6,368 Shares in The Scotts Miracle-Gro Company (NYSE:SMG) Acquired by Summit Global Investments

Summit Global Investments bought a new position in shares of The Scotts Miracle-Gro Company (NYSE:SMG) during the 1st quarter, HoldingsChannel reports. The institutional investor bought 6,368 shares of the basic materials company’s stock, valued at approximately $350,000.

Other hedge funds have also added to or reduced their stakes in the company. Atala Financial Inc acquired a new stake in Scotts Miracle-Gro during the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. acquired a new stake in Scotts Miracle-Gro during the 4th quarter worth approximately $26,000. Tortoise Investment Management LLC boosted its position in Scotts Miracle-Gro by 77.3% during the 4th quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company’s stock worth $34,000 after buying an additional 225 shares during the period. Blue Trust Inc. boosted its position in Scotts Miracle-Gro by 68.3% during the 4th quarter. Blue Trust Inc. now owns 621 shares of the basic materials company’s stock worth $41,000 after buying an additional 252 shares during the period. Finally, Frazier Financial Advisors LLC acquired a new stake in Scotts Miracle-Gro during the 4th quarter worth approximately $45,000. 74.07% of the stock is currently owned by institutional investors and hedge funds.

Scotts Miracle-Gro Stock Performance

Shares of NYSE SMG opened at $59.56 on Monday. The company has a market capitalization of $3.44 billion, a P/E ratio of -124.08 and a beta of 1.98. The Scotts Miracle-Gro Company has a 52-week low of $45.61 and a 52-week high of $93.90. The company’s 50 day moving average price is $55.28 and its 200-day moving average price is $63.61.

Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.95 by $0.03. Scotts Miracle-Gro had a negative net margin of 0.67% and a negative return on equity of 51.48%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the company earned $3.69 EPS. Scotts Miracle-Gro’s quarterly revenue was down 6.8% compared to the same quarter last year. Analysts forecast that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.43%. Scotts Miracle-Gro’s payout ratio is presently 528.00%.

Analyst Ratings Changes

Several research firms recently commented on SMG. UBS Group cut their target price on shares of Scotts Miracle-Gro from $55.00 to $54.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Stifel Nicolaus upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and dropped their price target for the stock from $78.00 to $70.00 in a research report on Tuesday, March 4th. Wells Fargo & Company boosted their price target on shares of Scotts Miracle-Gro from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 13th. Truist Financial upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Wednesday, April 2nd. Finally, Jefferies Financial Group upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and dropped their price target for the stock from $72.00 to $69.00 in a research report on Monday, April 7th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Scotts Miracle-Gro presently has an average rating of “Moderate Buy” and a consensus target price of $65.83.

Scotts Miracle-Gro Company 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.