Wedge Capital Management L L P NC Sells 3,462 Shares of Cal-Maine Foods, Inc. $CALM

Key Points

• Wedge Capital Management L L P NC reduced its stake in Cal-Maine Foods, Inc. by 13.7%, now holding 21,879 shares worth approximately $2.18 million.
• Cal-Maine Foods recently declared a quarterly dividend of $3.46 per share, an increase from their previous dividend of $1.49, resulting in a 13.8% dividend yield.
• The company reported an earnings per share of $7.04 for the latest quarter, significantly exceeding the consensus estimate of $5.29, with a year-over-year revenue growth of 72.1%.

Wedge Capital Management L L P NC decreased its holdings in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 13.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,879 shares of the basic materials company's stock after selling 3,462 shares during the quarter. Wedge Capital Management L L P NC's holdings in Cal-Maine Foods were worth $2,180,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Financial Management Professionals Inc. purchased a new stake in shares of Cal-Maine Foods during the first quarter valued at approximately $30,000. Investment Management Corp VA ADV lifted its holdings in shares of Cal-Maine Foods by 172.2% during the first quarter. Investment Management Corp VA ADV now owns 392 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 248 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Cal-Maine Foods in the first quarter worth approximately $52,000. Blue Trust Inc. grew its holdings in Cal-Maine Foods by 388.2% during the 1st quarter. Blue Trust Inc. now owns 620 shares of the basic materials company's stock valued at $56,000 after buying an additional 493 shares in the last quarter. Finally, Quarry LP increased its position in shares of Cal-Maine Foods by 1,470.5% during the 1st quarter. Quarry LP now owns 691 shares of the basic materials company's stock valued at $63,000 after purchasing an additional 647 shares during the last quarter. 84.67% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CALM. Wall Street Zen lowered shares of Cal-Maine Foods from a "buy" rating to a "hold" rating in a research note on Saturday, August 23rd. The Goldman Sachs Group started coverage on Cal-Maine Foods in a report on Thursday, August 14th. They issued a "neutral" rating and a $110.00 price target for the company. Stephens increased their target price on Cal-Maine Foods from $108.00 to $115.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Finally, BMO Capital Markets raised their price objective on shares of 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 investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $110.00.

Cal-Maine Foods Price Performance

Cal-Maine Foods stock traded down $0.53 during mid-day trading on Monday, reaching $99.47. 1,492,375 shares of the company traded hands, compared to its average volume of 698,044. Cal-Maine Foods, Inc. has a 52-week low of $72.48 and a 52-week high of $126.40. The firm has a market capitalization of $4.88 billion, a price-to-earnings ratio of 3.99 and a beta of 0.27. The firm's 50 day moving average price is $109.08 and its 200 day moving average price is $99.97.

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

Cal-Maine Foods Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Monday, August 4th were issued a dividend of $3.46 per share. This represents a $13.84 annualized dividend and a dividend yield of 13.9%. This is a positive change from Cal-Maine Foods's previous quarterly dividend of $1.49. The ex-dividend date was Monday, August 4th. Cal-Maine Foods's payout ratio is 37.76%.

Cal-Maine Foods 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.