OVERSEA CHINESE BANKING Corp Ltd Takes Position in The J. M. Smucker Company (NYSE:SJM)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in The J. M. Smucker Company (NYSE:SJM) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,519 shares of the company’s stock, valued at approximately $417,000.

A number of other hedge funds have also made changes to their positions in SJM. Proficio Capital Partners LLC acquired a new stake in shares of J. M. Smucker in the 4th quarter valued at about $4,802,000. Avantax Advisory Services Inc. boosted its position in shares of J. M. Smucker by 6.2% in the 4th quarter. Avantax Advisory Services Inc. now owns 16,727 shares of the company’s stock valued at $1,842,000 after purchasing an additional 983 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of J. M. Smucker by 7.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 103,593 shares of the company’s stock valued at $11,408,000 after purchasing an additional 7,149 shares during the period. Corient Private Wealth LLC boosted its position in shares of J. M. Smucker by 6.5% in the 4th quarter. Corient Private Wealth LLC now owns 55,767 shares of the company’s stock valued at $6,141,000 after purchasing an additional 3,407 shares during the period. Finally, Harbour Investments Inc. boosted its position in shares of J. M. Smucker by 12.9% in the 4th quarter. Harbour Investments Inc. now owns 10,032 shares of the company’s stock valued at $1,105,000 after purchasing an additional 1,149 shares during the period. Hedge funds and other institutional investors own 81.66% of the company’s stock.

Insiders Place Their Bets

In other news, Director Tarang Amin acquired 1,050 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The stock was purchased at an average cost of $96.09 per share, with a total value of $100,894.50. Following the purchase, the director directly owned 3,825 shares of the company’s stock, valued at approximately $367,544.25. This trade represents a 37.84% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 2.24% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on SJM shares. Barclays decreased their target price on J. M. Smucker from $119.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 11th. Bank of America decreased their price objective on J. M. Smucker from $118.00 to $105.00 and set a “neutral” rating for the company in a research report on Wednesday, June 11th. BNP Paribas raised J. M. Smucker from a “strong sell” rating to a “strong-buy” rating in a research report on Wednesday, July 9th. BNP Paribas Exane raised J. M. Smucker from an “underperform” rating to an “outperform” rating and set a $120.00 price objective for the company in a research report on Wednesday, July 9th. Finally, Citigroup decreased their price objective on J. M. Smucker from $128.00 to $118.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $117.33.

J. M. Smucker Stock Performance

Shares of SJM stock opened at $104.32 on Wednesday. The company has a market cap of $11.11 billion, a price-to-earnings ratio of -9.02, a price-to-earnings-growth ratio of 7.89 and a beta of 0.31. The stock has a 50 day simple moving average of $105.64 and a 200-day simple moving average of $108.55. The J. M. Smucker Company has a 12-month low of $93.30 and a 12-month high of $125.42. The company has a current ratio of 0.81, a quick ratio of 0.35 and a debt-to-equity ratio of 1.16.

J. M. Smucker (NYSE:SJM) last issued its earnings results on Tuesday, June 10th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.06. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.18 billion. J. M. Smucker had a positive return on equity of 15.20% and a negative net margin of 14.10%. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.66 EPS. On average, equities analysts forecast that The J. M. Smucker Company will post 9.88 EPS for the current year.

J. M. Smucker Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 16th were paid a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Friday, May 16th. J. M. Smucker’s payout ratio is currently -37.37%.

About J. M. Smucker

The J. M. Smucker Company manufactures and markets branded food and beverage products worldwide. It operates in three segments: U.S. Retail Pet Foods, U.S. Retail Coffee, and U.S. Retail Consumer Foods. The company offers mainstream roast, ground, single serve, and premium coffee; peanut butter and specialty spreads; fruit spreads, toppings, and syrups; jelly products; nut mix products; shortening and oils; frozen sandwiches and snacks; pet food and pet snacks; and foodservice hot beverage, foodservice portion control, and flour products, as well as dog and cat food, frozen handheld products, juices and beverages, and baking mixes and ingredients.