Empowered Funds LLC Sells 126,508 Shares of Cal-Maine Foods, Inc. $CALM

Key Points

• Empowered Funds LLC cut its Cal-Maine Foods stake by 57.3% in the first quarter, selling 126,508 shares and retaining 94,199 shares worth approximately $7.46 million. Institutional investors collectively own 84.67% of the company.
• Cal-Maine Foods reported a significant quarterly earnings miss, posting a $0.76 loss per share versus analysts’ expected $0.08 profit. Revenue fell 49.9% year over year to $552.58 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $94.71 price target; the stock recently opened at $87.78, below the consensus target.

Empowered Funds LLC lessened its position in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 57.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 94,199 shares of the basic materials company's stock after selling 126,508 shares during the period. Empowered Funds LLC owned about 0.20% of Cal-Maine Foods worth $7,456,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CALM. Dimensional Fund Advisors LP lifted its holdings in Cal-Maine Foods by 13.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,519,483 shares of the basic materials company's stock valued at $199,416,000 after purchasing an additional 300,910 shares during the last quarter. State Street Corp grew its stake in Cal-Maine Foods by 6.8% during the second quarter. State Street Corp now owns 1,716,731 shares of the basic materials company's stock worth $171,038,000 after buying an additional 108,578 shares during the last quarter. First Trust Advisors LP grew its stake in Cal-Maine Foods by 29.7% during the first quarter. First Trust Advisors LP now owns 1,552,297 shares of the basic materials company's stock worth $122,864,000 after buying an additional 355,762 shares during the last quarter. Morgan Stanley grew its stake in Cal-Maine Foods by 9.4% during the fourth quarter. Morgan Stanley now owns 978,163 shares of the basic materials company's stock worth $77,832,000 after buying an additional 84,124 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Cal-Maine Foods by 8.4% during the third quarter. Northern Trust Corp now owns 900,466 shares of the basic materials company's stock worth $84,734,000 after buying an additional 70,063 shares in the last quarter. Institutional investors own 84.67% of the company's stock.

Cal-Maine Foods Stock Up 0.8%

Shares of NASDAQ:CALM opened at $87.78 on Friday. The firm has a market cap of $4.12 billion, a P/E ratio of 13.40 and a beta of 0.25. Cal-Maine Foods, Inc. has a 12 month low of $71.92 and a 12 month high of $117.45. The company's 50-day moving average price is $81.80 and its two-hundred day moving average price is $80.95.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.84). Cal-Maine Foods had a return on equity of 11.79% and a net margin of 10.88%.The company had revenue of $552.58 million during the quarter, compared to the consensus estimate of $563.83 million. During the same period in the prior year, the firm posted $7.04 earnings per share. The company's revenue was down 49.9% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CALM. Stephens cut their target price on shares of Cal-Maine Foods from $90.00 to $85.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 14th. Weiss Ratings lowered Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, July 23rd. BMO Capital Markets raised their price target on Cal-Maine Foods from $75.00 to $83.00 and gave the company a "market perform" rating in a report on Thursday, July 23rd. Wall Street Zen cut Cal-Maine Foods from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Finally, Benchmark reiterated a "buy" rating on shares of Cal-Maine Foods in a research report on Monday, July 13th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Cal-Maine Foods has a consensus rating of "Hold" and a consensus target price of $94.71.

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. 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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