Northern Trust Corp Grows Stock Position in Cal-Maine Foods, Inc. $CALM

Key Points

• Northern Trust Corp has increased its stake in Cal-Maine Foods by 23.5%, holding approximately 833,054 shares valued at about $75.7 million.
• Cal-Maine Foods posted earnings of $7.04 per share, significantly surpassing analysts' expectations of $5.29, with quarterly revenue up 72.1% year-over-year.
• The stock has a 52-week range between $68.22 and $126.40, with a current market cap of $5.69 billion and a P/E ratio of 4.65.

Northern Trust Corp lifted its holdings in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 23.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 833,054 shares of the basic materials company's stock after buying an additional 158,719 shares during the period. Northern Trust Corp owned approximately 1.70% of Cal-Maine Foods worth $75,725,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CALM. Raymond James Financial Inc. purchased a new position in Cal-Maine Foods in the fourth quarter worth about $1,123,000. Mariner LLC raised its stake in shares of Cal-Maine Foods by 6.5% in the fourth quarter. Mariner LLC now owns 10,373 shares of the basic materials company's stock worth $1,068,000 after buying an additional 631 shares during the period. MetLife Investment Management LLC raised its stake in shares of Cal-Maine Foods by 2.7% in the fourth quarter. MetLife Investment Management LLC now owns 24,328 shares of the basic materials company's stock worth $2,504,000 after buying an additional 639 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Cal-Maine Foods by 6,005.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,396 shares of the basic materials company's stock worth $452,000 after buying an additional 4,324 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Cal-Maine Foods by 35.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 41,592 shares of the basic materials company's stock worth $4,282,000 after buying an additional 10,972 shares during the period. 84.67% of the stock is owned by hedge funds and other institutional investors.

Cal-Maine Foods Stock Up 0.5%

Shares of NASDAQ CALM traded up $0.60 during mid-day trading on Friday, reaching $116.00. 204,846 shares of the company were exchanged, compared to its average volume of 951,429. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of 4.64 and a beta of 0.19. Cal-Maine Foods, Inc. has a 1 year low of $68.22 and a 1 year high of $126.40. The firm has a 50-day moving average of $106.37 and a 200 day moving average of $97.94.

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

Cal-Maine Foods Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Monday, August 4th were paid a $3.46 dividend. This represents a $13.84 dividend on an annualized basis and a yield of 11.9%. This is a boost from Cal-Maine Foods's previous quarterly dividend of $1.49. The ex-dividend date was Monday, August 4th. Cal-Maine Foods's dividend payout ratio (DPR) is 37.72%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CALM shares. The Goldman Sachs Group began coverage on Cal-Maine Foods in a research note on Thursday, August 14th. They issued a "neutral" rating and a $110.00 price objective on the stock. Stephens raised their price target on Cal-Maine Foods from $108.00 to $115.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Wall Street Zen downgraded Cal-Maine Foods from a "buy" rating to a "hold" rating in a research report on Saturday, August 23rd. Finally, BMO Capital Markets upped their price objective on 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. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Cal-Maine Foods presently has an average rating of "Hold" and an average target price of $110.00.

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.