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J.M. Smucker to buy back more shares

ORRVILLE, Ohio (AP) -- The J. M. Smucker Co. said Friday that it may buy back up to five million more shares.

The company said its board increased its repurchase authorization, adding to the two million shares it has remaining under its existing repurchase authorization.

Smucker has about 108.5 million shares outstanding.

The company also declared its regular quarterly dividend of 52 cents per share, which will be paid March 1 to shareholders of record as of Feb. 15.

The food company, based in Orville, Ohio, sells products like Folgers coffee, Jif peanut butter and its namesake jams and jellies.