NEW YORK (
Green Mountain Coffee Roasters
Chipotle Mexican Grill
were among the consumer stocks trading at all-time highs Friday.
( HANS) also made this list during Friday's session.
For Green Mountain and J.M. Smucker, investor enthusiasm was boosted as
Arabica coffee bean futures continue to trade near decades-long highs. The stocks traded as high as $83.75 and $78.44, respectively, Friday morning.
Green Mountain, well known for its popular
Keurig single-cup brewing machines, and Smucker, which makes Folgers and
Dunking Donuts branded coffees, have been working to maintain margins after coffee futures hit a three-decade high of $3.0615 per pound on May 3.
Green Mountain passed on those higher costs to consumers by raising prices on its products by 10 % to 15% in September. The Vermont company said in May it would again raise the prices of its coffee by 10%, booking the benefits of that price hike during its July-September quarter this year.
Earlier this week,
Smucker raised coffee prices for the fourth time this year in response to soaring Arabica costs, and this latest price hike is the largest yet at 11%, hitting its Folgers, Dunkin Donuts and Millstone brands of coffee. Smucker has raised prices by 34% over the past year as it has struggled to maintain margins amid soaring coffee costs.
Heinz's stock reached an all-time high of $54.80 Friday morning.
Heinz said Thursday that it grew its quarterly profit by 16% with strong sales in emerging markets, and the company
hiked its dividend by nearly 7%.
Chipotle shares heated up to $293.99 on Friday.
The fast-casual Mexican food chain recently joined the S&P 500 Index, ousting
Chipotle beat first-quarter profit expectations with earnings of $1.46 per share, and revenue surged 24% to $509.4 million.
-- Written by Miriam Marcus Reimer in New York.
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