject of a number of research reports. Benchmark reiterated a "buy" rating on shares of Cal-Maine Foods in a research report on Tuesday, March 3rd. BMO Capital Markets lowered their target price on Cal-Maine Foods from $85.00 to $80.00 and set a "market perform" rating for the company in a research report on Wednesday, March 25th. Stephens increased their target price on Cal-Maine Foods from $85.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, March 18th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cal-Maine Foods in a research report on Friday, March 27th. 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.com, the company presently has an average rating of "Hold" and a consensus price target of $93.00.

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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