Convergence Investment Partners LLC Takes Position in Cal-Maine Foods, Inc. (NASDAQ:CALM)

Convergence Investment Partners LLC purchased a new position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 24,058 shares of the basic materials company's stock, valued at approximately $2,187,000.

Other institutional investors also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. acquired a new stake in Cal-Maine Foods during the 1st quarter valued at approximately $527,000. Bank of New York Mellon Corp grew its holdings 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 buying an additional 45,201 shares in the last quarter. KBC Group NV grew its holdings in shares of Cal-Maine Foods by 23.2% in the first quarter. KBC Group NV now owns 2,071 shares of the basic materials company's stock valued at $188,000 after purchasing an additional 390 shares during the period. GAMMA Investing LLC grew its holdings in shares of Cal-Maine Foods by 25.7% in the first quarter. GAMMA Investing LLC now owns 1,720 shares of the basic materials company's stock valued at $156,000 after purchasing an additional 352 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Cal-Maine Foods in the fourth quarter valued at about $1,123,000. 84.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on CALM. Stephens increased their price target on shares of Cal-Maine Foods from $108.00 to $115.00 and gave the stock an "equal weight" rating in a research report on Thursday. Wall Street Zen downgraded Cal-Maine Foods from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, 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 research note on Thursday.

Cal-Maine Foods Stock Performance

CALM stock traded down $0.96 during trading on Friday, hitting $104.92. The stock had a trading volume of 1,319,961 shares, compared to its average volume of 971,555. The stock has a market cap of $5.15 billion, a price-to-earnings ratio of 4.21 and a beta of 0.17. The company's 50 day moving average price is $100.06 and its two-hundred day moving average price is $97.87. Cal-Maine Foods, Inc. has a 1-year low of $67.40 and a 1-year high of $126.40.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The basic materials company reported $7.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.29 by $1.75. Cal-Maine Foods had a return on equity of 54.81% and a net margin of 28.63%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $877.03 million. During the same period in the prior year, the company posted $2.32 EPS. Cal-Maine Foods's quarterly revenue was up 72.1% on a year-over-year basis. As a group, sell-side analysts forecast that Cal-Maine Foods, Inc. will post 15.59 earnings per share for the current fiscal year.

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.