Cal-Maine Foods (NASDAQ:CALM) Shares Down 3.7% - Here's Why

Cal-Maine Foods, Inc. (NASDAQ:CALM - Get Free Report) shares were down 3.7% during mid-day trading on Wednesday . The company traded as low as $85.10 and last traded at $85.22. Approximately 573,269 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 947,473 shares. The stock had previously closed at $88.54.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CALM. Stephens reissued an "equal weight" rating and set a $97.00 price target on shares of Cal-Maine Foods in a research note on Thursday. StockNews.com upgraded shares of Cal-Maine Foods from a "hold" rating to a "buy" rating in a research report on Wednesday, January 15th.

Cal-Maine Foods Trading Up 5.5 %

The firm has a market capitalization of $4.27 billion, a P/E ratio of 6.78 and a beta of -0.12. The company has a 50-day moving average of $102.35 and a 200-day moving average of $92.50.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last issued its quarterly earnings results on Tuesday, January 7th. The basic materials company reported $4.47 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.42. The company had revenue of $954.70 million during the quarter, compared to analysts' expectations of $751.50 million. Cal-Maine Foods had a return on equity of 33.69% and a net margin of 20.39%. The business's quarterly revenue was up 82.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Research analysts predict that Cal-Maine Foods, Inc. will post 15.59 EPS for the current year.

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Insiders Place Their Bets

In other Cal-Maine Foods news, Director Letitia Callender Hughes sold 809 shares of the stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $109.97, for a total transaction of $88,965.73. Following the completion of the sale, the director now directly owns 42,761 shares in the company, valued at approximately $4,702,427.17. This trade represents a 1.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 13.45% of the company's stock.

Institutional Investors Weigh In On Cal-Maine Foods

Institutional investors and hedge funds have recently made changes to their positions in the business. Harbor Capital Advisors Inc. acquired a new position in Cal-Maine Foods in the third quarter valued at approximately $29,000. Quarry LP increased its stake in shares of Cal-Maine Foods by 32.5% in the 3rd quarter. Quarry LP now owns 770 shares of the basic materials company's stock valued at $58,000 after acquiring an additional 189 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Cal-Maine Foods by 339.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,032 shares of the basic materials company's stock valued at $105,000 after acquiring an additional 797 shares during the period. Daiwa Securities Group Inc. bought a new position in Cal-Maine Foods during the fourth quarter worth $134,000. Finally, GAMMA Investing LLC grew its holdings in Cal-Maine Foods by 24.3% in the fourth quarter. GAMMA Investing LLC now owns 1,368 shares of the basic materials company's stock worth $141,000 after purchasing an additional 267 shares during the period. Institutional investors own 84.67% of the company's stock.

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.