Leading manufacturer of consumer food products J.M.Smucker Co. (SJM, Financial) also weighed on performance in the period. Although SJM delivered an earnings beat and held an analyst day where it highlighted an improved focus on execution of key priorities and provided aspirational long-term financial targets, investors remain on the sidelines. In our view, achievement of the articulated operating and earnings goals would drive a re-rating of the stock in-line with its packaged food peers. At today's valuation, we continue to see the risk/reward skewed to the upside.
From John Rogers (Trades, Portfolio)' Ariel Fund fourth-quarter 2020 shareholder commentary.
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