Cal-Maine Foods (NASDAQ:CALM) Trading Down 2.9%

Shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) traded down 2.9% on Friday . The stock traded as low as $48.16 and last traded at $48.34. 397,545 shares were traded during mid-day trading, a decline of 54% from the average session volume of 872,917 shares. The stock had previously closed at $49.79.

Analyst Ratings Changes

A number of research firms have issued reports on CALM. Stephens reaffirmed an “equal weight” rating and set a $47.00 price target on shares of Cal-Maine Foods in a research note on Wednesday, October 4th. StockNews.com began coverage on shares of Cal-Maine Foods in a research report on Thursday, October 5th. They set a “hold” rating on the stock.

Cal-Maine Foods Stock Performance

The stock’s fifty day simple moving average is $47.53 and its two-hundred day simple moving average is $46.98. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 3.84, a price-to-earnings-growth ratio of 1.45 and a beta of -0.06.

Cal-Maine Foods (NASDAQ:CALM) last issued its earnings results on Tuesday, October 3rd. The basic materials company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.31). The firm had revenue of $459.34 million during the quarter, compared to analyst estimates of $479.52 million. Cal-Maine Foods had a net margin of 21.50% and a return on equity of 41.72%. Cal-Maine Foods’s revenue was down 30.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.57 EPS. Analysts predict that Cal-Maine Foods, Inc. will post 2.08 EPS for the current fiscal year.

Cal-Maine Foods Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Stockholders of record on Wednesday, November 1st were issued a dividend of $0.006 per share. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.05%. The ex-dividend date was Tuesday, October 31st. Cal-Maine Foods’s payout ratio is currently 0.15%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CALM. Exchange Traded Concepts LLC acquired a new stake in shares of Cal-Maine Foods in the third quarter worth $29,000. Byrne Asset Management LLC purchased a new position in Cal-Maine Foods in the third quarter valued at about $29,000. Signaturefd LLC raised its position in Cal-Maine Foods by 44.2% in the third quarter. Signaturefd LLC now owns 760 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 233 shares during the period. Gladius Capital Management LP purchased a new stake in shares of Cal-Maine Foods in the first quarter worth about $40,000. Finally, Global Retirement Partners LLC boosted its position in shares of Cal-Maine Foods by 184.1% in the first quarter. Global Retirement Partners LLC now owns 1,054 shares of the basic materials company’s stock worth $50,000 after buying an additional 683 shares during the period. Hedge funds and other institutional investors own 84.70% of the company’s stock.

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.