Cal-Maine Foods (NASDAQ:CALM) Stock Breaks Above 50 Day Moving Average – Here’s Why

Cal-Maine Foods, Inc. (NASDAQ:CALM)’s stock price crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $68.04 and traded as high as $69.01. Cal-Maine Foods shares last traded at $68.83, with a volume of 1,542,699 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Benchmark downgraded Cal-Maine Foods from a “strong-buy” rating to a “hold” rating in a report on Friday, September 4th. BMO Capital Markets restated a “market perform” rating on shares of Cal-Maine Foods in a research note on Tuesday, October 27th. Wall Street Zen downgraded shares of Cal-Maine Foods from a “sell” rating to a “strong sell” rating in a report on Saturday, September 26th. Raymond James Financial lowered shares of Cal-Maine Foods to an “outperform” rating in a research report on Thursday, October 1st. Finally, Stephens lowered their target price on shares of Cal-Maine Foods from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, October 1st. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $84.17.

Cal-Maine Foods Stock Down 0.6%

The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 57.02 and a beta of 0.28. The business’s 50-day moving average is $67.56 and its 200-day moving average is $77.98.

Cal-Maine Foods (NASDAQ:CALM) last posted its quarterly earnings results on Wednesday, September 30th. The basic materials company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.49). The business had revenue of $539.61 million during the quarter, compared to analysts’ expectations of $561.57 million. Cal-Maine Foods had a net margin of 2.32% and a return on equity of 2.21%. Cal-Maine Foods’s revenue for the quarter was down 41.5% compared to the same quarter last year. During the same period in the previous year, the company posted $4.12 earnings per share.

Institutional Trading of Cal-Maine Foods

A number of hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. purchased a new stake in Cal-Maine Foods in the 3rd quarter worth approximately $18,558,000. Boston Partners grew its stake in shares of Cal-Maine Foods by 0.3% during the 3rd quarter. Boston Partners now owns 1,270,522 shares of the basic materials company’s stock worth $86,458,000 after purchasing an additional 4,218 shares during the period. BCGM Wealth Management LLC acquired a new stake in shares of Cal-Maine Foods during the 3rd quarter worth approximately $1,746,000. First Eagle Investment Management LLC grew its stake in shares of Cal-Maine Foods by 16.6% during the 3rd quarter. First Eagle Investment Management LLC now owns 156,200 shares of the basic materials company’s stock worth $10,631,000 after purchasing an additional 22,200 shares during the period. Finally, HighTower Advisors LLC increased its holdings in shares of Cal-Maine Foods by 7.0% during the 3rd quarter. HighTower Advisors LLC now owns 69,068 shares of the basic materials company’s stock valued at $4,701,000 after purchasing an additional 4,505 shares in the last quarter. Hedge funds and other institutional investors own 84.67% of the company’s stock.

About Cal-Maine Foods

Cal-Maine Foods, Inc. is an American producer and marketer of shell eggs. Founded in 1957 and headquartered in Ridgeland, Mississippi, the company raises laying hens and handles the grading, packaging, and distribution of eggs for retail and food-service customers. Its products include conventional, cage-free, free-range, organic, brown, and other specialty eggs. Cal-Maine sells eggs under its own labels and customer brands, and also markets products under licensed brands. The company serves customers across much of the United States, with operations and distribution focused primarily on the South, Southwest, and Midwest.