Not An Eternal Calm: Cal-Maine Foods Inc (CALM) Rising On Bullish Analyst Coverage

What have hedge funds been doing with Cal-Maine Foods Inc (NASDAQ:CALM)?

Of the funds tracked by Insider Monkey, Chuck Royce‘s Royce & Associates had the most valuable position in Cal-Maine Foods Inc (NASDAQ:CALM), worth close to $126 million, consisting of about 3.23 million shares, and accounting for 0.5% of its total 13F portfolio. The second-largest stake is held by Renaissance Technologies, led by Jim Simons, holding a $47.9 million position or about 1.23 million in shares; 0.1% of its 13F portfolio is allocated to the company. Other members of the smart money that are bullish contain Glenn Russell Dubin’s Highbridge Capital Management, Ken Griffin’s Citadel Investment Group, and Eric Sprott’s Sprott Asset Management.

Due to the fact that Cal-Maine Foods Inc (NASDAQ:CALM) has witnessed falling interest from the aggregate hedge fund industry, it’s easy to see that there lies a certain “tier” of hedgies that elected to cut their entire stakes at the end of the first quarter. At the top of the heap was Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, which dumped the biggest position among the “upper crust” of funds monitored by Insider Monkey, selling 152,509 shares worth about $6 million. Ray Carroll’s fund, Breton Hill Capital, also said goodbye to its 43,746-share position, worth about $1.7 million.

As we can see, there were fewer hedge funds who were long on Cal-Maine Foods Inc by the end of the first quarter. Still, the substantial increase in the value of holdings means that those who were still long on the stock generally increased the number of shares they held. Insider sentiment was also positive. These, along with the bullish views of analysts on the stock leads us to recommend Cal-Maine Foods Inc (NASDAQ:CALM) as a stock to buy.

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