Royal Bank of Canada Decreases Stake in Cal-Maine Foods, Inc. $CALM

Key Points

• Royal Bank of Canada reduced its Cal-Maine Foods stake by 16.5% in the first quarter, selling 31,212 shares and retaining 158,508 shares worth approximately $12.5 million. Institutional investors collectively own 84.67% of the company.
• Cal-Maine Foods reported a sharp earnings decline, posting a quarterly loss of $0.76 per share versus analysts’ expected profit of $0.08. Revenue fell 49.9% year over year to $552.6 million, below the $563.8 million consensus estimate.
• Analysts maintain a generally cautious outlook, with one Buy rating and four Holds. The stock’s average price target is $94.71, compared with a recent price of $85.08.

Royal Bank of Canada cut its holdings in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 16.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 158,508 shares of the basic materials company's stock after selling 31,212 shares during the quarter. Royal Bank of Canada owned about 0.33% of Cal-Maine Foods worth $12,545,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in shares of 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 worth $199,416,000 after purchasing an additional 300,910 shares during the last quarter. State Street Corp increased its holdings in shares of Cal-Maine Foods by 6.8% in the second quarter. State Street Corp now owns 1,716,731 shares of the basic materials company's stock valued at $171,038,000 after purchasing an additional 108,578 shares during the last quarter. First Trust Advisors LP lifted its position 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 in the last quarter. Morgan Stanley lifted its position 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 in the last quarter. Finally, Northern Trust Corp boosted its stake in 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 during the last quarter. Hedge funds and other institutional investors own 84.67% of the company's stock.

Cal-Maine Foods Stock Performance

Shares of Cal-Maine Foods stock opened at $85.08 on Friday. The stock has a 50 day moving average of $82.75 and a 200 day moving average of $81.32. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 12.99 and a beta of 0.25. Cal-Maine Foods, Inc. has a fifty-two week low of $71.92 and a fifty-two week high of $117.45.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last posted 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 net margin of 10.88% and a return on equity of 11.79%. The business had revenue of $552.58 million during the quarter, compared to analysts' expectations of $563.83 million. During the same quarter in the prior year, the firm earned $7.04 EPS. Cal-Maine Foods's revenue for the quarter was down 49.9% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CALM shares. Wells Fargo & Company set a $100.00 target price on Cal-Maine Foods in a report on Monday, July 13th. Weiss Ratings lowered Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, July 23rd. BMO Capital Markets boosted their price target on shares of Cal-Maine Foods from $75.00 to $83.00 and gave the company a "market perform" rating in a research report on Thursday, July 23rd. Royal Bank Of Canada set a $100.00 price objective on shares of Cal-Maine Foods in a report on Tuesday, May 26th. Finally, Benchmark restated a "buy" rating on shares of Cal-Maine Foods in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Cal-Maine Foods has an average rating of "Hold" and an average target price 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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