Renaissance Technologies LLC Sells 103,608 Shares of Cal-Maine Foods, Inc. $CALM

Key Points

• Renaissance Technologies reduced its Cal-Maine Foods stake by 5.5% in the first quarter, selling 103,608 shares and leaving it with 1.78 million shares valued at about $140.8 million.
• Cal-Maine Foods reported weak quarterly results, posting a loss of $0.76 per share versus expectations for a $0.08 profit, while revenue fell 49.9% year over year to $552.6 million.
• Analysts remain cautious overall: the stock has a Hold consensus rating with an average price target of $94.71, though individual targets range from $83 to $100.

Renaissance Technologies LLC trimmed its position in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 5.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,778,468 shares of the basic materials company's stock after selling 103,608 shares during the quarter. Renaissance Technologies LLC owned 3.75% of Cal-Maine Foods worth $140,766,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CALM. Pinnacle Holdings LLC bought a new stake in shares of Cal-Maine Foods in the fourth quarter valued at about $30,000. WealthCollab LLC lifted its stake 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 acquiring an additional 221 shares during the period. IFP Advisors Inc grew its holdings in Cal-Maine Foods by 58.2% during the 3rd quarter. IFP Advisors Inc now owns 378 shares of the basic materials company's stock worth $37,000 after acquiring an additional 139 shares in the last quarter. Signaturefd LLC grew its holdings in Cal-Maine Foods by 46.5% during the 4th quarter. Signaturefd LLC now owns 488 shares of the basic materials company's stock worth $39,000 after acquiring an additional 155 shares in the last quarter. Finally, National Bank of Canada FI purchased a new position in Cal-Maine Foods during the 3rd quarter valued at about $42,000. Institutional investors own 84.67% of the company's stock.

Cal-Maine Foods Price Performance

Shares of CALM stock opened at $90.32 on Friday. The stock's 50-day moving average is $80.57 and its 200 day moving average is $80.49. Cal-Maine Foods, Inc. has a 1-year low of $71.92 and a 1-year high of $117.45. The company has a market cap of $4.28 billion, a P/E ratio of 13.79 and a beta of 0.25.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported ($0.76) EPS 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 firm had revenue of $552.58 million during the quarter, compared to the consensus estimate of $563.83 million. During the same quarter in the prior year, the firm posted $7.04 earnings per share. The business's revenue for the quarter was down 49.9% compared to the same quarter last year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CALM shares. Stephens reduced their price target on shares of Cal-Maine Foods from $90.00 to $85.00 and set an "equal weight" rating for the company in a report on Tuesday, July 14th. BMO Capital Markets increased their price objective on shares of Cal-Maine Foods from $75.00 to $83.00 and gave the company a "market perform" rating in a research note on Thursday. Benchmark reissued a "buy" rating on shares of Cal-Maine Foods in a report on Monday, July 13th. Weiss Ratings downgraded shares of Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday. Finally, Royal Bank Of Canada set a $100.00 price objective on shares of Cal-Maine Foods in a research note on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus 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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