Cary Street Partners Financial LLC Takes $955,000 Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Key Points

• Cary Street Partners Financial LLC has acquired a new stake in The Scotts Miracle-Gro Company, purchasing 17,396 shares valued at approximately $955,000.
• Scotts Miracle-Gro recently declared a quarterly dividend of $0.66 per share, representing a 4.4% yield, to be paid on September 5th.
• Recent analyst changes include upgrades and price adjustments, with a consensus rating of "Moderate Buy" and a target price of $71.17 for the stock.

Cary Street Partners Financial LLC acquired a new stake in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 17,396 shares of the basic materials company's stock, valued at approximately $955,000.

Several other large investors have also recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. increased its position in shares of Scotts Miracle-Gro by 21.9% during the first quarter. Oppenheimer & Co. Inc. now owns 3,819 shares of the basic materials company's stock worth $210,000 after acquiring an additional 685 shares during the period. GAMMA Investing LLC grew its stake in Scotts Miracle-Gro by 31.6% during the 1st quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company's stock worth $89,000 after purchasing an additional 388 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in Scotts Miracle-Gro during the 1st quarter worth about $226,000. SG Americas Securities LLC acquired a new stake in Scotts Miracle-Gro in the 1st quarter valued at about $1,011,000. Finally, M&T Bank Corp boosted its stake in shares of Scotts Miracle-Gro by 30.7% in the 1st quarter. M&T Bank Corp now owns 4,543 shares of the basic materials company's stock valued at $249,000 after buying an additional 1,066 shares during the period. 74.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SMG has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. dropped their price objective on shares of 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. Wells Fargo & Company raised their price objective on shares of Scotts Miracle-Gro from $72.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Truist Financial set a $80.00 target price on shares of Scotts Miracle-Gro and gave the stock a "buy" rating in a research note on Monday, July 14th. Finally, Stifel Nicolaus dropped their target price on Scotts Miracle-Gro from $71.00 to $70.00 and set a "hold" rating on the stock in a report on Monday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Scotts Miracle-Gro currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.17.

Insider Transactions at Scotts Miracle-Gro

In other Scotts Miracle-Gro news, Director Hagedorn Partnership, L.P. sold 70,000 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $62.28, for a total value of $4,359,600.00. Following the completion of the sale, the director owned 13,274,274 shares in the company, valued at approximately $826,721,784.72. The trade was a 0.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 25.37% of the stock is owned by corporate insiders.

Scotts Miracle-Gro Trading Down 0.9%

SMG stock opened at $59.93 on Friday. The stock has a market cap of $3.46 billion, a P/E ratio of 78.86 and a beta of 1.97. The Scotts Miracle-Gro Company has a twelve month low of $45.61 and a twelve month high of $93.90. The company's 50 day moving average is $64.93 and its two-hundred day moving average is $61.53.

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

Scotts Miracle-Gro Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Friday, August 22nd. Scotts Miracle-Gro's dividend payout ratio (DPR) is currently 347.37%.

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.

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