First Trust Advisors LP boosted its holdings in The Scotts Miracle-Gro Company (NYSE:SMG – Get Rating) by 114.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 323,108 shares of the basic materials company’s stock after buying an additional 172,564 shares during the period. First Trust Advisors LP owned 0.58% of Scotts Miracle-Gro worth $13,813,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Yousif Capital Management LLC boosted its stake in Scotts Miracle-Gro by 0.8% in the 1st quarter. Yousif Capital Management LLC now owns 21,656 shares of the basic materials company’s stock worth $2,663,000 after buying an additional 170 shares during the last quarter. Prudential Financial Inc. boosted its stake in Scotts Miracle-Gro by 1.9% in the 1st quarter. Prudential Financial Inc. now owns 9,487 shares of the basic materials company’s stock worth $1,166,000 after buying an additional 173 shares during the last quarter. Captrust Financial Advisors boosted its stake in Scotts Miracle-Gro by 5.7% in the 2nd quarter. Captrust Financial Advisors now owns 3,314 shares of the basic materials company’s stock worth $262,000 after buying an additional 178 shares during the last quarter. Madison Asset Management LLC boosted its stake in Scotts Miracle-Gro by 0.6% in the 2nd quarter. Madison Asset Management LLC now owns 34,909 shares of the basic materials company’s stock worth $2,757,000 after buying an additional 198 shares during the last quarter. Finally, Pavion Blue Capital LLC boosted its stake in Scotts Miracle-Gro by 0.8% in the 3rd quarter. Pavion Blue Capital LLC now owns 26,335 shares of the basic materials company’s stock worth $1,126,000 after buying an additional 200 shares during the last quarter. 68.98% of the stock is owned by institutional investors and hedge funds.
Scotts Miracle-Gro Stock Down 2.7 %
Scotts Miracle-Gro stock opened at $74.01 on Friday. The stock’s 50 day moving average price is $71.91 and its 200 day moving average price is $59.35. The company has a debt-to-equity ratio of 53.61, a current ratio of 2.47 and a quick ratio of 0.83. The Scotts Miracle-Gro Company has a one year low of $39.06 and a one year high of $133.50.
Scotts Miracle-Gro Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Friday, February 24th were issued a dividend of $0.66 per share. The ex-dividend date of this dividend was Thursday, February 23rd. This represents a $2.64 annualized dividend and a yield of 3.57%. Scotts Miracle-Gro’s dividend payout ratio is presently -32.16%.
Insiders Place Their Bets
In other Scotts Miracle-Gro news, major shareholder Hagedorn Partnership, L.P. sold 50,000 shares of Scotts Miracle-Gro stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $80.77, for a total transaction of $4,038,500.00. Following the sale, the insider now directly owns 14,064,775 shares in the company, valued at approximately $1,136,011,876.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Hagedorn Partnership, L.P. sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $80.77, for a total value of $4,038,500.00. Following the completion of the sale, the insider now directly owns 14,064,775 shares in the company, valued at approximately $1,136,011,876.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen L. Johnson sold 935 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $80.48, for a total value of $75,248.80. Following the completion of the sale, the director now owns 19,856 shares of the company’s stock, valued at $1,598,010.88. The disclosure for this sale can be found here. Insiders have sold 103,438 shares of company stock worth $7,368,783 in the last three months. 27.28% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on SMG. JPMorgan Chase & Co. lifted their price objective on Scotts Miracle-Gro from $45.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, February 2nd. Raymond James lifted their price objective on Scotts Miracle-Gro from $56.00 to $92.00 and gave the company a “strong-buy” rating in a research note on Thursday, February 2nd. Barclays lifted their price objective on Scotts Miracle-Gro from $90.00 to $105.00 and gave the company an “overweight” rating in a research note on Tuesday, February 21st. Truist Financial lifted their price objective on Scotts Miracle-Gro from $50.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, February 2nd. Finally, Wells Fargo & Company raised Scotts Miracle-Gro from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $75.00 to $100.00 in a research report on Thursday, February 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Scotts Miracle-Gro currently has an average rating of “Hold” and a consensus target price of $83.00.
About Scotts Miracle-Gro
Scotts Miracle-Gro Co engages in the manufacturing, marketing, and sale of products for lawn and garden care and indoor and hydroponic gardening. Its products and services include lawn care, gardening and landscape, hydroponic hardware and growing environments, lighting, controls, and marketing agreement.
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