Cal-Maine Foods (NASDAQ:CALM) Sets New 12-Month Low - What's Next?

Key Points

• Cal-Maine Foods shares fell to a new 52-week low of $61.86, trading about 2.5% lower and well below their 50-day and 200-day moving averages.
• Analysts have generally turned cautious, with one Buy rating and five Holds; the consensus rating is Hold with an $84.17 price target, while several firms downgraded the stock.
• The company reported a quarterly loss of $1.26 per share, missing estimates, while revenue fell 41.5% year over year to $539.61 million. Institutional investors still own a substantial 84.67% of outstanding shares.

Cal-Maine Foods, Inc. (NASDAQ:CALM - Get Free Report) shares hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $61.86 and last traded at $62.1020, with a volume of 329,534 shares changing hands. The stock had previously closed at $63.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CALM shares. Weiss Ratings lowered Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, July 23rd. The Goldman Sachs Group set a $60.00 target price on shares of Cal-Maine Foods in a report on Thursday, October 1st. Benchmark cut shares of Cal-Maine Foods from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 4th. Raymond James Financial downgraded Cal-Maine Foods to an "outperform" rating in a report on Thursday, October 1st. Finally, BMO Capital Markets reiterated a "market perform" rating and issued a $75.00 price target (down from $83.00) on shares of Cal-Maine Foods in a report on Thursday, September 24th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Cal-Maine Foods presently has an average rating of "Hold" and a consensus price target of $84.17.

Cal-Maine Foods Trading Down 2.5%

The stock has a market capitalization of $2.90 billion, a P/E ratio of 53.07 and a beta of 0.25. The stock's 50 day simple moving average is $73.69 and its 200 day simple moving average is $77.87.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its quarterly earnings data on Wednesday, September 30th. The basic materials company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.49). Cal-Maine Foods had a net margin of 2.32% and a return on equity of 2.21%. The firm had revenue of $539.61 million for the quarter, compared to analyst estimates of $561.57 million. During the same quarter in the previous year, the company earned $4.12 EPS. The company's quarterly revenue was down 41.5% compared to the same quarter last year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in Cal-Maine Foods by 13.6% in the first 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 period. First Trust Advisors LP increased its stake in Cal-Maine Foods by 29.7% during the 1st quarter. First Trust Advisors LP now owns 1,552,297 shares of the basic materials company's stock valued at $122,864,000 after buying an additional 355,762 shares during the period. Bank of New York Mellon Corp acquired a new position in Cal-Maine Foods during the 2nd quarter valued at about $57,894,000. Bank of America Corp DE raised its position in shares of Cal-Maine Foods by 21.9% during the 1st quarter. Bank of America Corp DE now owns 505,359 shares of the basic materials company's stock worth $39,999,000 after buying an additional 90,779 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Cal-Maine Foods by 68.8% during the 1st quarter. Janus Henderson Group PLC now owns 353,751 shares of the basic materials company's stock worth $27,997,000 after buying an additional 144,140 shares in the last quarter. 84.67% of the stock is owned by institutional investors and hedge funds.

About Cal-Maine Foods

Cal-Maine Foods, Inc is a major producer and distributor of shell eggs in the United States. The company supplies eggs to grocery retailers, foodservice operators, food distributors and institutional customers under both its own brands and private-label programs.

Its product portfolio includes conventional eggs as well as specialty products such as cage-free, organic, free-range, brown, pasture-raised and nutritionally enhanced eggs. Cal-Maine also markets hard-boiled eggs and other value-added egg products, and sells eggs through a network of production, processing, packaging and distribution facilities.

Founded in 1969 and headquartered in Jackson, Mississippi, Cal-Maine serves customers throughout the United States and has expanded through acquisitions and investments in production capacity.

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