Praxis Investment Management Inc. Reduces Holdings in Cal-Maine Foods, Inc. $CALM

Praxis Investment Management Inc. trimmed its position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) by 32.3% in the 2nd quarter, Holdings Channel reports. The firm owned 3,850 shares of the basic materials company’s stock after selling 1,840 shares during the period. Praxis Investment Management Inc.’s holdings in Cal-Maine Foods were worth $384,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. IFP Advisors Inc increased its position in shares of 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 purchasing an additional 158 shares in the last quarter. Investment Management Corp VA ADV increased its position in shares of Cal-Maine Foods by 172.2% during the first quarter. Investment Management Corp VA ADV now owns 392 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 248 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Cal-Maine Foods during the first quarter worth approximately $52,000. AdvisorNet Financial Inc purchased a new stake in shares of Cal-Maine Foods during the second quarter worth approximately $54,000. Finally, Blue Trust Inc. increased its position in shares of Cal-Maine Foods by 388.2% during the first quarter. Blue Trust Inc. now owns 620 shares of the basic materials company’s stock worth $56,000 after purchasing an additional 493 shares in the last quarter. 84.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cal-Maine Foods

In other Cal-Maine Foods news, insider Keira L. Lombardo purchased 2,800 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The shares were acquired at an average price of $92.36 per share, with a total value of $258,608.00. Following the purchase, the insider directly owned 3,738 shares in the company, valued at approximately $345,241.68. This trade represents a 298.51% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 3.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently commented on CALM. Weiss Ratings reiterated a “buy (b)” rating on shares of Cal-Maine Foods in a research report on Saturday, September 27th. Wall Street Zen lowered Cal-Maine Foods from a “buy” rating to a “hold” rating in a research note on Saturday, August 23rd. BMO Capital Markets lowered their price objective 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. Stephens boosted their price objective on Cal-Maine Foods from $108.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 24th. Finally, Lake Street Capital set a $97.00 price objective on Cal-Maine Foods in a research note on Friday, October 3rd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Cal-Maine Foods has a consensus rating of “Hold” and a consensus price target of $101.75.

Cal-Maine Foods Stock Up 2.9%

Shares of Cal-Maine Foods stock opened at $94.56 on Friday. Cal-Maine Foods, Inc. has a 52 week low of $79.55 and a 52 week high of $126.40. The business’s fifty day simple moving average is $104.21 and its 200-day simple moving average is $100.50. The firm has a market cap of $4.59 billion, a PE ratio of 3.64 and a beta of 0.22.

Cal-Maine Foods (NASDAQ:CALM) last announced its quarterly earnings results on Wednesday, October 1st. The basic materials company reported $4.12 EPS for the quarter, missing the consensus estimate 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 business had revenue of $922.60 million during the quarter, compared to analyst estimates of $931.62 million. During the same period last year, the company earned $3.06 EPS. The business’s revenue for the quarter was up 17.4% on a year-over-year basis. As a group, equities analysts expect that Cal-Maine Foods, Inc. will post 15.59 earnings per share for the current year.

Cal-Maine Foods Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Stockholders of record on Wednesday, October 29th will be paid a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend is Wednesday, October 29th. Cal-Maine Foods’s dividend payout ratio is 36.22%.

Cal-Maine Foods Profile

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.