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Fri, Jan. 15, 5:24 PM
Thu, Jan. 7, 12:36 PM
- J.M. Smucker (SJM -1%) is the top food sector pick of Deutsche Bank.
- The investment firm cites a list of earnings drivers including widening coffee margins, cost savings, potential for the pet food business, and improved operational efficiency.
- M&A could also play a factor for J.M. Smucker this year, says DB.
Mon, Jan. 4, 9:03 AM| Mon, Jan. 4, 9:03 AM
- December monthly performance was: -1.6%
- 52-week performance vs. the S&P 500 is: -3%
- $0.65 in dividends were paid in December
- Top 10 Holdings as of 11/30/2015: Mattel Inc (MAT): 1.08%, Ameren Corp (AEE): 1.05%, Maxim Integrated Products Inc (MXIM): 1.04%, Coach Inc (COH): 0.87%, Diamond Offshore Drilling Inc (DO): 0.84%, HollyFrontier Corp (HFC): 0.83%, Frontier Communications Corp Class B (FTR): 0.83%, JM Smucker Co (SJM): 0.82%, Microchip Technology Inc (MCHP): 0.82%, CVR Energy Inc (CVI): 0.82%
Dec. 29, 2015, 5:28 PM
- Coffee prices continue to fall as strong El Nino rains in Brazil help to boost crop yields. The next harvest in the nation is forecast to be up 20% Y/Y at 58M bags.
- Even with Arabica prices down 28% this year, analysts see another swing lower for coffee in 2016 due to the oversupply situation.
- Weak currencies in South America are also providing a strong incentive to local producers to sell as much as they can.
- The trend toward low coffee prices is helping to lift margins for many coffee sellers with U.S. retail prices only down 4% to 5% this year. Companies light on hedging positions are seeing the biggest benefit.
- Most execs play coy over the bottom line benefit of lower coffee commodity prices, but even Starbucks CFO Scott Maw had to concede that pricing looked a "little bit favorable" during the firm's last earnings call (transcript).
- Coffee futures chart
- Related stocks and ETFs: KHC, GMCR, DNKN, OTCPK:RBGLY, OTCPK:RBGPF, SBUX, OTCQB:JAMN, SJM, MCD, JO, CAFE, THS, KKD, OTCPK:NSRGY, OTCPK:NSRGF.
Dec. 15, 2015, 5:28 PM
- Barry Dunaway, currently J.M. Smucker's (NYSE:SJM) international head and chief administrative officer, will become head of the company's Big Heart Pet Food unit on March 1.
- He'll replace David J. West, who has held the job since SJM closed its $5.8B acquisition of Big Heart in March. West will remain a board member.
- Meanwhile, effective Jan. 1, CFO Mark Belgya "will be promoted and have expanded responsibilities that now also include the Company's Government and Industry Affairs, Information Services, and Corporate Strategy departments."
Nov. 23, 2015, 5:53 PM
- J.M. Smucker (NYSE:SJM) issued 17.1M shares to Vestar Capital as part of its payout for the Big Heart Pet Brands acquisition. The company plans to sell the 3.86M shares Vestar still owns (over 3% of outstanding shares) through a secondary offering.
- SJM -0.4% after hours. The offering comes four days after the coffee/food maker jumped following its FQ2 EPS beat.
Nov. 19, 2015, 2:51 PM
- Shares of J. M. Smucker (SJM +7.3%) rally after strong demand for coffee helps to boost Q3 results.
- The company cited double-digit volume gains for the Folgers brand and a solid contribution from Dunkin' Donuts K-Cup pods sales. Revenue grew slower than volume in the quarter due to some pricing pressure.
- Previously: J. M. Smucker beats by $0.11, revenue in-line (Nov. 19)
- Previously: More on J.M. Smucker's FQ2 (Nov. 19)
Nov. 19, 2015, 7:42 AM
- J.M. Smucker (NYSE:SJM) reports net sales rose 40% in FQ2 due to acquisition of Big Heart Pet Brands and growth within the U.S. Retail Coffee segment.
- Net sales excluding acquisitions and foreign currency exchange grew 2%.
- Revenue by segment: U.S. Retail Coffee: $586.1M (+10%); U.S. Retail Consumer Foods: $644M (-3%); U.S. Retail Pet Foods: $566.7M; International and Foodservice: $280.9M (-1%).
- Adjusted gross margin rate improved 200 bps to 37.7%.
- Total SG&A expenses rate +180 bps to 18.8%.
- Adjusted operating margin rate declined 50 bps to 16.4%.
- EBITDA margin decreased 130 bps Y/Y to 20.2%.
- FY2016 Guidance: Net sales: $7.9B; Non-GAAP EPS: $5.70 - $5.80; Adjusted non-GAAP EPS: $6.85 - $6.95; Free cash flow: $925M; Capex: $220M.
Nov. 19, 2015, 7:03 AM
Nov. 18, 2015, 5:30 PM
Nov. 16, 2015, 8:33 AM
- Hedge fund Third Point disclosed its current holdings in a new SEC filing.
- The firm now holds 8.25M shares of Kraft Heinz (NASDAQ:KHC).
- The stake in Yum Brands (NYSE:YUM) was increased to over 11.7M shares.
- Third Point trimmed its positions in Constellation Brands (NYSE:STZ) and J.M. Smucker (NYSE:SJM).
- SEC Form 13-F
Oct. 16, 2015, 5:22 PM
- J. M. Smucker (NYSE:SJM) declares $0.67/share quarterly dividend, in line with previous.
- Forward yield 2.25%
- Payable Dec. 1; for shareholders of record Nov. 13; ex-div Nov. 10.
Sep. 25, 2015, 2:04 PM
- Packaged food stocks are ahead of broad market averages for the day. There are some consistent themes playing out in the sector which have increased interest in select names. Topping the list are M&A potential, activist investor action, and good old-fashioned fundamental valuation.
- Gainers: Treehouse Foods (NYSE:THS) +3.1%, B&G Foods (NYSE:BGS) +2.9%, ConAgra Foods (NYSE:CAG) +2.7%, Kellogg (NYSE:K) +2.6%, General Mills (NYSE:GIS) +2.3%, Campbell Soup (NYSE:CPB) +2.3%, J.M. Smucker (NYSE:SJM) +1.6%.
Sep. 22, 2015, 10:37 AM
Sep. 21, 2015, 5:49 PM
- J.M. Smucker (NYSE:SJM) -1.7% AH on news its largest inside stakeholder, Blue Holdings I LP, was selling all its shares in a secondary offering, in which SJM will receive no proceeds.
- The stake, nearly 8.3M shares, represents some of the shares Blue Holdings got in SJM's February acquisition of Big Heart Pet Brands.
Sep. 16, 2015, 11:01 AM
- A statement from Anheuser-Busch InBev (BUD +5%) indicates the company must make a formal offer for SABMiller (OTCPK:SBMRY +19.5%) before October 14 or take a pass on the mega-merger to stay in compliance with U.K. law.
- There's a ripple effect with beer stocks circling the globe that includes distributors such as Compania Cervecerias Unidas (CCU +3.1%), Fomento Economico Mexicano (FMX +1.8%), AmBev (ABEV +2.1%).
- Another intriguing aspect of a potential A-B takeover of SABMiller is the side effects on the food industry if 3G Capital is fully engaged on the deal. 3G is a major player in food mergers and a factor in how investors value companies such as Mondelez International (MDLZ +0.2%), PepsiCo (PEP +0.4%), TreeHouse Foods (THS +0.1%), Campbell Soup (CPB +1.9%), JM Smucker (SJM +1.1%), and other food names.
- A-B InBev statement (.pdf)
- Previously: AB InBev prepping offer for SABMiller
- Previously: Beer stock rally with M&A on tap
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