Q2 STOCKS TO BUY

J M Smucker Stock Sets Sights on Best Day in Months After Earnings

SJM also lifted its 2021 forecast

Digital Content Manager
Aug 25, 2020 at 8:50 AM
facebook X logo linkedin


Though another earnings season has come and gone, a few names are still trickling into the earnings confessional, including J M Smucker Co. (NYSE:SJM). The shares are up 5.3% at $119 ahead of the open, after the packaged food producer announced profits of $2.37 for its fiscal first-quarter, and revenue of $1.97 billion -- handily beating out analysts' estimates. The firm also lifted its fiscal 2021 adjusted profit, citing strong sales for its coffee, frozen sandwiches, and fruit spreads. 

The stock, which has been middling for months, is on pace for its best day since March. Plus, it's set to topple $116 -- a level that snuffed out SJM's last two rally attempts -- for the first time since mid-May. For the year, J M Smucker stock is up over 14%. 

Analysts have yet to chime in on the Folgers parent, though a round of upgrades and/ or price-target hikes could be on the horizon. Of the nine in coverage, six say "hold," and three call SJM a "strong sell," with not a single "buy" on the books. Plus, the 12-month consensus price target of $110.92 is a 1.8% discount to last night's close. 

Meanwhile, an unwinding of short interest could also propel J M Smucker stock higher. Short interest fell 1.8% in the last reporting period, but the 7.67 million shares sold short still make up a healthy 6.9% of SJM's available float. It would take almost eight days to buy back these bearish bets, at the security's average pace of trading, leaving plenty of room for a short squeeze. 

 
 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

GRAND SLAM COUNTDOWN

 
 

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.

 

 
 

Follow us on X, Follow us on Twitter