State of Tennessee Treasury Department Acquires 1,035 Shares of Cal-Maine Foods Inc (NASDAQ:CALM)

State of Tennessee Treasury Department boosted its holdings in shares of Cal-Maine Foods Inc (NASDAQ:CALM) by 8.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 13,163 shares of the basic materials company’s stock after purchasing an additional 1,035 shares during the period. State of Tennessee Treasury Department’s holdings in Cal-Maine Foods were worth $526,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Diamond Hill Capital Management Inc. raised its stake in shares of Cal-Maine Foods by 19.3% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 2,072,124 shares of the basic materials company’s stock valued at $82,792,000 after purchasing an additional 335,458 shares during the period. Nuance Investments LLC raised its stake in shares of Cal-Maine Foods by 76.2% in the 2nd quarter. Nuance Investments LLC now owns 1,795,348 shares of the basic materials company’s stock valued at $74,902,000 after purchasing an additional 776,539 shares during the period. Renaissance Technologies LLC raised its stake in shares of Cal-Maine Foods by 42.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,112,808 shares of the basic materials company’s stock valued at $46,426,000 after purchasing an additional 331,208 shares during the period. Janus Henderson Group PLC raised its stake in shares of Cal-Maine Foods by 184.3% in the 2nd quarter. Janus Henderson Group PLC now owns 900,517 shares of the basic materials company’s stock valued at $37,570,000 after purchasing an additional 583,811 shares during the period. Finally, Wells Fargo & Company MN raised its stake in shares of Cal-Maine Foods by 1.3% in the 2nd quarter. Wells Fargo & Company MN now owns 717,412 shares of the basic materials company’s stock valued at $29,931,000 after purchasing an additional 9,059 shares during the period. Hedge funds and other institutional investors own 68.03% of the company’s stock.

NASDAQ:CALM opened at $43.75 on Friday. The stock’s 50-day simple moving average is $40.52 and its 200 day simple moving average is $41.00. The company has a market cap of $2.09 billion, a P/E ratio of 37.72 and a beta of 0.39. Cal-Maine Foods Inc has a 52-week low of $36.65 and a 52-week high of $50.63.

Cal-Maine Foods (NASDAQ:CALM) last released its earnings results on Monday, September 30th. The basic materials company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.78). The company had revenue of $241.20 million during the quarter, compared to analyst estimates of $251.33 million. Cal-Maine Foods had a negative net margin of 0.31% and a positive return on equity of 0.07%. Cal-Maine Foods’s revenue was down 29.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. Research analysts anticipate that Cal-Maine Foods Inc will post 0.18 EPS for the current year.

Several research firms have issued reports on CALM. Stephens set a $45.00 price target on Cal-Maine Foods and gave the company a “hold” rating in a research note on Monday, September 23rd. Zacks Investment Research raised Cal-Maine Foods from a “sell” rating to a “hold” rating and set a $42.00 price target on the stock in a research note on Tuesday, October 1st. ValuEngine raised Cal-Maine Foods from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 1st. Finally, BidaskClub raised Cal-Maine Foods from a “hold” rating to a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $43.50.

Cal-Maine Foods Company Profile

Cal-Maine Foods, Inc produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse, and 4-Grain brand names, as well as under private labels.

Further Reading: Limitations to arbitrage trading

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Institutional Ownership by Quarter for Cal-Maine Foods (NASDAQ:CALM)

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