Comerica Bank Sells 12,869 Shares of Cal-Maine Foods, Inc. $CALM

Key Points

• Comerica Bank reduced its holdings in Cal-Maine Foods by 41.2%, selling 12,869 shares and owning 18,342 shares valued at $1,667,000.
• Cal-Maine Foods reported $7.04 earnings per share for the latest quarter, significantly exceeding the consensus estimate of $5.29, with revenue increasing by 72.1% year-over-year.
• The company recently announced a quarterly dividend of $3.46 per share, yielding 12.5%, which is an increase from the previous dividend of $1.49.

Comerica Bank trimmed its holdings in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 41.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,342 shares of the basic materials company's stock after selling 12,869 shares during the period. Comerica Bank's holdings in Cal-Maine Foods were worth $1,667,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of CALM. Man Group plc raised its position in shares of Cal-Maine Foods by 258.7% during the 4th quarter. Man Group plc now owns 582,711 shares of the basic materials company's stock valued at $59,973,000 after purchasing an additional 420,247 shares during the period. Millennium Management LLC grew its holdings in shares of Cal-Maine Foods by 515.1% in the fourth quarter. Millennium Management LLC now owns 477,477 shares of the basic materials company's stock valued at $49,142,000 after purchasing an additional 399,848 shares in the last quarter. Nuveen LLC acquired a new position in shares of Cal-Maine Foods in the first quarter valued at approximately $35,322,000. Jupiter Asset Management Ltd. increased its stake in Cal-Maine Foods by 336.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 487,214 shares of the basic materials company's stock valued at $44,288,000 after buying an additional 375,604 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Cal-Maine Foods by 13.4% in the 1st quarter. American Century Companies Inc. now owns 1,436,943 shares of the basic materials company's stock valued at $130,618,000 after purchasing an additional 170,322 shares in the last quarter. Hedge funds and other institutional investors own 84.67% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CALM shares. Wall Street Zen lowered Cal-Maine Foods from a "buy" rating to a "hold" rating in a report on Saturday, August 23rd. 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. The Goldman Sachs Group assumed coverage on Cal-Maine Foods in a report on Thursday, August 14th. They set a "neutral" rating and a $110.00 price target on the stock. Finally, BMO Capital Markets raised their price objective on Cal-Maine Foods from $100.00 to $105.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $110.00.

Cal-Maine Foods Stock Down 1.1%

Shares of Cal-Maine Foods stock traded down $1.21 during trading on Monday, hitting $112.62. The stock had a trading volume of 267,074 shares, compared to its average volume of 945,159. The company has a market capitalization of $5.52 billion, a PE ratio of 4.51 and a beta of 0.27. Cal-Maine Foods, Inc. has a 1 year low of $68.33 and a 1 year high of $126.40. The stock has a 50 day simple moving average of $108.01 and a 200 day simple moving average of $98.56.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The basic materials company reported $7.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.29 by $1.75. The firm had revenue of $1.10 billion for 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.32 earnings per share. As a group, equities 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 announced a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Monday, August 4th were issued a $3.46 dividend. The ex-dividend date was Monday, August 4th. This is an increase from Cal-Maine Foods's previous quarterly dividend of $1.49. This represents a $13.84 dividend on an annualized basis and a yield of 12.3%. Cal-Maine Foods's payout ratio is 37.76%.

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.