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Is Cal-Maine (CALM) Still a Smart Investment Choice?

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Third Avenue Management, an investment management firm, published its “Small-Cap Value Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. The Third Avenue Small-Cap Value Fund (the “Fund”) declined 0.44% during the first quarter of 2022 versus a decline of 2.40% for the Fund’s most relevant benchmark, the Russell 2000 Value Index1 (the “Index”). Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Third Avenue Management Small-Cap Value Fund mentioned Cal-Maine Foods, Inc. (NASDAQ:CALM) and explained its insights for the company. Founded in 1957, Cal-Maine Foods, Inc. (NASDAQ:CALM) is a Jackson, Mississippi-based food production company with a $2.2 billion market capitalization. Cal-Maine Foods, Inc. (NASDAQ:CALM) delivered a 26.85% return since the beginning of the year, while its 12-month returns are up by 28.72%. The stock closed at $46.92 per share on June 16, 2022.

Here is what Third Avenue Management Small-Cap Value Fund has to say about Cal-Maine Foods, Inc. (NASDAQ:CALM) in its Q1 2022 investor letter:

"Egg producer Cal-Maine Foods (NASDAQ:CALM) rose 49% due to improved earnings and fears of an avian flu outbreak that could restrict future supply. Thankfully, thus far, Cal-Maine has not been directly impacted, yet it is causing egg prices to rise nationwide."

Melnikov Sergey/Shutterstock.com

Our calculations show that Cal-Maine Foods, Inc. (NASDAQ:CALM) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Cal-Maine Foods, Inc. (NASDAQ:CALM) was in 20 hedge fund portfolios at the end of the first quarter of 2022, compared to 15 funds in the previous quarter. Cal-Maine Foods, Inc. (NASDAQ:CALM) delivered a -5.31% return in the past 3 months.

In May 2022, we also shared another hedge fund’s views on Cal-Maine Foods, Inc. (NASDAQ:CALM) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.