Bank of New York Mellon Corp Has $29.38 Million Stock Holdings in The Scotts Miracle-Gro Company (NYSE:SMG)

Bank of New York Mellon Corp lessened its stake in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 535,223 shares of the basic materials company's stock after selling 6,842 shares during the quarter. Bank of New York Mellon Corp owned 0.93% of Scotts Miracle-Gro worth $29,378,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of SMG. Eukles Asset Management raised its holdings in Scotts Miracle-Gro by 16.0% during the first quarter. Eukles Asset Management now owns 5,222 shares of the basic materials company's stock worth $287,000 after purchasing an additional 721 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Scotts Miracle-Gro by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 102,040 shares of the basic materials company's stock worth $5,601,000 after purchasing an additional 2,321 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Scotts Miracle-Gro by 2.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 8,826 shares of the basic materials company's stock worth $484,000 after purchasing an additional 200 shares in the last quarter. DAVENPORT & Co LLC boosted its position in shares of Scotts Miracle-Gro by 10.4% during the 1st quarter. DAVENPORT & Co LLC now owns 26,998 shares of the basic materials company's stock worth $1,482,000 after purchasing an additional 2,542 shares in the last quarter. Finally, Scott & Selber Inc. purchased a new stake in shares of Scotts Miracle-Gro during the 1st quarter worth $1,268,000. Hedge funds and other institutional investors own 74.07% of the company's stock.

Scotts Miracle-Gro Stock Performance

Shares of NYSE:SMG traded down $0.82 during trading on Friday, hitting $66.67. 685,876 shares of the stock were exchanged, compared to its average volume of 950,938. The Scotts Miracle-Gro Company has a 1-year low of $45.61 and a 1-year high of $93.90. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 133.34 and a beta of 2.01. The company's fifty day simple moving average is $63.62 and its 200-day simple moving average is $61.81.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 EPS for the quarter, topping the consensus estimate of $3.95 by $0.03. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.50 billion. Scotts Miracle-Gro had a negative return on equity of 56.15% and a net margin of 1.04%. Scotts Miracle-Gro's revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the company earned $3.69 EPS. On average, research analysts forecast that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were given a $0.66 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.64 annualized dividend and a yield of 3.96%. Scotts Miracle-Gro's payout ratio is 528.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SMG shares. Truist Financial set a $80.00 price target on Scotts Miracle-Gro and gave the stock a "buy" rating in a report on Monday, July 14th. JPMorgan Chase & Co. dropped their target price on Scotts Miracle-Gro from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Stifel Nicolaus cut Scotts Miracle-Gro from a "buy" rating to a "hold" rating and raised their target price for the company from $70.00 to $71.00 in a research note on Monday, June 9th. UBS Group reiterated a "neutral" rating and issued a $71.00 price target (up previously from $54.00) on shares of Scotts Miracle-Gro in a research report on Thursday. Finally, Jefferies Financial Group raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $72.00 to $69.00 in a research note on Monday, April 7th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $71.83.

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.