Cal-Maine Foods, Inc. (NASDAQ:CALM) shares reached a new 52-week low during trading on Monday following a weaker than expected earnings announcement. The company traded as low as $34.93 and last traded at $34.85, with a volume of 545,110 shares changing hands. The stock had previously closed at $37.10.
The basic materials company reported ($0.51) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by $0.42. The firm had revenue of $274.60 million during the quarter, compared to analysts’ expectations of $271.33 million. Cal-Maine Foods had a negative return on equity of 8.57% and a negative net margin of 6.91%. The company’s revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) earnings per share.
Several research analysts have weighed in on the company. Cleveland Research downgraded Cal-Maine Foods from a “neutral” rating to an “underperform” rating and set a $30.00 price target for the company. in a research note on Tuesday, May 30th. Goldman Sachs Group, Inc. (The) downgraded Cal-Maine Foods from a “neutral” rating to a “sell” rating and set a $31.00 price target for the company. in a research note on Friday, June 16th. BidaskClub downgraded Cal-Maine Foods from a “buy” rating to a “hold” rating in a research note on Friday, July 7th. Finally, ValuEngine upgraded Cal-Maine Foods from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $36.70.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Swiss National Bank increased its position in Cal-Maine Foods by 3.1% in the first quarter. Swiss National Bank now owns 50,400 shares of the basic materials company’s stock valued at $1,855,000 after buying an additional 1,500 shares during the last quarter. Comerica Bank increased its position in Cal-Maine Foods by 3.6% in the first quarter. Comerica Bank now owns 32,958 shares of the basic materials company’s stock worth $1,279,000 after buying an additional 1,154 shares in the last quarter. Eqis Capital Management Inc. increased its position in Cal-Maine Foods by 22.8% in the first quarter. Eqis Capital Management Inc. now owns 6,088 shares of the basic materials company’s stock worth $224,000 after buying an additional 1,131 shares in the last quarter. Great West Life Assurance Co. Can increased its position in Cal-Maine Foods by 5.1% in the first quarter. Great West Life Assurance Co. Can now owns 198,243 shares of the basic materials company’s stock worth $7,320,000 after buying an additional 9,625 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new position in Cal-Maine Foods during the first quarter worth approximately $496,000. Institutional investors and hedge funds own 61.26% of the company’s stock.
The stock’s market capitalization is $1.71 billion. The company’s 50-day moving average price is $36.90 and its 200-day moving average price is $38.03.
Cal-Maine Foods Company Profile
Cal-Maine Foods, Inc is a producer and marketer of shell eggs in the United States. The Company operates through the segment of production, grading, packaging, marketing and distribution of shell eggs. It offers shell eggs, including specialty and non-specialty eggs. It classifies cage free, organic and brown eggs as specialty products.
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