Municipal Employees Retirement System of Michigan increased its stake in J M Smucker Co (NYSE:SJM) by 12.3% during the second quarter, Holdings Channel reports. The institutional investor owned 9,120 shares of the company’s stock after buying an additional 1,000 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in J M Smucker were worth $1,079,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of SJM. Harbour Capital Advisors LLC bought a new position in shares of J M Smucker during the first quarter valued at about $126,000. Fenimore Asset Management Inc. bought a new position in shares of J M Smucker during the first quarter valued at about $200,000. Schnieders Capital Management LLC bought a new position in shares of J M Smucker during the first quarter valued at about $217,000. Advisory Services Network LLC bought a new position in shares of J M Smucker during the first quarter valued at about $221,000. Finally, HPM Partners LLC bought a new position in shares of J M Smucker during the first quarter valued at about $229,000. Hedge funds and other institutional investors own 75.47% of the company’s stock.
Shares of J M Smucker Co (NYSE SJM) opened at 121.72 on Friday. The stock has a market capitalization of $13.81 billion, a PE ratio of 23.87 and a beta of 0.62. The stock’s 50 day moving average is $119.18 and its 200 day moving average is $128.73. J M Smucker Co has a 52 week low of $114.31 and a 52 week high of $156.23.
J M Smucker (NYSE:SJM) last released its earnings results on Thursday, June 8th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.08. J M Smucker had a net margin of 6.19% and a return on equity of 6.25%. The company had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the firm earned $1.19 EPS. The company’s revenue was down 1.3% compared to the same quarter last year. Analysts anticipate that J M Smucker Co will post $7.97 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 11th will be given a $0.78 dividend. This is an increase from J M Smucker’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $3.12 dividend on an annualized basis and a yield of 2.56%. J M Smucker’s dividend payout ratio is presently 58.82%.
Several brokerages recently issued reports on SJM. Susquehanna Bancshares Inc restated a “neutral” rating and set a $128.00 price objective (down from $132.00) on shares of J M Smucker in a research report on Wednesday, May 31st. Jefferies Group LLC reiterated a “hold” rating and issued a $130.00 price target on shares of J M Smucker in a report on Wednesday, April 26th. Zacks Investment Research downgraded J M Smucker from a “hold” rating to a “sell” rating in a report on Monday, May 8th. Deutsche Bank AG reiterated a “hold” rating and issued a $131.00 price target (down from $135.00) on shares of J M Smucker in a report on Thursday, July 13th. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $126.00 price target on shares of J M Smucker in a report on Thursday, June 1st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $132.82.
In other J M Smucker news, SVP Jill R. Penrose sold 550 shares of the stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $120.09, for a total value of $66,049.50. Following the completion of the sale, the senior vice president now owns 13,475 shares in the company, valued at approximately $1,618,212.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Barry C. Dunaway sold 9,433 shares of the stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $121.32, for a total transaction of $1,144,411.56. Following the completion of the sale, the insider now owns 40,966 shares of the company’s stock, valued at approximately $4,969,995.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,030 shares of company stock valued at $1,948,195. Insiders own 3.50% of the company’s stock.
J M Smucker Company Profile
The J. M. Smucker Company is a manufacturer and marketer of branded food and beverage products and pet food and pet snacks in North America. The Company’s segments include U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International and Foodservice. The Company’s U.S. retail market segments consist of the sale of branded food products to consumers through retail outlets in North America.
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