Corton Capital Inc. Makes New Investment in The Scotts Miracle-Gro Company $SMG

Corton Capital Inc. bought a new position in The Scotts Miracle-Gro Company (NYSE:SMG) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 7,812 shares of the basic materials company’s stock, valued at approximately $515,000. Scotts Miracle-Gro makes up approximately 0.6% of Corton Capital Inc.’s investment portfolio, making the stock its 16th biggest position.

A number of other institutional investors have also bought and sold shares of the business. American National Bank & Trust purchased a new stake in shares of Scotts Miracle-Gro during the 2nd quarter valued at approximately $28,000. Byrne Asset Management LLC purchased a new stake in shares of Scotts Miracle-Gro during the 2nd quarter valued at approximately $45,000. Spire Wealth Management raised its position in shares of Scotts Miracle-Gro by 32.1% during the 2nd quarter. Spire Wealth Management now owns 725 shares of the basic materials company’s stock valued at $48,000 after buying an additional 176 shares during the period. Avalon Trust Co purchased a new stake in shares of Scotts Miracle-Gro during the 1st quarter valued at approximately $41,000. Finally, Hilltop National Bank purchased a new stake in shares of Scotts Miracle-Gro during the 2nd quarter valued at approximately $66,000. 74.07% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Scotts Miracle-Gro

In related news, EVP Mark J. Scheiwer bought 1,790 shares of the company’s stock in a transaction on Wednesday, September 3rd. The stock was bought at an average cost of $61.32 per share, with a total value of $109,762.80. Following the completion of the acquisition, the executive vice president owned 10,130 shares in the company, valued at approximately $621,171.60. This represents a 21.46% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Hagedorn Partnership, L.P. sold 56,633 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $63.02, for a total transaction of $3,569,011.66. Following the completion of the transaction, the director directly owned 13,217,641 shares of the company’s stock, valued at approximately $832,975,735.82. This trade represents a 0.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 25.37% of the company’s stock.

Scotts Miracle-Gro Stock Performance

Shares of NYSE:SMG opened at $53.46 on Monday. The company has a 50-day simple moving average of $58.08 and a 200-day simple moving average of $60.45. The Scotts Miracle-Gro Company has a one year low of $45.61 and a one year high of $93.90. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 70.34 and a beta of 1.96.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SMG. Stifel Nicolaus reduced their price target on shares of Scotts Miracle-Gro from $71.00 to $70.00 and set a “hold” rating on the stock in a research report on Monday, August 4th. Jefferies Financial Group set a $71.00 target price on shares of Scotts Miracle-Gro in a report on Friday, September 26th. UBS Group dropped their price target on shares of Scotts Miracle-Gro from $68.00 to $62.00 and set a “neutral” rating for the company in a research note on Thursday, October 2nd. Truist Financial set a $80.00 price target on shares of Scotts Miracle-Gro and gave the stock a “buy” rating in a research note on Monday, July 14th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Scotts Miracle-Gro in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Scotts Miracle-Gro currently has an average rating of “Moderate Buy” and an average target price of $69.17.

Scotts Miracle-Gro Profile

The Scotts Miracle-Gro Company, together with its subsidiaries, manufactures, markets, and sells products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally. It operates through three segments: U.S. Consumer, Hawthorne, and Other. The company provides lawn care products, comprising lawn fertilizers, grass seed products, spreaders, and other durable products, as well as lawn-related weed, pest, and disease control products; and gardening and landscape products, which include water-soluble and continuous-release plant foods, potting mixes, garden soils, mulches and ground cover products, plant-related pest and disease control products, organic garden products, and live goods and seeding solutions.