Palouse Capital Management Inc. Purchases Shares of 33,705 The J. M. Smucker Company $SJM

Key Points

• Palouse Capital Management initiated a position in J. M. Smucker by purchasing 33,705 shares valued at approximately $3.8 million. Institutional investors collectively own 81.66% of the company.
• J. M. Smucker reported quarterly EPS of $2.77, exceeding expectations of $2.64, while revenue rose 5.8% year over year to $2.27 billion.
• The company increased its quarterly dividend from $1.10 to $1.12 per share, equivalent to an annualized $4.48 payout and a 3.8% yield. Analysts maintain a consensus “Hold” rating with a $121.67 price target.

Palouse Capital Management Inc. purchased a new position in The J. M. Smucker Company (NYSE:SJM - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 33,705 shares of the company's stock, valued at approximately $3,792,000. J. M. Smucker comprises 2.4% of Palouse Capital Management Inc.'s investment portfolio, making the stock its 17th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Czech National Bank increased its stake in J. M. Smucker by 4.5% during the second quarter. Czech National Bank now owns 30,356 shares of the company's stock valued at $3,415,000 after acquiring an additional 1,298 shares during the period. Bill Few Associates Inc. lifted its position in shares of J. M. Smucker by 17.0% in the 2nd quarter. Bill Few Associates Inc. now owns 2,713 shares of the company's stock worth $305,000 after acquiring an additional 394 shares during the period. GAMMA Investing LLC lifted its position in shares of J. M. Smucker by 39.8% in the 2nd quarter. GAMMA Investing LLC now owns 3,177 shares of the company's stock worth $357,000 after acquiring an additional 905 shares during the period. Moody National Bank Trust Division grew its holdings in shares of J. M. Smucker by 5.6% during the 2nd quarter. Moody National Bank Trust Division now owns 2,491 shares of the company's stock worth $280,000 after purchasing an additional 132 shares in the last quarter. Finally, CX Institutional grew its holdings in shares of J. M. Smucker by 221.8% during the 2nd quarter. CX Institutional now owns 2,526 shares of the company's stock worth $284,000 after purchasing an additional 1,741 shares in the last quarter. Institutional investors own 81.66% of the company's stock.

Insider Transactions at J. M. Smucker

In related news, insider Jeannette L. Knudsen sold 4,353 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $115.08, for a total transaction of $500,943.24. Following the sale, the insider directly owned 16,835 shares in the company, valued at $1,937,371.80. This represents a 20.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Tucker H. Marshall sold 3,630 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $111.05, for a total value of $403,111.50. Following the sale, the chief financial officer owned 38,699 shares in the company, valued at approximately $4,297,523.95. This trade represents a 8.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 18,533 shares of company stock valued at $2,132,914. Corporate insiders own 2.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SJM. Wells Fargo & Company set a $115.00 target price on J. M. Smucker in a research note on Wednesday, June 10th. JPMorgan Chase & Co. boosted their price target on shares of J. M. Smucker from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Wednesday, June 10th. Barclays increased their price objective on shares of J. M. Smucker from $103.00 to $125.00 and gave the company an "equal weight" rating in a research note on Thursday, June 11th. Evercore reaffirmed an "outperform" rating and set a $125.00 price objective on shares of J. M. Smucker in a report on Thursday, July 23rd. Finally, UBS Group lifted their target price on shares of J. M. Smucker from $121.00 to $130.00 and gave the company a "buy" rating in a research report on Thursday, June 11th. Nine investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $121.67.

J. M. Smucker Stock Performance

Shares of NYSE:SJM opened at $118.99 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.78 and a quick ratio of 0.33. The business's fifty day moving average price is $113.12 and its two-hundred day moving average price is $106.09. The J. M. Smucker Company has a fifty-two week low of $88.25 and a fifty-two week high of $127.64. The stock has a market capitalization of $12.69 billion, a price-to-earnings ratio of -91.53, a price-to-earnings-growth ratio of 1.65 and a beta of 0.25.

J. M. Smucker (NYSE:SJM - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.26 billion. J. M. Smucker had a positive return on equity of 17.18% and a negative net margin of 1.53%.The business's revenue was up 5.8% on a year-over-year basis. During the same period last year, the business earned $2.31 earnings per share. J. M. Smucker has set its FY 2027 guidance at 9.750-10.250 EPS. As a group, analysts predict that The J. M. Smucker Company will post 10.06 EPS for the current fiscal year.

J. M. Smucker Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $1.12 per share. The ex-dividend date of this dividend is Friday, August 14th. This is a positive change from J. M. Smucker's previous quarterly dividend of $1.10. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. J. M. Smucker's dividend payout ratio (DPR) is -338.46%.

J. M. Smucker 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source