6,028 Shares in The Scotts Miracle-Gro Company (NYSE:SMG) Bought by CCM Investment Group LLC

Key Points

• CCM Investment Group LLC acquired 6,028 shares of The Scotts Miracle-Gro Company, valued at approximately $330,000, marking a significant institutional investment in the company.
• Scotts Miracle-Gro reported earnings of $2.59 per share, surpassing estimates, although its revenue fell by 1.2% year-over-year to $1.19 billion.
• The company announced a quarterly dividend of $0.66 per share, reflecting a dividend yield of 4.5%, while its payout ratio stands at 347.37%.

CCM Investment Group LLC purchased a new position in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,028 shares of the basic materials company's stock, valued at approximately $330,000.

Several other institutional investors have also bought and sold shares of SMG. Spire Wealth Management grew its holdings in Scotts Miracle-Gro by 477.9% during the first quarter. Spire Wealth Management now owns 549 shares of the basic materials company's stock worth $30,000 after buying an additional 454 shares in the last quarter. UMB Bank n.a. grew its stake in Scotts Miracle-Gro by 479.4% in the 1st quarter. UMB Bank n.a. now owns 562 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 465 shares during the period. Avalon Trust Co bought a new position in Scotts Miracle-Gro in the 1st quarter valued at $41,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Scotts Miracle-Gro in the 4th quarter valued at $73,000. Finally, GAMMA Investing LLC grew its stake in Scotts Miracle-Gro by 31.6% in the 1st quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company's stock valued at $89,000 after purchasing an additional 388 shares during the period. Institutional investors own 74.07% of the company's stock.

Scotts Miracle-Gro Stock Down 2.5%

NYSE:SMG opened at $58.49 on Monday. The business's 50-day moving average price is $64.91 and its two-hundred day moving average price is $61.30. The Scotts Miracle-Gro Company has a twelve month low of $45.61 and a twelve month high of $93.90. The stock has a market cap of $3.38 billion, a P/E ratio of 76.96 and a beta of 1.97.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The basic materials company reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.19 by $0.40. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.23 billion. Scotts Miracle-Gro had a negative return on equity of 60.46% and a net margin of 1.54%. The company's revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.31 EPS. On average, equities research analysts expect that The Scotts Miracle-Gro Company will post 3.42 EPS for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be given a dividend of $0.66 per share. The ex-dividend date is Friday, August 22nd. This represents a $2.64 annualized dividend and a dividend yield of 4.5%. Scotts Miracle-Gro's dividend payout ratio is 347.37%.

Insider Activity at Scotts Miracle-Gro

In other news, Director Hagedorn Partnership, L.P. sold 70,000 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $62.28, for a total transaction of $4,359,600.00. Following the transaction, the director directly owned 13,274,274 shares in the company, valued at approximately $826,721,784.72. This represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 25.37% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. UBS Group set a $68.00 price objective on Scotts Miracle-Gro and gave the company a "neutral" rating in a research note on Thursday, July 31st. Stifel Nicolaus dropped their price target on Scotts Miracle-Gro from $71.00 to $70.00 and set a "hold" rating on the stock in a research report on Monday, August 4th. Wells Fargo & Company upped their price target on Scotts Miracle-Gro from $72.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Truist Financial set a $80.00 price objective on Scotts Miracle-Gro and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, JPMorgan Chase & Co. dropped their price objective on Scotts Miracle-Gro from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $71.17.

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.

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