Wedge Capital Management L L P NC Cuts Position in Cal-Maine Foods, Inc. (NASDAQ:CALM)

Wedge Capital Management L L P NC lowered its stake in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) by 20.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 49,007 shares of the basic materials company’s stock after selling 12,354 shares during the period. Wedge Capital Management L L P NC owned 0.10% of Cal-Maine Foods worth $3,668,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Axiom Advisory LLC grew its position in Cal-Maine Foods by 3.3% during the third quarter. Axiom Advisory LLC now owns 4,061 shares of the basic materials company’s stock worth $280,000 after buying an additional 128 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Cal-Maine Foods by 57.0% during the 3rd quarter. Hexagon Capital Partners LLC now owns 427 shares of the basic materials company’s stock valued at $32,000 after buying an additional 155 shares in the last quarter. Garner Asset Management Corp raised its position in shares of Cal-Maine Foods by 0.9% in the 2nd quarter. Garner Asset Management Corp now owns 20,252 shares of the basic materials company’s stock worth $1,238,000 after purchasing an additional 183 shares during the last quarter. Regal Investment Advisors LLC lifted its holdings in shares of Cal-Maine Foods by 3.9% during the second quarter. Regal Investment Advisors LLC now owns 5,404 shares of the basic materials company’s stock valued at $330,000 after purchasing an additional 203 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Cal-Maine Foods by 2.0% in the second quarter. Arizona State Retirement System now owns 11,765 shares of the basic materials company’s stock worth $719,000 after acquiring an additional 230 shares during the period. 84.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com upgraded shares of Cal-Maine Foods from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. The Goldman Sachs Group boosted their target price on shares of Cal-Maine Foods from $47.00 to $52.00 and gave the stock a “sell” rating in a report on Wednesday, July 17th. Finally, Stephens assumed coverage on shares of Cal-Maine Foods in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $82.00 price target for the company.

Insider Activity at Cal-Maine Foods

In related news, Director James E. Poole sold 1,500 shares of Cal-Maine Foods stock in a transaction on Friday, July 26th. The shares were sold at an average price of $70.65, for a total value of $105,975.00. Following the completion of the sale, the director now owns 10,170 shares in the company, valued at approximately $718,510.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Michael Todd Walters sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $70.20, for a total value of $210,600.00. Following the transaction, the chief operating officer now directly owns 5,310 shares in the company, valued at approximately $372,762. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James E. Poole sold 1,500 shares of Cal-Maine Foods stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $70.65, for a total transaction of $105,975.00. Following the completion of the transaction, the director now directly owns 10,170 shares of the company’s stock, valued at $718,510.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,000 shares of company stock valued at $422,970. Insiders own 13.51% of the company’s stock.

Cal-Maine Foods Trading Up 1.8 %

Cal-Maine Foods stock opened at $92.22 on Wednesday. Cal-Maine Foods, Inc. has a twelve month low of $44.30 and a twelve month high of $93.05. The firm has a market capitalization of $4.52 billion, a P/E ratio of 16.35 and a beta of -0.10. The stock’s fifty day simple moving average is $74.46 and its 200-day simple moving average is $65.93.

Cal-Maine Foods (NASDAQ:CALM) last posted its earnings results on Tuesday, October 1st. The basic materials company reported $3.06 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.30). Cal-Maine Foods had a net margin of 16.09% and a return on equity of 24.25%. The business had revenue of $785.87 million for the quarter, compared to analysts’ expectations of $704.65 million. During the same quarter last year, the business posted $0.02 earnings per share. The business’s revenue was up 71.1% compared to the same quarter last year.

Cal-Maine Foods Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Wednesday, October 30th will be given a $1.02 dividend. This is a boost from Cal-Maine Foods’s previous quarterly dividend of $0.77. This represents a $4.08 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend is Wednesday, October 30th. Cal-Maine Foods’s dividend payout ratio is presently 72.16%.

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.