Pinnacle Associates Ltd. Trims Position in Cal-Maine Foods Inc (CALM)

Pinnacle Associates Ltd. trimmed its holdings in shares of Cal-Maine Foods Inc (NASDAQ:CALM) by 24.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 8,523 shares of the basic materials company’s stock after selling 2,787 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Cal-Maine Foods were worth $412,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. NEXT Financial Group Inc acquired a new position in Cal-Maine Foods in the 3rd quarter worth approximately $133,000. First Quadrant L P CA acquired a new position in Cal-Maine Foods in the 3rd quarter worth approximately $161,000. NumerixS Investment Technologies Inc acquired a new position in Cal-Maine Foods in the 2nd quarter worth approximately $190,000. United Services Automobile Association acquired a new position in Cal-Maine Foods in the 2nd quarter worth approximately $208,000. Finally, Amalgamated Bank acquired a new position in Cal-Maine Foods in the 2nd quarter worth approximately $219,000. Hedge funds and other institutional investors own 61.38% of the company’s stock.

CALM has been the subject of a number of recent analyst reports. Stephens lowered shares of Cal-Maine Foods from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 1st. BidaskClub raised shares of Cal-Maine Foods from a “hold” rating to a “buy” rating in a research note on Tuesday, August 14th. Zacks Investment Research lowered shares of Cal-Maine Foods from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 10th. Finally, ValuEngine raised shares of Cal-Maine Foods from a “hold” rating to a “buy” rating in a research note on Friday, October 12th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $54.50.

In related news, CFO Max P. Bowman bought 2,000 shares of the firm’s stock in a transaction on Thursday, October 11th. The stock was bought at an average price of $45.51 per share, with a total value of $91,020.00. Following the purchase, the chief financial officer now directly owns 2,000 shares of the company’s stock, valued at approximately $91,020. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 33.03% of the company’s stock.

Shares of NASDAQ:CALM opened at $46.63 on Friday. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 16.42 and a beta of 0.43. Cal-Maine Foods Inc has a 12-month low of $39.50 and a 12-month high of $52.30.

Cal-Maine Foods (NASDAQ:CALM) last issued its earnings results on Monday, October 1st. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.23). The company had revenue of $340.60 million for the quarter, compared to analyst estimates of $346.76 million. Cal-Maine Foods had a net margin of 9.76% and a return on equity of 18.99%. The company’s quarterly revenue was up 29.6% on a year-over-year basis. During the same period last year, the business earned ($0.33) EPS. Equities research analysts expect that Cal-Maine Foods Inc will post 3.35 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st were paid a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend was Tuesday, October 30th. Cal-Maine Foods’s dividend payout ratio (DPR) is currently 11.97%.

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Cal-Maine Foods Profile

Cal-Maine Foods, Inc produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse, and 4-Grain brand names, as well as under private labels.

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Want to see what other hedge funds are holding CALM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cal-Maine Foods Inc (NASDAQ:CALM).

Institutional Ownership by Quarter for Cal-Maine Foods (NASDAQ:CALM)

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