Hennessy Advisors Inc. Has $30.48 Million Stock Position in Cal-Maine Foods, Inc. $CALM

Key Points

• Hennessy Advisors trimmed its position in Cal‑Maine by 5.3% to 383,100 shares, worth $30.48 million, representing about 0.80% of the company and the firm’s 26th-largest holding.
• Cal‑Maine reported quarterly EPS of $1.06 (beating estimates) while revenue fell 53% YoY to $666.95 million; the stock trades at a PE of 5.34 with a market cap around $3.63 billion.
• The company cut its quarterly dividend to $0.36 (annualized $1.44, 1.9% yield); analysts hold a consensus "Hold" rating with an average price target of $93.00, and institutional investors own roughly 84.7% of the shares.

Hennessy Advisors Inc. reduced its position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 383,100 shares of the basic materials company's stock after selling 21,400 shares during the quarter. Cal-Maine Foods comprises about 1.1% of Hennessy Advisors Inc.'s portfolio, making the stock its 26th biggest position. Hennessy Advisors Inc. owned approximately 0.80% of Cal-Maine Foods worth $30,483,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Wedge Capital Management L L P NC increased its holdings in Cal-Maine Foods by 1,085.8% during the 3rd quarter. Wedge Capital Management L L P NC now owns 259,445 shares of the basic materials company's stock worth $24,414,000 after purchasing an additional 237,566 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Cal-Maine Foods by 6.5% during the 3rd quarter. Principal Financial Group Inc. now owns 268,026 shares of the basic materials company's stock worth $25,221,000 after purchasing an additional 16,251 shares in the last quarter. Range Financial Group LLC increased its holdings in Cal-Maine Foods by 1,274.2% during the 3rd quarter. Range Financial Group LLC now owns 30,122 shares of the basic materials company's stock worth $2,834,000 after purchasing an additional 27,930 shares in the last quarter. CX Institutional bought a new stake in Cal-Maine Foods during the 3rd quarter worth approximately $6,488,000. Finally, New York State Common Retirement Fund increased its holdings in Cal-Maine Foods by 42.2% during the 3rd quarter. New York State Common Retirement Fund now owns 33,051 shares of the basic materials company's stock worth $3,110,000 after purchasing an additional 9,805 shares in the last quarter. 84.67% of the stock is owned by institutional investors and hedge funds.

Cal-Maine Foods Price Performance

CALM stock opened at $76.60 on Monday. The firm has a market cap of $3.63 billion, a PE ratio of 5.34 and a beta of 0.32. The business has a 50 day moving average of $82.14 and a 200-day moving average of $84.16. Cal-Maine Foods, Inc. has a 12-month low of $71.92 and a 12-month high of $126.40.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 1st. The basic materials company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.17. Cal-Maine Foods had a return on equity of 26.05% and a net margin of 20.07%.The business had revenue of $666.95 million during the quarter, compared to analyst estimates of $655.82 million. During the same period in the prior year, the company earned $10.39 earnings per share. Cal-Maine Foods's revenue was down 53.0% compared to the same quarter last year. On average, research analysts expect that Cal-Maine Foods, Inc. will post 15.59 earnings per share for the current year.

Cal-Maine Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 14th. Investors of record on Wednesday, April 29th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Wednesday, April 29th. Cal-Maine Foods's dividend payout ratio (DPR) is 20.14%.

Wall Street Analyst Weigh In

CALM has been the subject of a number of recent research reports. BMO Capital Markets decreased their price objective on Cal-Maine Foods from $85.00 to $80.00 and set a "market perform" rating for the company in a report on Wednesday, March 25th. Stephens boosted their price objective on Cal-Maine Foods from $85.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 18th. Benchmark reissued a "buy" rating on shares of Cal-Maine Foods in a report on Tuesday, March 3rd. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Cal-Maine Foods in a report on Friday, March 27th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Cal-Maine Foods currently has a consensus rating of "Hold" and an average price target of $93.00.

Cal-Maine Foods Company 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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