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 valued at approximately $7.46 million.
• Cal-Maine Foods reported a sharp earnings decline, posting a quarterly loss of $0.76 per share versus the $0.08 consensus estimate, while revenue fell 49.9% year over year to $552.58 million.
• Analysts maintain a generally cautious outlook, with one Buy rating and four Holds; the average price target is $94.71 compared with the stock’s recent price of $81.09.

Empowered Funds LLC decreased its stake in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 57.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 94,199 shares of the basic materials company's stock after selling 126,508 shares during the quarter. Empowered Funds LLC owned 0.20% of Cal-Maine Foods worth $7,456,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CALM. IFP Advisors Inc raised its position in shares of Cal-Maine Foods by 58.2% in the 3rd quarter. IFP Advisors Inc now owns 378 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 139 shares during the period. Pinnacle Holdings LLC bought a new stake in Cal-Maine Foods in the fourth quarter valued at approximately $30,000. WealthCollab LLC raised its holdings in Cal-Maine Foods by 105.2% in the fourth quarter. WealthCollab LLC now owns 431 shares of the basic materials company's stock worth $34,000 after purchasing an additional 221 shares during the period. National Bank of Canada FI bought a new stake in shares of Cal-Maine Foods in the 3rd quarter valued at $42,000. Finally, Quarry LP increased its position in shares of Cal-Maine Foods by 146.6% in the 3rd quarter. Quarry LP now owns 587 shares of the basic materials company's stock valued at $55,000 after buying an additional 349 shares in the last quarter. Institutional investors own 84.67% of the company's stock.

Cal-Maine Foods Price Performance

Cal-Maine Foods stock opened at $81.09 on Friday. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 12.38 and a beta of 0.25. The firm has a 50-day moving average of $83.45 and a 200-day moving average of $81.41. Cal-Maine Foods, Inc. has a one year low of $71.92 and a one year high of $117.45.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last released its earnings results on Wednesday, July 22nd. The basic materials company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $563.83 million. During the same quarter in the previous year, the company posted $7.04 EPS. The business's revenue was down 49.9% on a year-over-year basis.

Analysts Set New Price Targets

Several research firms have weighed in on CALM. Benchmark reiterated a "buy" rating on shares of Cal-Maine Foods in a report on Monday, July 13th. Wells Fargo & Company set a $100.00 target price on shares of Cal-Maine Foods in a report on Monday, July 13th. Stephens cut their price target on shares of Cal-Maine Foods from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 14th. Weiss Ratings lowered shares of Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $100.00 target price on Cal-Maine Foods in a report on Tuesday, May 26th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $94.71.

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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