J. M. Smucker (NYSE:SJM) Shares Gap Up Following Earnings Beat

Posted by Defense World Staff on Jun 7th, 2023

The J. M. Smucker Company (NYSE:SJM – Get Rating) shares gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $148.96, but opened at $152.94. J. M. Smucker shares last traded at $148.88, with a volume of 182,066 shares trading hands.

The company reported $2.64 EPS for the quarter, beating the consensus estimate of $2.41 by $0.23. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.17 billion. J. M. Smucker had a net margin of 8.54% and a return on equity of 11.10%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $2.23 EPS.

J. M. Smucker Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Friday, May 12th were paid a $1.02 dividend. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $4.08 annualized dividend and a dividend yield of 2.79%. J. M. Smucker’s payout ratio is 61.45%.

Analyst Ratings Changes

A number of equities analysts have recently commented on SJM shares. UBS Group cut their price target on shares of J. M. Smucker from $159.00 to $157.00 in a report on Wednesday, May 31st. Barclays started coverage on J. M. Smucker in a research report on Tuesday, May 2nd. They issued an “equal weight” rating on the stock. 58.com restated a “maintains” rating on shares of J. M. Smucker in a research report on Thursday, May 18th. StockNews.com initiated coverage on shares of J. M. Smucker in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Stifel Nicolaus initiated coverage on shares of J. M. Smucker in a research note on Thursday, April 13th. They issued a “hold” rating and a $168.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, J. M. Smucker has a consensus rating of “Hold” and an average target price of $153.36.

Insider Activity at J. M. Smucker

In other news, insider Jill R. Penrose sold 4,795 shares of the stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $152.74, for a total value of $732,388.30. Following the completion of the sale, the insider now owns 9,106 shares in the company, valued at $1,390,850.44. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other J. M. Smucker news, insider Jeannette L. Knudsen sold 10,000 shares of the stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $153.96, for a total transaction of $1,539,600.00. Following the completion of the transaction, the insider now owns 17,561 shares in the company, valued at $2,703,691.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jill R. Penrose sold 4,795 shares of J. M. Smucker stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $152.74, for a total transaction of $732,388.30. Following the completion of the transaction, the insider now owns 9,106 shares of the company’s stock, valued at $1,390,850.44. The disclosure for this sale can be found here. Insiders have sold a total of 96,168 shares of company stock valued at $14,799,601 over the last 90 days. Insiders own 3.70% of the company’s stock.

Institutional Trading of J. M. Smucker

A number of institutional investors have recently added to or reduced their stakes in the stock. Destiny Wealth Partners LLC grew its position in J. M. Smucker by 295.7% during the fourth quarter. Destiny Wealth Partners LLC now owns 182 shares of the company’s stock worth $29,000 after buying an additional 136 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of J. M. Smucker by 59.8% during the first quarter. Massmutual Trust Co. FSB ADV now owns 187 shares of the company’s stock valued at $29,000 after buying an additional 70 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of J. M. Smucker in the fourth quarter worth about $30,000. Graham Capital Wealth Management LLC bought a new stake in shares of J. M. Smucker in the 1st quarter valued at about $314,740,000. Finally, Beacon Capital Management LLC boosted its holdings in J. M. Smucker by 224.2% during the 4th quarter. Beacon Capital Management LLC now owns 201 shares of the company’s stock valued at $32,000 after acquiring an additional 139 shares during the period. Hedge funds and other institutional investors own 79.21% of the company’s stock.

J. M. Smucker Trading Down 1.8 %

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.45 and a current ratio of 1.16. The firm has a 50-day moving average of $153.42 and a 200-day moving average of $152.96. The firm has a market capitalization of $15.59 billion, a P/E ratio of 22.02, a price-to-earnings-growth ratio of 6.38 and a beta of 0.22.

About J. M. Smucker

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The J. M. Smucker Co engages in the manufacture and marketing of food and beverage products. It operates through the following segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International and Away From Home. The U. S. Retail Coffee segment includes domestic sales of Folgers, Dunkin’ Donuts, and Café Bustelo branded coffee.