Cresset Asset Management LLC Decreases Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Cresset Asset Management LLC lowered its holdings in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 85.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 4,659 shares of the basic materials company's stock after selling 27,193 shares during the quarter. Cresset Asset Management LLC's holdings in Scotts Miracle-Gro were worth $309,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Cubist Systematic Strategies LLC acquired a new position in Scotts Miracle-Gro in the fourth quarter valued at approximately $2,553,000. Caption Management LLC lifted its position in shares of Scotts Miracle-Gro by 356.7% during the 4th quarter. Caption Management LLC now owns 10,505 shares of the basic materials company's stock worth $697,000 after buying an additional 8,205 shares during the last quarter. Castlekeep Investment Advisors LLC acquired a new position in shares of Scotts Miracle-Gro in the 4th quarter valued at $273,000. Bayesian Capital Management LP purchased a new stake in Scotts Miracle-Gro in the fourth quarter valued at $1,261,000. Finally, Ameriprise Financial Inc. lifted its position in Scotts Miracle-Gro by 0.5% in the fourth quarter. Ameriprise Financial Inc. now owns 86,929 shares of the basic materials company's stock valued at $5,767,000 after acquiring an additional 415 shares during the last quarter. Hedge funds and other institutional investors own 74.07% of the company's stock.

Scotts Miracle-Gro Stock Performance

NYSE:SMG traded down $0.45 during mid-day trading on Thursday, reaching $60.36. The stock had a trading volume of 151,695 shares, compared to its average volume of 961,668. The business has a 50 day simple moving average of $55.14 and a 200 day simple moving average of $64.66. The Scotts Miracle-Gro Company has a twelve month low of $45.61 and a twelve month high of $93.90. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of -125.76 and a beta of 1.98.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) 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 negative return on equity of 51.48% and a negative net margin of 0.67%. The business had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period last year, the firm earned $3.69 EPS. The company's quarterly revenue was down 6.8% compared to the same quarter last year. As a group, sell-side analysts expect that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.66 per share. The ex-dividend date is Friday, May 23rd. This represents a $2.64 annualized dividend and a dividend yield of 4.37%. Scotts Miracle-Gro's payout ratio is currently 528.00%.

Analyst Ratings Changes

Several brokerages have issued reports on SMG. UBS Group dropped their price objective 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 dropped their price target for the stock from $72.00 to $69.00 in a research note on Monday, April 7th. Truist Financial raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and set a $70.00 price objective for the company in a report on Wednesday, April 2nd. JPMorgan Chase & Co. reduced 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 report on Thursday, May 1st. Finally, Stifel Nicolaus upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and dropped their price objective for the company from $78.00 to $70.00 in a research note on Tuesday, March 4th. 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, Scotts Miracle-Gro presently has a consensus rating of "Moderate Buy" and an average target price of $65.83.

About Scotts Miracle-Gro

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.