Northwestern Mutual Wealth Management Co. increased its position in The Scotts Miracle-Gro Company (NYSE: SMG – Get a rating) by 37.9% in the first quarter, according to its most recent Form 13F filed with the Securities and Exchange Commission. The institutional investor held 3,214 shares of the basic materials company after purchasing an additional 883 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Scotts Miracle-Gro were worth $396,000 at the end of last quarter.
A number of other hedge funds have also recently changed their positions in the company. Wellington Shields & Co. LLC increased its stake in Scotts Miracle-Gro by 19.3% during the first quarter. Wellington Shields & Co. LLC now owns 4,405 shares of the basic materials company worth $542,000 after acquiring 712 additional shares in the last quarter. Burney Co. increased its stake in Scotts Miracle-Gro by 10.9% during the first quarter. Burney Co. now owns 16,732 shares of the basic materials company worth $2,057,000 after acquiring 1,650 additional shares in the last quarter. Dliver Advisors LP increased its stake in Scotts Miracle-Gro by 16.0% during the first quarter. Dliver Advisors LP now owns 8,727 shares of the basic materials company worth $1,073,000 after acquiring 1,201 additional shares in the last quarter. Commerce Bank increased its stake in Scotts Miracle-Gro by 9.4% in the first quarter. Commerce Bank now owns 69,834 shares of the basic materials company worth $8,586,000 after acquiring 5,992 more shares in the last quarter. Finally, the Swiss National Bank increased its stake in Scotts Miracle-Gro by 6.2% during the first quarter. The Swiss National Bank now owns 97,800 shares of the basic materials company worth $12,025,000 after acquiring 5,700 more shares in the last quarter. 62.23% of the shares are currently held by hedge funds and other institutional investors.
Scotts Miracle-Gro stock down 2.5%
Scotts Miracle-Gro Stock opened at $74.85 on Tuesday. The company has a fifty-day moving average of $81.66 and a two-hundred-day moving average of $103.51. The company has a quick ratio of 1.10, a current ratio of 2.42 and a debt ratio of 7.55. The company has a market capitalization of $4.15 billion, a P/E ratio of -15.50 and a beta of 1.24. Scotts Miracle-Gro Company has a 12-month low of $72.58 and a 12-month high of $180.43.
Scotts Miracle-Gro (NYSE: SMG – Get a rating) last reported results on Wednesday, August 3. The basic materials company reported earnings per share of $1.98 for the quarter, beating analysts’ consensus estimate of $1.70 by $0.28. The company posted revenue of $1.19 billion in the quarter, versus analyst estimates of $1.23 billion. Scotts Miracle-Gro posted a positive return on equity of 36.80% and a negative net margin of 6.36%. Scotts Miracle-Gro revenue was down 26.3% year over year. In the same quarter a year earlier, the company had earned earnings per share of $3.98. On average, analysts expect The Scotts Miracle-Gro Company to post earnings per share of 4.11 for the current fiscal year.
Scotts Miracle-Gro Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 9. Shareholders of record on Friday August 26 will receive a dividend of $0.66 per share. The ex-dividend date is Thursday, August 25. This represents an annualized dividend of $2.64 and a dividend yield of 3.53%. Scotts Miracle-Gro’s dividend payout ratio is currently -54.66%.
Changes to analyst ratings
Several equity research analysts have weighed in on SMG shares. UBS Group reduced its price target on Scotts Miracle-Gro from $92.00 to $86.00 and set a “neutral” rating on the stock in a Wednesday, August 3 research note. StockNews.com moved Scotts Miracle-Gro from a “hold” rating to a “sell” rating in a Saturday, May 21 research note. Raymond James cut his target price on Scotts Miracle-Gro from $110.00 to $100.00 and set a “strong buy” rating on the stock in a Thursday, Aug. 4, research note. Truist Financial downgraded Scotts Miracle-Gro from a “buy” rating to a “hold” rating and reduced its target price for the company from $185.00 to $85.00 in a Wednesday, June 8 research note . Finally, Stifel Nicolaus reduced his price target on Scotts Miracle-Gro from $116.00 to $93.00 in a Tuesday, June 14 research note. One financial analyst assigned the stock a sell rating, six issued a hold rating, one assigned a buy rating and one assigned a strong buy rating to the company’s stock. According to MarketBeat, Scotts Miracle-Gro has a consensus rating of “Hold” and a consensus target price of $113.88.
Scotts Miracle-Gro Company Profile
The Scotts Miracle-Gro Company is engaged in the manufacture, marketing and sale of products for the care of lawns, gardens and indoor and hydroponic gardening in the United States and around the world. The Company operates through three segments: American Consumer, Hawthorne and Others. It provides lawn care products including lawn fertilizers, grass seed products, spreaders, other durable products and outdoor cleaners, as well as weed, pest and weed control products. lawn-related diseases; gardening and landscaping products include water-soluble and time-release plant foods, potting mixes and garden soils, mulch and decorative ground cover products, weed control products plant pests and diseases, organic garden products, living goods and seeding solutions.
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