|Bid||114.10 x 1300|
|Ask||117.90 x 900|
|Day's Range||114.18 - 117.19|
|52 Week Range||91.88 - 125.62|
|Beta (5Y Monthly)||0.24|
|PE Ratio (TTM)||14.86|
|Earnings Date||Feb 25, 2021|
|Forward Dividend & Yield||3.60 (3.08%)|
|Ex-Dividend Date||Nov 12, 2020|
|1y Target Est||119.60|
Smucker (SJM) closes the sale of Crisco oils and shortening business to B&G Foods. The company also updates fiscal 2021 guidance to reflect the divestiture impact on its top and bottom lines.
The J.M. Smucker Co. (NYSE: SJM) announced today the closing of the transaction to sell its Crisco® oils and shortening business to B&G; Foods, Inc. for $550 million, subject to a working capital adjustment. The Company previously announced the signing of a definitive agreement to divest its Crisco® business on October 26, 2020. The transaction encompasses oils and shortening products sold under the Crisco® brand primarily in the U.S. and Canada, certain trademarks and licensing agreements, dedicated manufacturing and warehouse facilities located in Cincinnati, Ohio, and approximately 160 employees who support the Crisco® business. The business generated net sales of approximately $270 million for the Company's fiscal year ended April 30, 2020. The divestiture of the Crisco® business aligns with the Company's previously stated intent to exit the U.S. baking category and focus more of its resources on its core growth platforms of pet food, coffee, and snacking.
Smucker (SJM) has been benefiting from rising at-home consumption amid the pandemic, which is boosting its retail business. However, social distancing has taken a toll on the Away From Home channel.