Chase Investment Counsel Corp Takes $2.72 Million Position in The Scotts Miracle-Gro Company $SMG

Key Points

• Chase Investment Counsel Corp opened a new position in Scotts Miracle-Gro during the first quarter, buying 44,784 shares valued at about $2.72 million.
• Scotts Miracle-Gro recently beat quarterly expectations, reporting $4.53 EPS versus the $3.97 consensus and revenue of $1.46 billion, up 2.7% year over year.
• Wall Street sentiment is mixed: analysts currently have a consensus Hold rating with an average price target of $73, while the stock recently traded at $68.49.

Chase Investment Counsel Corp bought a new position in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 44,784 shares of the basic materials company's stock, valued at approximately $2,723,000. Chase Investment Counsel Corp owned about 0.08% of Scotts Miracle-Gro at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Cassaday & Co Wealth Management LLC purchased a new stake in Scotts Miracle-Gro in the 1st quarter worth about $26,000. Key Capital Management INC bought a new stake in Scotts Miracle-Gro in the fourth quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Scotts Miracle-Gro during the third quarter valued at approximately $32,000. SBI Securities Co. Ltd. boosted its position in shares of Scotts Miracle-Gro by 127.9% during the fourth quarter. SBI Securities Co. Ltd. now owns 889 shares of the basic materials company's stock valued at $52,000 after buying an additional 499 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Scotts Miracle-Gro during the fourth quarter valued at approximately $53,000. 74.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus reduced their price target on Scotts Miracle-Gro from $76.00 to $75.00 and set a "buy" rating on the stock in a report on Monday, June 8th. JPMorgan Chase & Co. lowered Scotts Miracle-Gro from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $70.00 to $67.00 in a research note on Thursday, March 26th. UBS Group boosted their price objective on Scotts Miracle-Gro from $63.00 to $70.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $79.00 price objective on shares of Scotts Miracle-Gro in a research report on Wednesday, April 29th. Finally, Wall Street Zen upgraded Scotts Miracle-Gro from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $73.00.

Scotts Miracle-Gro Price Performance

Shares of SMG stock opened at $68.49 on Wednesday. The company has a market capitalization of $3.98 billion, a P/E ratio of 38.27 and a beta of 1.81. The company's 50-day simple moving average is $63.08 and its two-hundred day simple moving average is $63.79. The Scotts Miracle-Gro Company has a one year low of $52.00 and a one year high of $75.34.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $4.53 earnings per share for the quarter, beating the consensus estimate of $3.97 by $0.56. The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. Scotts Miracle-Gro had a net margin of 3.27% and a negative return on equity of 79.61%. The company's revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.98 earnings per share. On average, research analysts expect that The Scotts Miracle-Gro Company will post 4.3 EPS for the current fiscal year.

About Scotts Miracle-Gro

Scotts Miracle-Gro Company is a leading developer, manufacturer and distributor of consumer lawn and garden products. The firm serves both retail and professional customers through an array of branded offerings that include lawn fertilizers, grass seed, pest and disease control solutions, plant foods and specialty products for indoor and outdoor gardening. Its portfolio spans well-known names such as Scotts®, Miracle-Gro®, Ortho® and various hydroponic and specialty garden brands.

Headquartered in Marysville, Ohio, the company traces its roots to O.M.

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