OVERSEA CHINESE BANKING Corp Ltd Invests $417,000 in The J. M. Smucker Company (NYSE:SJM)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd acquired 3,519 shares of The J. M. Smucker Company, valued at approximately $417,000, during the first quarter.
• J. M. Smucker recently reported earnings of $2.31 per share, surpassing expectations, but their revenue fell by 2.8% year-over-year.
• The company announced an increase in its quarterly dividend to $1.10 per share, reflecting an annual dividend yield of 4.1%.

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

A number of other hedge funds also recently made changes to their positions in SJM. Schroder Investment Management Group grew its stake in shares of J. M. Smucker by 42.3% during the 4th quarter. Schroder Investment Management Group now owns 18,509 shares of the company's stock valued at $2,034,000 after acquiring an additional 5,505 shares during the period. Alliancebernstein L.P. lifted its holdings in J. M. Smucker by 63.0% in the 4th quarter. Alliancebernstein L.P. now owns 208,242 shares of the company's stock worth $22,932,000 after purchasing an additional 80,511 shares in the last quarter. National Bank of Canada FI lifted its holdings in J. M. Smucker by 9.9% in the 4th quarter. National Bank of Canada FI now owns 50,068 shares of the company's stock worth $5,514,000 after purchasing an additional 4,518 shares in the last quarter. Geode Capital Management LLC lifted its holdings in J. M. Smucker by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 2,609,952 shares of the company's stock worth $286,664,000 after purchasing an additional 58,231 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new position in J. M. Smucker in the 4th quarter worth approximately $6,142,000. 81.66% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other J. M. Smucker news, Director Tarang Amin bought 1,050 shares of J. M. Smucker stock in a transaction on Thursday, June 12th. The shares were acquired at an average price of $96.09 per share, for a total transaction of $100,894.50. Following the completion of the purchase, the director directly owned 3,825 shares in the company, valued at approximately $367,544.25. This trade represents a 37.84% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.24% of the stock is currently owned by insiders.

J. M. Smucker Trading Up 1.7%

NYSE:SJM traded up $1.83 during mid-day trading on Monday, hitting $110.08. 1,640,267 shares of the stock traded hands, compared to its average volume of 2,042,404. The stock has a market capitalization of $11.72 billion, a price-to-earnings ratio of -9.52, a PEG ratio of 8.22 and a beta of 0.31. The J. M. Smucker Company has a 52 week low of $93.30 and a 52 week high of $125.42. The firm's 50 day moving average is $104.53 and its two-hundred day moving average is $108.81. The company has a quick ratio of 0.35, a current ratio of 0.81 and a debt-to-equity ratio of 1.16.

J. M. Smucker (NYSE:SJM - Get Free Report) last released its earnings results on Tuesday, June 10th. The company reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.25 by $0.06. J. M. Smucker had a positive return on equity of 15.20% and a negative net margin of 14.10%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter last year, the firm posted $2.66 earnings per share. The business's revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts predict that The J. M. Smucker Company will post 9.88 earnings per share for the current year.

J. M. Smucker Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a $1.10 dividend. The ex-dividend date is Friday, August 15th. This is a positive change from J. M. Smucker's previous quarterly dividend of $1.08. This represents a $4.40 dividend on an annualized basis and a yield of 4.0%. J. M. Smucker's payout ratio is -37.37%.

Wall Street Analysts Forecast Growth

SJM has been the topic of a number of research analyst reports. Morgan Stanley reissued an "overweight" rating and issued a $124.00 price target (up from $123.00) on shares of J. M. Smucker in a report on Friday, June 6th. Barclays lowered their price target on J. M. Smucker from $119.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, June 11th. UBS Group decreased their price objective on J. M. Smucker from $134.00 to $129.00 and set a "buy" rating on the stock in a report on Friday, June 6th. BNP Paribas raised J. M. Smucker from a "strong sell" rating to a "strong-buy" rating in a report on Wednesday, July 9th. Finally, Royal Bank Of Canada initiated coverage on J. M. Smucker in a report on Monday, July 7th. They set an "outperform" rating and a $130.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, J. M. Smucker has a consensus rating of "Moderate Buy" and an average target price of $117.67.

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.