Wedge Capital Management L L P NC Raises Stock Position in Cal-Maine Foods, Inc. $CALM

Wedge Capital Management L L P NC grew its stake in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) by 1,085.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 259,445 shares of the basic materials company’s stock after acquiring an additional 237,566 shares during the period. Wedge Capital Management L L P NC’s holdings in Cal-Maine Foods were worth $24,414,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CALM. IFP Advisors Inc increased its stake in Cal-Maine Foods by 195.1% in the 2nd quarter. IFP Advisors Inc now owns 239 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 158 shares in the last quarter. Carolina Wealth Advisors LLC purchased a new stake in Cal-Maine Foods during the third quarter worth $47,000. AdvisorNet Financial Inc acquired a new stake in Cal-Maine Foods in the second quarter valued at $54,000. Quarry LP boosted its position in shares of Cal-Maine Foods by 1,470.5% in the 1st quarter. Quarry LP now owns 691 shares of the basic materials company’s stock worth $63,000 after buying an additional 647 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of Cal-Maine Foods by 80.9% in the 2nd quarter. Geneos Wealth Management Inc. now owns 671 shares of the basic materials company’s stock worth $67,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 84.67% of the company’s stock.

Cal-Maine Foods Stock Down 0.4%

Shares of NASDAQ CALM opened at $85.70 on Friday. The stock has a market capitalization of $4.16 billion, a PE ratio of 3.29 and a beta of 0.24. The firm has a fifty day moving average of $87.77 and a 200-day moving average of $98.31. Cal-Maine Foods, Inc. has a 52-week low of $79.55 and a 52-week high of $126.40.

Cal-Maine Foods (NASDAQ:CALM) last issued its earnings results on Wednesday, October 1st. The basic materials company reported $4.12 earnings per share for the quarter, missing the consensus estimate of $4.55 by ($0.43). Cal-Maine Foods had a return on equity of 52.31% and a net margin of 28.86%.The firm had revenue of $922.60 million during the quarter, compared to analysts’ expectations of $931.62 million. During the same period last year, the business posted $3.06 earnings per share. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities research analysts expect that Cal-Maine Foods, Inc. will post 15.59 EPS for the current fiscal year.

Cal-Maine Foods Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 13th. Stockholders of record on Wednesday, October 29th were paid a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend was Wednesday, October 29th. Cal-Maine Foods’s payout ratio is currently 21.18%.

Insider Activity

In other Cal-Maine Foods news, insider Keira L. Lombardo bought 2,800 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The stock was purchased at an average price of $92.36 per share, with a total value of $258,608.00. Following the transaction, the insider owned 3,738 shares in the company, valued at $345,241.68. This trade represents a 298.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Lake Street Capital set a $97.00 price target on shares of Cal-Maine Foods in a report on Friday, October 3rd. The Goldman Sachs Group decreased their price objective on Cal-Maine Foods from $110.00 to $98.00 and set a “neutral” rating on the stock in a report on Friday, October 3rd. Wall Street Zen lowered Cal-Maine Foods from a “buy” rating to a “hold” rating in a research note on Saturday, August 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cal-Maine Foods in a research report on Monday, December 15th. Finally, Benchmark began coverage on Cal-Maine Foods in a research note on Monday, December 1st. They issued a “buy” rating and a $100.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.40.

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.