First Trust Advisors LP decreased its position in shares of Scotts Miracle-Gro Co (NYSE:SMG) by 4.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 67,883 shares of the basic materials company’s stock after selling 2,813 shares during the period. First Trust Advisors LP’s holdings in Scotts Miracle-Gro were worth $9,128,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SMG. Rockefeller Capital Management L.P. boosted its position in shares of Scotts Miracle-Gro by 392.0% during the first quarter. Rockefeller Capital Management L.P. now owns 246 shares of the basic materials company’s stock valued at $25,000 after buying an additional 196 shares during the last quarter. Toronto Dominion Bank purchased a new position in shares of Scotts Miracle-Gro during the first quarter valued at approximately $27,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Scotts Miracle-Gro by 62.8% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 311 shares of the basic materials company’s stock valued at $32,000 after buying an additional 120 shares during the last quarter. Harbor Investment Advisory LLC boosted its position in shares of Scotts Miracle-Gro by 192.5% during the first quarter. Harbor Investment Advisory LLC now owns 351 shares of the basic materials company’s stock valued at $36,000 after buying an additional 231 shares during the last quarter. Finally, Bartlett & Co. LLC purchased a new position in shares of Scotts Miracle-Gro during the first quarter valued at approximately $41,000. Hedge funds and other institutional investors own 63.07% of the company’s stock.
Several research analysts have weighed in on the company. William Blair reissued a “buy” rating on shares of Scotts Miracle-Gro in a research report on Tuesday, June 9th. TheStreet raised Scotts Miracle-Gro from a “c+” rating to a “b” rating in a research report on Wednesday, May 6th. SunTrust Banks boosted their price objective on Scotts Miracle-Gro from $155.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Raymond James cut Scotts Miracle-Gro from a “strong-buy” rating to a “market perform” rating and set a $152.00 price objective on the stock. in a research report on Tuesday, May 26th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $128.50.
Scotts Miracle-Gro (NYSE:SMG) last issued its quarterly earnings results on Wednesday, July 29th. The basic materials company reported $3.80 EPS for the quarter, beating analysts’ consensus estimates of $3.37 by $0.43. Scotts Miracle-Gro had a return on equity of 45.36% and a net margin of 8.71%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the firm earned $3.11 EPS. The business’s revenue for the quarter was up 27.5% compared to the same quarter last year. As a group, equities analysts expect that Scotts Miracle-Gro Co will post 6.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Thursday, August 27th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.56%. This is a positive change from Scotts Miracle-Gro’s previous quarterly dividend of $0.58. The ex-dividend date is Wednesday, August 26th. Scotts Miracle-Gro’s payout ratio is presently 51.90%.
In related news, major shareholder Hagedorn Partnership, L.P. sold 101,171 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $131.08, for a total transaction of $13,261,494.68. Following the sale, the insider now directly owns 15,020,316 shares in the company, valued at approximately $1,968,863,021.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Robert Hagedorn sold 30,732 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $132.08, for a total value of $4,059,082.56. Following the sale, the insider now owns 14,778,221 shares in the company, valued at $1,951,907,429.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 250,442 shares of company stock worth $33,190,830. 28.20% of the stock is currently owned by corporate insiders.
Scotts Miracle-Gro Company Profile
The Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden products in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It offers lawn care products, such as lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products.
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