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Shares of J.M. Smucker fell 7.82% to $72.04 on about three times its average daily trading volume. The company reported Thursday third-quarter earnings of $116.8 million, or $1.03 a share, which fell from year-ago earnings of $132 million, or $1.11 a share.

Adjusted earnings in the quarter were $1.22 a share. Analysts were anticipating $1.41 a share in earnings.

"SJM is yet another company to point out lower consumer demand across the food industry. This is a potentially negative read-through for traditional grocers and other food manufacturers, which may be dealing with more elasticity than anticipated as consumers are no longer accepting higher retail prices," JPMorgan analysts wrote in a report Thursday.

J.M. Smucker has an estimated price-to-earnings ratio for next year of 12.93; the average for food products companies is 13.76. For comparison, Campbell Soup ( CPB) and Tyson Foods ( TSN) both have lower forward P/Es of 12.78 and 8.11, respectively.

Of the 17 analysts who cover J.M. Smucker, 10 gave it a hold rating, six rated it a buy and one called it a sell.

TheStreet Ratings gives J.M. Smucker an A+ grade with a $102.01 price target. The stock has fallen 7.53% year to date.

-- Written by Alexandra Zendrian

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