Empowered Funds LLC Buys 190,715 Shares of Cal-Maine Foods, Inc. $CALM

Key Points

• Empowered Funds LLC significantly increased its holdings in Cal-Maine Foods by 315.2%, owning a total of 251,228 shares worth approximately $22.8 million at the end of the 1st quarter.
• Cal-Maine Foods posted impressive quarterly results, reporting $7.04 EPS and revenue of $1.1 billion, exceeding analysts' estimates by substantial margins.
• The company recently announced a dividend increase, raising its quarterly payout from $1.49 to $3.46, resulting in a 12.4% dividend yield for shareholders.

Empowered Funds LLC boosted its position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 315.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 251,228 shares of the basic materials company's stock after purchasing an additional 190,715 shares during the period. Empowered Funds LLC owned 0.51% of Cal-Maine Foods worth $22,837,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CALM. Financial Management Professionals Inc. bought a new position in shares of Cal-Maine Foods in the first quarter worth about $30,000. Investment Management Corp VA ADV lifted its holdings in Cal-Maine Foods by 172.2% during the 1st quarter. Investment Management Corp VA ADV now owns 392 shares of the basic materials company's stock worth $36,000 after buying an additional 248 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Cal-Maine Foods during the 1st quarter worth $52,000. Blue Trust Inc. increased its holdings in Cal-Maine Foods by 388.2% during the 1st quarter. Blue Trust Inc. now owns 620 shares of the basic materials company's stock worth $56,000 after purchasing an additional 493 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of Cal-Maine Foods by 1,470.5% in the 1st quarter. Quarry LP now owns 691 shares of the basic materials company's stock valued at $63,000 after acquiring an additional 647 shares in the last quarter. Institutional investors and hedge funds own 84.67% of the company's stock.

Wall Street Analysts Forecast Growth

CALM has been the subject of several research reports. The Goldman Sachs Group assumed coverage on shares of Cal-Maine Foods in a research report on Thursday, August 14th. They set a "neutral" rating and a $110.00 price objective for the company. Wall Street Zen downgraded shares of Cal-Maine Foods from a "buy" rating to a "hold" rating in a research report on Saturday, August 23rd. BMO Capital Markets lifted their price target on shares of 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. Finally, Stephens lifted their price target on shares of Cal-Maine Foods from $108.00 to $115.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Cal-Maine Foods has a consensus rating of "Hold" and an average target price of $110.00.

Cal-Maine Foods Price Performance

NASDAQ:CALM traded up $1.51 during mid-day trading on Thursday, reaching $111.01. The stock had a trading volume of 419,772 shares, compared to its average volume of 655,990. The stock has a 50-day simple moving average of $108.70 and a two-hundred day simple moving average of $99.00. The stock has a market capitalization of $5.45 billion, a PE ratio of 4.45 and a beta of 0.27. Cal-Maine Foods, Inc. has a 12 month low of $68.81 and a 12 month high of $126.40.

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, beating analysts' consensus estimates of $5.29 by $1.75. The business had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $877.03 million. Cal-Maine Foods had a net margin of 28.63% and a return on equity of 54.81%. The firm's quarterly revenue was up 72.1% compared to the same quarter last year. During the same period last year, the firm posted $2.32 earnings per share. Equities analysts expect that Cal-Maine Foods, Inc. will post 15.59 EPS for the current year.

Cal-Maine Foods Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Monday, August 4th were paid a dividend of $3.46 per share. The ex-dividend date of this dividend was Monday, August 4th. This is a boost from Cal-Maine Foods's previous quarterly dividend of $1.49. This represents a $13.84 dividend on an annualized basis and a dividend yield of 12.5%. Cal-Maine Foods's payout ratio is presently 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.