Cal-Maine Foods (NASDAQ:CALM) Trading Down 5% - Here's What Happened

Key Points

• Cal-Maine Foods shares fell about 5% to roughly $78.91 in midday trading, with volume down 72% from the average session.
• The company reported a significant quarterly earnings miss, posting a loss of $0.76 per share versus expectations for earnings of $0.08, while revenue declined 49.9% year over year to $552.6 million.
• Analyst sentiment remains cautious: the stock carries a consensus “Hold” rating and a $94.71 price target, with one Buy rating and four Hold ratings.

Shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Get Free Report) were down 5% during mid-day trading on Thursday . The stock traded as low as $79.65 and last traded at $78.9140. 276,826 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 988,541 shares. The stock had previously closed at $83.06.

Wall Street Analyst Weigh In

CALM has been the topic of several analyst reports. Royal Bank Of Canada set a $100.00 target price on Cal-Maine Foods in a report on Tuesday, May 26th. BMO Capital Markets boosted their price target on Cal-Maine Foods from $75.00 to $83.00 and gave the company a "market perform" rating in a report on Thursday, July 23rd. Wall Street Zen lowered Cal-Maine Foods from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. Weiss Ratings cut shares of Cal-Maine Foods from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, July 23rd. Finally, Stephens cut their target price 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. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $94.71.

Cal-Maine Foods Trading Down 5.5%

The stock has a market cap of $3.68 billion, a PE ratio of 12.02 and a beta of 0.25. The business has a 50-day moving average price of $84.08 and a 200-day moving average price of $81.32.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported ($0.76) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.84). The company had revenue of $552.58 million during the quarter, compared to analysts' expectations of $563.83 million. Cal-Maine Foods had a return on equity of 11.79% and a net margin of 10.88%.Cal-Maine Foods's revenue was down 49.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $7.04 EPS.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pinnacle Holdings LLC purchased a new stake in Cal-Maine Foods during the 4th quarter worth approximately $30,000. IFP Advisors Inc boosted its stake in shares of Cal-Maine Foods by 58.2% in the third quarter. IFP Advisors Inc now owns 378 shares of the basic materials company's stock worth $37,000 after acquiring an additional 139 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Cal-Maine Foods in the third quarter worth approximately $42,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Cal-Maine Foods during the fourth quarter worth approximately $51,000. Finally, Quarry LP raised its stake in Cal-Maine Foods by 146.6% in the 3rd quarter. Quarry LP now owns 587 shares of the basic materials company's stock valued at $55,000 after purchasing an additional 349 shares during the last quarter. 84.67% of the stock is owned by hedge funds and other institutional investors.

Cal-Maine Foods Company 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. 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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