Principal Financial Group Inc. Lowers Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Principal Financial Group Inc. lessened its stake in The Scotts Miracle-Gro Company (NYSE:SMGGet Rating) by 4.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 183,584 shares of the basic materials company’s stock after selling 9,206 shares during the quarter. Principal Financial Group Inc. owned approximately 0.33% of Scotts Miracle-Gro worth $29,557,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Aquila Investment Management LLC purchased a new stake in Scotts Miracle-Gro during the fourth quarter valued at $1,932,000. BNP Paribas Arbitrage SA raised its stake in Scotts Miracle-Gro by 147.1% during the fourth quarter. BNP Paribas Arbitrage SA now owns 10,245 shares of the basic materials company’s stock valued at $1,649,000 after purchasing an additional 6,099 shares in the last quarter. AlphaCrest Capital Management LLC raised its stake in Scotts Miracle-Gro by 118.4% during the fourth quarter. AlphaCrest Capital Management LLC now owns 11,337 shares of the basic materials company’s stock valued at $1,825,000 after purchasing an additional 6,147 shares in the last quarter. Fernwood Investment Management LLC purchased a new stake in Scotts Miracle-Gro during the fourth quarter valued at $814,000. Finally, Dimensional Fund Advisors LP raised its stake in Scotts Miracle-Gro by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 497,927 shares of the basic materials company’s stock valued at $80,159,000 after purchasing an additional 5,459 shares in the last quarter. 62.23% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Scotts Miracle-Gro from a “sell” rating to a “hold” rating and set a $123.00 price target on the stock in a research note on Tuesday, April 12th. Truist Financial decreased their price target on shares of Scotts Miracle-Gro from $225.00 to $185.00 in a research note on Tuesday, March 22nd. Wells Fargo & Company reduced their target price on shares of Scotts Miracle-Gro from $155.00 to $145.00 in a research note on Wednesday, May 4th. Stifel Nicolaus downgraded shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and reduced their target price for the company from $130.00 to $116.00 in a research note on Wednesday, May 4th. Finally, Raymond James reduced their target price on shares of Scotts Miracle-Gro from $185.00 to $150.00 and set a “strong-buy” rating on the stock in a research note on Monday, March 14th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Scotts Miracle-Gro has a consensus rating of “Buy” and an average target price of $160.11.

In other Scotts Miracle-Gro news, Director Stephen L. Johnson sold 2,305 shares of the stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $113.36, for a total transaction of $261,294.80. Following the completion of the sale, the director now directly owns 20,233 shares of the company’s stock, valued at $2,293,612.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP James D. King sold 17,500 shares of the stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $98.42, for a total transaction of $1,722,350.00. Following the sale, the executive vice president now directly owns 9,760 shares of the company’s stock, valued at $960,579.20. The disclosure for this sale can be found here. 27.31% of the stock is owned by corporate insiders.

NYSE SMG opened at $97.64 on Friday. The company’s 50-day moving average price is $115.32 and its 200-day moving average price is $139.47. The company has a current ratio of 2.21, a quick ratio of 1.13 and a debt-to-equity ratio of 3.44. The stock has a market cap of $5.43 billion, a PE ratio of 13.71 and a beta of 1.18. The Scotts Miracle-Gro Company has a 12 month low of $90.38 and a 12 month high of $231.72.

Scotts Miracle-Gro (NYSE:SMGGet Rating) last issued its earnings results on Tuesday, May 3rd. The basic materials company reported $5.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.69 by $0.34. Scotts Miracle-Gro had a net margin of 8.81% and a return on equity of 42.22%. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the prior year, the business earned $5.64 EPS. The firm’s quarterly revenue was down 8.2% on a year-over-year basis. As a group, sell-side analysts forecast that The Scotts Miracle-Gro Company will post 7 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 10th. Shareholders of record on Friday, May 27th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 2.70%. The ex-dividend date is Thursday, May 26th. Scotts Miracle-Gro’s payout ratio is 37.08%.

Scotts Miracle-Gro Company Profile (Get Rating)

The Scotts Miracle-Gro Company engages in the manufacture, marketing, and sale of products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It provides lawn care products comprising lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products; gardening and landscape products include water-soluble and continuous-release plant foods, potting mixes and garden soils, mulch and decorative groundcover products, plant-related pest and disease control products, organic garden products, and lives goods and seeding solutions.

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Institutional Ownership by Quarter for Scotts Miracle-Gro (NYSE:SMG)

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