Castleark Management LLC Makes New Investment in The J. M. Smucker Company $SJM

Key Points

• Castleark Management initiated a position in J. M. Smucker during the first quarter, purchasing 59,580 shares valued at approximately $5.75 million. Institutional investors and hedge funds collectively own 81.66% of the company.
• Analysts maintain a mixed outlook, with nine Buy ratings and ten Hold ratings. The consensus rating is Hold, with an average price target of $121.67, while several firms recently raised their targets.
• Smucker reported quarterly EPS of $2.77, beating estimates, as revenue rose 5.8% year over year to $2.27 billion. The company also increased its quarterly dividend to $1.12 per share, representing a 3.7% annualized yield.

Castleark Management LLC bought a new position in shares of The J. M. Smucker Company (NYSE:SJM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 59,580 shares of the company's stock, valued at approximately $5,746,000. Castleark Management LLC owned approximately 0.06% of J. M. Smucker as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in J. M. Smucker by 10.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,440 shares of the company's stock valued at $2,286,000 after acquiring an additional 1,763 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of J. M. Smucker in the first quarter valued at approximately $253,000. Empowered Funds LLC increased its holdings in shares of J. M. Smucker by 28.6% in the first quarter. Empowered Funds LLC now owns 12,992 shares of the company's stock valued at $1,538,000 after purchasing an additional 2,889 shares during the last quarter. Woodline Partners LP lifted its position in J. M. Smucker by 40.7% during the first quarter. Woodline Partners LP now owns 8,990 shares of the company's stock worth $1,065,000 after buying an additional 2,600 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in J. M. Smucker by 6.7% during the second quarter. American Century Companies Inc. now owns 2,209 shares of the company's stock worth $217,000 after buying an additional 138 shares during the last quarter. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SJM has been the subject of a number of recent research reports. Bank of America raised their target price on J. M. Smucker from $130.00 to $132.00 and gave the stock a "buy" rating in a research note on Wednesday, June 10th. Royal Bank Of Canada raised their price objective on shares of J. M. Smucker from $130.00 to $135.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 10th. BNP Paribas Exane set a $125.00 target price on shares of J. M. Smucker in a report on Thursday, April 9th. JPMorgan Chase & Co. raised their price target on shares of J. M. Smucker from $120.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, June 10th. Finally, Wells Fargo & Company set a $115.00 price target on shares of J. M. Smucker in a research report on Wednesday, June 10th. Nine analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $121.67.

Insider Activity

In other news, insider Jill R. Penrose sold 5,000 shares of J. M. Smucker stock in a transaction on Monday, June 29th. The stock was sold at an average price of $116.69, for a total value of $583,450.00. Following the completion of the sale, the insider directly owned 15,795 shares of the company's stock, valued at approximately $1,843,118.55. The trade was a 24.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeannette L. Knudsen sold 4,353 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $115.08, for a total value of $500,943.24. Following the transaction, the insider directly owned 16,835 shares in the company, valued at approximately $1,937,371.80. The trade was a 20.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 18,533 shares of company stock valued at $2,132,914. 2.80% of the stock is currently owned by corporate insiders.

J. M. Smucker Trading Up 2.6%

Shares of SJM stock opened at $121.43 on Tuesday. The J. M. Smucker Company has a 1-year low of $88.25 and a 1-year high of $121.67. The firm has a market cap of $12.95 billion, a PE ratio of -93.41, a price-to-earnings-growth ratio of 1.65 and a beta of 0.26. The company has a 50-day moving average of $110.23 and a two-hundred day moving average of $104.96. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.78 and a quick ratio of 0.33.

J. M. Smucker (NYSE:SJM - Get Free Report) last released its quarterly earnings results on Tuesday, June 9th. The company reported $2.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.64 by $0.13. The business had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.26 billion. J. M. Smucker had a negative net margin of 1.53% and a positive return on equity of 17.18%. The business's revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.31 EPS. J. M. Smucker has set its FY 2027 guidance at 9.750-10.250 EPS. On average, analysts predict that The J. M. Smucker Company will post 9.95 EPS for the current year.

J. M. Smucker Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $1.12 per share. This is an increase from J. M. Smucker's previous quarterly dividend of $1.10. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, August 14th. J. M. Smucker's dividend payout ratio (DPR) is -344.62%.

J. M. Smucker Company Profile

The J. M. Smucker Company is a diversified food and beverage manufacturer and marketer known for a portfolio of well-established consumer brands. The company's main business activities include the production and distribution of fruit spreads, peanut butter, coffee and coffee filters, as well as pet food and pet snacks. Smucker's core product lines serve both retail and foodservice customers through grocery chains, mass merchandisers, club stores, convenience outlets and e-commerce channels.

Among its leading brands are Smucker's® fruit spreads, Jif® peanut butter, Folgers® and Dunkin'® coffees, and Café Bustelo® coffee.

Want to see what other hedge funds are holding SJM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The J. M. Smucker Company (NYSE:SJM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.