Bank of America Corp DE Lowers Stock Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Bank of America Corp DE lowered its position in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 23.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 375,109 shares of the basic materials company's stock after selling 112,329 shares during the quarter. Bank of America Corp DE owned 0.65% of Scotts Miracle-Gro worth $24,885,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Atala Financial Inc acquired a new position in shares of Scotts Miracle-Gro in the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. acquired a new stake in Scotts Miracle-Gro during the 4th quarter valued at approximately $26,000. Tortoise Investment Management LLC increased its position in 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 during the period. Blue Trust Inc. boosted its holdings in shares of Scotts Miracle-Gro by 68.3% during the 4th quarter. Blue Trust Inc. now owns 621 shares of the basic materials company's stock worth $41,000 after buying an additional 252 shares in the last quarter. Finally, Frazier Financial Advisors LLC bought a new position in shares of Scotts Miracle-Gro during the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 74.07% of the company's stock.

Scotts Miracle-Gro Price Performance

Shares of SMG traded down $1.43 during midday trading on Friday, hitting $59.40. 657,913 shares of the company traded hands, compared to its average volume of 964,757. The stock has a 50-day moving average of $55.12 and a 200-day moving average of $64.14. The Scotts Miracle-Gro Company has a one year low of $45.61 and a one year high of $93.90. The firm has a market cap of $3.43 billion, a P/E ratio of -123.75 and a beta of 1.98.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share for the quarter, topping the consensus estimate of $3.95 by $0.03. The company had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.50 billion. Scotts Miracle-Gro had a negative net margin of 0.67% and a negative return on equity of 51.48%. Scotts Miracle-Gro's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period in the prior year, the business earned $3.69 earnings per share. Sell-side analysts forecast that The Scotts Miracle-Gro Company will post 3.42 EPS 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. Shareholders of record on Friday, May 23rd will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Friday, May 23rd. Scotts Miracle-Gro's payout ratio is currently 528.00%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SMG. Stifel Nicolaus upgraded Scotts Miracle-Gro from a "hold" rating to a "buy" rating and cut their price target for the stock from $78.00 to $70.00 in a report on Tuesday, March 4th. Truist Financial upgraded Scotts Miracle-Gro from a "hold" rating to a "buy" rating and set a $70.00 price target on the stock in a report on Wednesday, April 2nd. JPMorgan Chase & Co. cut their price target 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. UBS Group decreased their target price on Scotts Miracle-Gro from $55.00 to $54.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Finally, Jefferies Financial Group raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and decreased their target price for the company from $72.00 to $69.00 in a research report on Monday, April 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.