Exchange Traded Concepts LLC Trims Stock Position in Cal-Maine Foods, Inc. $CALM

Exchange Traded Concepts LLC trimmed its holdings in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) by 19.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,380 shares of the basic materials company’s stock after selling 6,876 shares during the period. Exchange Traded Concepts LLC owned about 0.06% of Cal-Maine Foods worth $2,765,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CALM. IFP Advisors Inc increased its position in Cal-Maine Foods by 195.1% during the second quarter. IFP Advisors Inc now owns 239 shares of the basic materials company’s stock worth $25,000 after buying an additional 158 shares in the last quarter. Sound Income Strategies LLC acquired a new stake in shares of Cal-Maine Foods during the third quarter valued at $32,000. Carolina Wealth Advisors LLC purchased a new stake in Cal-Maine Foods during the 3rd quarter worth about $47,000. AdvisorNet Financial Inc purchased a new stake in Cal-Maine Foods during the 2nd quarter worth about $54,000. Finally, Geneos Wealth Management Inc. raised its stake in 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 valued at $67,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 84.67% of the company’s stock.

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.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CALM. Lake Street Capital set a $97.00 price target on shares of Cal-Maine Foods in a research note on Friday, October 3rd. The Goldman Sachs Group lowered their target price on shares of Cal-Maine Foods from $110.00 to $98.00 and set a “neutral” rating for the company in a research note on Friday, October 3rd. BMO Capital Markets reduced their price target on Cal-Maine Foods from $105.00 to $97.00 and set a “market perform” rating on the stock in a research note on Friday, October 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of Cal-Maine Foods in a report on Monday. Finally, Benchmark assumed coverage on Cal-Maine Foods in a research note on Monday, December 1st. They issued a “buy” rating and a $100.00 target price for the company. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Cal-Maine Foods has an average rating of “Hold” and an average price target of $101.40.

Cal-Maine Foods Stock Up 0.5%

Shares of NASDAQ CALM opened at $82.84 on Friday. The stock has a market capitalization of $4.02 billion, a PE ratio of 3.18 and a beta of 0.24. The firm has a fifty day moving average of $86.99 and a 200-day moving average of $97.92. 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 analysts’ consensus estimates of $4.55 by ($0.43). Cal-Maine Foods had a net margin of 28.86% and a return on equity of 52.31%. The firm had revenue of $922.60 million during the quarter, compared to analyst estimates of $931.62 million. During the same quarter in the previous year, the business posted $3.06 EPS. Cal-Maine Foods’s 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 6.6%. The ex-dividend date of this dividend was Wednesday, October 29th. Cal-Maine Foods’s payout ratio is currently 21.18%.

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. 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.