Cal-Maine Foods (NASDAQ:CALM) Share Price Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Cal-Maine shares rose 6.5% and moved above their 50-day moving average, trading as high as $69.01 and last at $68.83, versus a 50-day average of $68.04.
• Analysts’ consensus rating is Hold, with an average price target of $84.17; one analyst rated the stock Buy and five rated it Hold.
• The company reported a quarterly loss of $1.26 per share, missing expectations, while revenue fell 41.5% year over year to $539.61 million.

Cal-Maine Foods, Inc. (NASDAQ:CALM - Get Free Report) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $68.04 and traded as high as $69.01. Cal-Maine Foods shares last traded at $68.83, with a volume of 1,542,699 shares traded.

Analysts Set New Price Targets

CALM has been the topic of several research reports. The Goldman Sachs Group set a $60.00 price objective on shares of Cal-Maine Foods in a report on Thursday, October 1st. BMO Capital Markets reiterated a "market perform" rating on shares of Cal-Maine Foods in a research note on Tuesday, October 27th. Wells Fargo & Company set a $100.00 target price on Cal-Maine Foods in a research report on Monday, July 13th. Stephens decreased their target price on Cal-Maine Foods from $80.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 1st. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Cal-Maine Foods in a research note on Wednesday, October 21st. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Cal-Maine Foods currently has a consensus rating of "Hold" and an average price target of $84.17.

Cal-Maine Foods Stock Up 6.5%

The stock has a market capitalization of $3.22 billion, a P/E ratio of 58.83 and a beta of 0.28. The firm has a 50-day moving average of $68.04 and a 200 day moving average of $78.12.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $539.61 million during the quarter, compared to the consensus estimate of $561.57 million. During the same period last year, the firm earned $4.12 EPS. The company's quarterly revenue was down 41.5% compared to the same quarter last year.

Institutional Trading of Cal-Maine Foods

Several institutional investors have recently made changes to their positions in the business. Pinnacle Holdings LLC bought a new position in Cal-Maine Foods during the second quarter worth about $31,000. USA Financial Formulas bought a new stake in shares of Cal-Maine Foods in the 3rd quarter valued at approximately $38,000. Versant Capital Management Inc grew its stake in shares of Cal-Maine Foods by 257.7% in the 3rd quarter. Versant Capital Management Inc now owns 626 shares of the basic materials company's stock valued at $43,000 after purchasing an additional 451 shares during the period. CoreCap Advisors LLC grew its stake in shares of Cal-Maine Foods by 13.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,153 shares of the basic materials company's stock valued at $93,000 after purchasing an additional 137 shares during the period. Finally, Himension Capital Singapore PTE. LTD. acquired a new position in shares of Cal-Maine Foods in the 1st quarter worth approximately $111,000. 84.67% of the stock is currently owned by institutional investors and hedge funds.

About Cal-Maine Foods

Cal-Maine Foods, Inc is an American producer and marketer of shell eggs. Founded in 1957 and headquartered in Ridgeland, Mississippi, the company raises laying hens and handles the grading, packaging, and distribution of eggs for retail and food-service customers.

Its products include conventional, cage-free, free-range, organic, brown, and other specialty eggs. Cal-Maine sells eggs under its own labels and customer brands, and also markets products under licensed brands.

The company serves customers across much of the United States, with operations and distribution focused primarily on the South, Southwest, and Midwest.

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