Balyasny Asset Management L.P. Sells 569,846 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

Balyasny Asset Management L.P. decreased its holdings in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 69.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 251,081 shares of the basic materials company's stock after selling 569,846 shares during the period. Balyasny Asset Management L.P. owned 0.44% of Scotts Miracle-Gro worth $16,657,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Atala Financial Inc purchased a new stake in Scotts Miracle-Gro in the fourth quarter worth $25,000. SBI Securities Co. Ltd. purchased a new stake in shares of Scotts Miracle-Gro in the 4th quarter worth about $26,000. Tortoise Investment Management LLC boosted its stake in shares of 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 valued at $34,000 after purchasing an additional 225 shares in the last quarter. Blue Trust Inc. increased its position in shares of Scotts Miracle-Gro by 68.3% during the fourth quarter. Blue Trust Inc. now owns 621 shares of the basic materials company's stock valued at $41,000 after buying an additional 252 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in Scotts Miracle-Gro in the third quarter worth about $44,000. Hedge funds and other institutional investors own 74.07% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. UBS Group reduced their target price 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. Jefferies Financial Group upgraded Scotts Miracle-Gro from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $72.00 to $69.00 in a report on Monday, April 7th. Stifel Nicolaus upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and dropped their target price for the company from $78.00 to $70.00 in a report on Tuesday, March 4th. JPMorgan Chase & Co. decreased their price target on shares of Scotts Miracle-Gro from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Finally, Wells Fargo & Company dropped their price objective on shares of Scotts Miracle-Gro from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. 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.com, the company has a consensus rating of "Moderate Buy" and an average target price of $65.50.

Insider Activity

In related news, Director Brian E. Sandoval sold 1,513 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $65.86, for a total value of $99,646.18. Following the sale, the director now owns 13,039 shares in the company, valued at approximately $858,748.54. This trade represents a 10.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 25.37% of the company's stock.

Scotts Miracle-Gro Stock Performance

Shares of SMG traded down $1.36 during trading hours on Friday, hitting $54.00. The company had a trading volume of 777,948 shares, compared to its average volume of 949,570. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -112.50 and a beta of 1.98. The firm has a fifty day moving average price of $55.28 and a 200-day moving average price of $66.01. The Scotts Miracle-Gro Company has a 52-week low of $45.61 and a 52-week high of $93.90.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the previous year, the company earned $3.69 earnings per share. The business's revenue for the quarter was down 6.8% compared to the same quarter last year. Research analysts anticipate that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 4.89%. The ex-dividend date is Friday, May 23rd. Scotts Miracle-Gro's dividend payout ratio is currently 528.00%.

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.