Milwaukee-based Sensient Technologies Corp. today issued an unusual public statement today, rebuking a prominent Wall Street analyst.
Sensient, which manufactures and markets colors, flavors and fragrances, released the following statement:
"Prudential Equity Group analyst John McMillin, in his most recent research report on Sensient Technologies Corporation, incorrectly stated that Sensient's common stock reached a price of $30 per share in April 1997. In fact, when properly adjusted for splits, the company's stock price during April 1997 never exceeded $17.69. Furthermore, at no time prior to April 20, 2007, has the price of Sensient's stock, when properly adjusted for splits, ever exceeded $27.75 until this past Friday, when the stock reached an intra-day high of $30.34. Sensient believes Mr. McMillin made the incorrect statement about Sensient's stock price in an attempt to minimize the company's recent success."
Contacted by SBT this morning, McMillin acknowledged he made a mistake in his report about Sensient's stock history, but denied he intentionally misled anyone.
"I made a mistake, but it was not done intentionally. I have no agenda against them," McMillin said. "I made a mistake. But my record speaks for itself."
McMillin said the "bottom line" is the "stock has done nothing for nine years, and we stated 10 years."
In his official retort to Sensient, McMillin wrote, "In our 20-plus years following food stocks, we have made a mistake or two in our numbers calculations, but never have we seen a company issue a press release on it."
McMillin is widely acknowledged as an expert of the food service industry, covering companies such as Unilever PLC, Nestle S.a., Tyson Foods, Smithfield Foods, General Mills, Hershey Co., Campbell Soup, Heinz Co., Kraft Foods, Kellogg Co., Sara Lee, ConAgra Foods, and Archer Daniels Midland.
Sensient officials did not return phone calls today for further comment on why the company believes McMillin's mistake was intentional.
Sensient takes public swipe at analyst
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