BlackRock Inc. trimmed its holdings in The J. M. Smucker Company (NYSE:SJM) by 5.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,677,517 shares of the company’s stock after selling 604,039 shares during the quarter. BlackRock Inc. owned approximately 8.93% of J. M. Smucker worth $1,161,591,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Ergoteles LLC acquired a new position in shares of J. M. Smucker in the 2nd quarter valued at $1,099,000. Sabal Trust CO increased its holdings in shares of J. M. Smucker by 4.1% in the 3rd quarter. Sabal Trust CO now owns 159,770 shares of the company’s stock valued at $19,177,000 after acquiring an additional 6,300 shares during the period. CIBC Asset Management Inc increased its holdings in shares of J. M. Smucker by 9.2% in the 2nd quarter. CIBC Asset Management Inc now owns 30,272 shares of the company’s stock valued at $3,922,000 after acquiring an additional 2,555 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of J. M. Smucker by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 952,597 shares of the company’s stock valued at $123,427,000 after acquiring an additional 8,640 shares during the period. Finally, Westpac Banking Corp increased its holdings in shares of J. M. Smucker by 69.6% in the 3rd quarter. Westpac Banking Corp now owns 21,207 shares of the company’s stock valued at $2,545,000 after acquiring an additional 8,700 shares during the period. 83.30% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Geoff E. Tanner sold 10,039 shares of the business’s stock in a transaction dated Friday, December 17th. The shares were sold at an average price of $138.23, for a total value of $1,387,690.97. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Tucker H. Marshall sold 10,000 shares of the business’s stock in a transaction dated Friday, December 17th. The stock was sold at an average price of $138.97, for a total transaction of $1,389,700.00. The disclosure for this sale can be found here. 3.70% of the stock is owned by insiders.
J. M. Smucker (NYSE:SJM) last issued its earnings results on Tuesday, November 23rd. The company reported $2.43 EPS for the quarter, topping the consensus estimate of $2.04 by $0.39. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.96 billion. J. M. Smucker had a net margin of 9.72% and a return on equity of 11.60%. The business’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.39 EPS. On average, sell-side analysts forecast that The J. M. Smucker Company will post 8.6 earnings per share for the current fiscal year.
J. M. Smucker declared that its board has approved a share buyback plan on Friday, October 22nd that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 1st. Investors of record on Friday, November 12th were given a $0.99 dividend. The ex-dividend date was Wednesday, November 10th. This represents a $3.96 annualized dividend and a dividend yield of 2.73%. J. M. Smucker’s dividend payout ratio is presently 56.65%.
Several equities analysts have issued reports on the stock. Credit Suisse Group boosted their price objective on shares of J. M. Smucker from $125.00 to $130.00 and gave the company a “neutral” rating in a research note on Wednesday, November 24th. Zacks Investment Research raised shares of J. M. Smucker from a “hold” rating to a “buy” rating and set a $137.00 price objective on the stock in a research note on Tuesday, November 30th. Guggenheim raised shares of J. M. Smucker from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $136.00 to $146.00 in a research note on Tuesday, November 9th. Citigroup boosted their price objective on shares of J. M. Smucker from $132.00 to $138.00 and gave the company a “neutral” rating in a research note on Wednesday, November 24th. Finally, Barclays boosted their price objective on shares of J. M. Smucker from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $134.91.
J. M. Smucker Company Profile
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.
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