J M Smucker's third-quarter earnings and revenue topped analysts' estimates
Packaged food producer J M Smucker Co (NYSE:SJM) is getting a boost today, following an earnings and revenue beat for its fiscal second quarter. The company also lifted its full-year forecast and posted a 4% rise in second-quarter organic sales, citing sector growth due to elevated at-home consumption. At last check, SJM is up 1.3% to trade at $117.51.
SJM's path has been a volatile one during these past several months, with rejection at the $120 area sparking several pullbacks. Though support at the 200-day moving average has, for the most part, captured these dips, the security has yet to take back its pre-pandemic highs near the $123 mark. For the year, SJM is up 11.4%.
Despite this technical stronghold, analysts have yet to be convinced. The stock sports seven "hold" ratings, two "strong sell" ratings, and not a single "buy."
Options players have taken a much more bullish stance. This is per SJM's 10-day call/put volume ratio of 10.50 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 91% of readings from the past 12 months, indicating a much healthier-than-usual appetite for long calls of late.