Hershey (HSY) Stock Rises as Trustee Resigns
NEW YORK (TheStreet) -- Hershey (HSY) - Get Report shares are up by 0.04% to $110.74 on Monday afternoon, as one of the trustees on the board of the Hershey's Trust Company resigned over the weekend, CNBC's Dominic Chu reported on "Fast Money Halftime Report" today, citing a Reuters report.
There are now nine remaining trustees of the Hershey trust, which controls about 80% of the Hershey voting shares, he said.
"In this particular instance here it may signal some sort of turmoil in the trust itself," Chu said.
Just 2 weeks ago the U.S. chocolate company was presented an acquisition offer of $23 billion in cash and stock, from Oreo maker Mondelez (MDLZ), which Hershey rejected.
Separately, TheStreet Ratings team gave Hershey a "buy" rating with a ratings score of B. The company's strengths can be seen in multiple areas, such as its solid stock price performance, good cash flow from operations, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
You can view the full analysis from the report here: HSY