Cal-Maine Foods (CALM) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Cal-Maine Foods (NASDAQ:CALM) from a hold rating to a buy rating in a report released on Wednesday. Zacks Investment Research currently has $49.00 price target on the basic materials company’s stock.

According to Zacks, “Cal-Maine Foods, Inc. is engaged in the production, cleaning, grading, and packaging of fresh shell eggs for sale to shell egg retailers. The company is the one of the largest producers and distributors of fresh shell eggs in the United States. The company markets its eggs primarily in the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States. “

Several other research analysts have also weighed in on the stock. Stephens raised shares of Cal-Maine Foods from an equal weight rating to an overweight rating and raised their price objective for the stock from $35.00 to $50.00 in a report on Tuesday, October 3rd. BidaskClub lowered shares of Cal-Maine Foods from a strong-buy rating to a buy rating in a report on Saturday, December 9th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $39.75.

Shares of Cal-Maine Foods (CALM) traded down $0.05 during mid-day trading on Wednesday, reaching $43.90. 307,388 shares of the company’s stock traded hands, compared to its average volume of 331,087. The firm has a market cap of $2,130.00, a price-to-earnings ratio of -35.69 and a beta of 0.77. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.14 and a current ratio of 6.67. Cal-Maine Foods has a 52 week low of $33.40 and a 52 week high of $50.40.

Cal-Maine Foods (NASDAQ:CALM) last announced its quarterly earnings data on Monday, October 2nd. The basic materials company reported ($0.33) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.18). The company had revenue of $262.80 million for the quarter, compared to analyst estimates of $265.50 million. Cal-Maine Foods had a negative return on equity of 6.97% and a negative net margin of 5.41%. Cal-Maine Foods’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.64) earnings per share. equities research analysts predict that Cal-Maine Foods will post 0.9 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of CALM. Cubist Systematic Strategies LLC bought a new stake in Cal-Maine Foods in the 3rd quarter valued at about $127,000. Public Employees Retirement System of Ohio lifted its position in Cal-Maine Foods by 22.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,161 shares of the basic materials company’s stock valued at $125,000 after purchasing an additional 590 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Cal-Maine Foods by 48.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,423 shares of the basic materials company’s stock valued at $135,000 after purchasing an additional 1,111 shares during the last quarter. Bessemer Group Inc. lifted its position in Cal-Maine Foods by 138.3% in the 2nd quarter. Bessemer Group Inc. now owns 3,649 shares of the basic materials company’s stock valued at $145,000 after purchasing an additional 2,118 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Cal-Maine Foods by 42.4% in the 3rd quarter. Sei Investments Co. now owns 3,882 shares of the basic materials company’s stock valued at $160,000 after purchasing an additional 1,156 shares during the last quarter. 62.97% of the stock is owned by institutional investors and hedge funds.

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About Cal-Maine Foods

Cal-Maine Foods, Inc is a producer and marketer of shell eggs in the United States. The Company operates through the segment of production, grading, packaging, marketing and distribution of shell eggs. It offers shell eggs, including specialty and non-specialty eggs. It classifies cage free, organic and brown eggs as specialty products.

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