Sagespring Wealth Partners LLC Increases Stock Holdings in The Scotts Miracle-Gro Company (NYSE:SMG)

Sagespring Wealth Partners LLC boosted its stake in shares of The Scotts Miracle-Gro Company (NYSE:SMG) by 4.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 4,524 shares of the basic materials company’s stock after buying an additional 207 shares during the period. Sagespring Wealth Partners LLC’s holdings in Scotts Miracle-Gro were worth $248,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Point72 Asset Management L.P. purchased a new stake in shares of Scotts Miracle-Gro in the fourth quarter valued at $53,453,000. Jacobs Levy Equity Management Inc. grew its holdings in Scotts Miracle-Gro by 72.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 628,414 shares of the basic materials company’s stock valued at $41,689,000 after purchasing an additional 264,369 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Scotts Miracle-Gro in the 4th quarter worth about $39,986,000. Alyeska Investment Group L.P. purchased a new stake in Scotts Miracle-Gro in the 4th quarter worth about $39,434,000. Finally, Schonfeld Strategic Advisors LLC lifted its stake in Scotts Miracle-Gro by 157.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 469,336 shares of the basic materials company’s stock worth $31,136,000 after purchasing an additional 286,962 shares during the last quarter. 74.07% of the stock is currently owned by institutional investors.

Scotts Miracle-Gro Trading Up 0.5%

Shares of Scotts Miracle-Gro stock opened at $60.88 on Friday. The stock’s fifty day moving average price is $57.72 and its 200-day moving average price is $62.38. The firm has a market cap of $3.51 billion, a P/E ratio of 121.77 and a beta of 1.99. The Scotts Miracle-Gro Company has a 12 month low of $45.61 and a 12 month high of $93.90.

Scotts Miracle-Gro (NYSE:SMG) last posted its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $3.98 EPS for the quarter, beating the consensus estimate of $3.95 by $0.03. Scotts Miracle-Gro had a net margin of 1.04% and a negative return on equity of 56.15%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the business posted $3.69 EPS. The company’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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were issued a $0.66 dividend. The ex-dividend date was Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.34%. Scotts Miracle-Gro’s dividend payout ratio is presently 528.00%.

Analyst Ratings Changes

Several brokerages have recently weighed in on SMG. UBS Group reduced their price target on Scotts Miracle-Gro from $55.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. reduced their target price on Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Jefferies Financial Group raised shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and lowered their target price for the company from $72.00 to $69.00 in a research note on Monday, April 7th. Stifel Nicolaus cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and upped their price target for the stock from $70.00 to $71.00 in a report on Monday, June 9th. Finally, Truist Financial lifted their price objective on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the company a “buy” rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.67.

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.