Investment firm Hudson Bay Capital Management LP has significantly increased its investment in The J. M. Smucker Company, raising its stake by an impressive 306.7% during the second quarter of 2023. This move was disclosed in the firm’s latest filing with the Securities and Exchange Commission (SEC). After purchasing an additional 64,766 shares during this period, Hudson Bay now owns a total of 85,886 shares, valued at approximately $8,434,000.
Other institutional investors have also made notable adjustments to their holdings in J. M. Smucker. Norges Bank established a new position worth about $112,829,000, while Engineers Gate Manager LP acquired shares valued at approximately $109,896,000. Balyasny Asset Management L.P. increased its holdings by 45.4%, now possessing 2,251,934 shares worth around $221,140,000. Additionally, Robeco Institutional Asset Management B.V. raised its stake by an extraordinary 4,906.2%, resulting in ownership of 613,910 shares valued at $60,286,000 following a purchase of 601,647 shares.
Hedge funds and institutional investors collectively own 81.66% of J. M. Smucker’s stock, reflecting strong confidence in the company’s market position.
Current Market Performance
As of the latest trading session, J. M. Smucker shares opened at $101.58. The company boasts a market capitalization of $10.84 billion, with a price-to-earnings (P/E) ratio of -9.05 and a price/earnings to growth (PEG) ratio of 6.90. The stock has exhibited a stable profile with a debt-to-equity ratio of 1.16, a quick ratio of 0.37, and a current ratio of 0.89. Over the past fifty-two weeks, shares have fluctuated between a low of $93.30 and a high of $121.48. The stock’s moving averages indicate stability, with a 50-day simple moving average of $104.02 and a 200-day simple moving average of $105.83.
Dividend Announcements and Insider Activity
The J. M. Smucker Company recently declared a quarterly dividend of $1.10 per share, paid on December 1. Shareholders who were on record as of November 14 received this dividend, representing an annualized payout of $4.40 and a yield of 4.3%. The company’s dividend payout ratio currently stands at -39.22%.
In related news, Tucker H. Marshall, Chief Financial Officer of J. M. Smucker, sold 11,139 shares at an average price of $108.11 on September 30, accumulating a total value of $1,204,237.29. Following the sale, he retains 33,864 shares, valued at approximately $3,661,037.04. This transaction reflects a 24.75% reduction in his ownership stake. Insider ownership of the company stands at 2.24%.
Analyst Ratings and Future Outlook
Analysts have varied opinions on J. M. Smucker’s stock, with several reports recently released. Barclays reiterated an “equal weight” rating with a target price of $105.00 in a research note dated August 29. Cfra Research upgraded the stock from a “hold” to a “moderate buy” rating on August 27, while Stifel Nicolaus lowered its target from $115.00 to $110.00 with a “hold” rating on November 26. DA Davidson raised its target to $112.00 with a “neutral” rating, and Argus downgraded the stock from “buy” to “hold” on September 12.
Currently, the consensus rating for J. M. Smucker is “Hold” with a price target of $116.79, according to MarketBeat. With a mix of bullish and cautious sentiments from analysts, the outlook for J. M. Smucker remains closely watched by investors.
The J. M. Smucker Company, headquartered in Orrville, Ohio, manufactures a wide range of food and beverage products, operating through three main segments: U.S. Retail Pet Foods, U.S. Retail Coffee, and U.S. Retail Consumer Foods. Its diverse product offerings include coffee, peanut butter, fruit spreads, and pet food, catering to consumers worldwide.
