Envestnet Portfolio Solutions Inc. Sells 6,508 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

Envestnet Portfolio Solutions Inc. trimmed its position in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 39.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,813 shares of the basic materials company's stock after selling 6,508 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Scotts Miracle-Gro were worth $539,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Atala Financial Inc bought a new stake in shares of Scotts Miracle-Gro during the 4th quarter valued at $25,000. SBI Securities Co. Ltd. bought a new stake in Scotts Miracle-Gro in the 4th quarter valued at $26,000. Tortoise Investment Management LLC increased its holdings in Scotts Miracle-Gro by 77.3% in the 4th quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 225 shares during the last quarter. UMB Bank n.a. increased its holdings 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 acquiring an additional 465 shares during the last quarter. Finally, Frazier Financial Advisors LLC bought a new stake in Scotts Miracle-Gro in the 4th quarter valued at $45,000. 74.07% of the stock is currently owned by institutional investors.

Scotts Miracle-Gro Stock Performance

Shares of NYSE SMG opened at $65.02 on Friday. The company's fifty day moving average price is $58.98 and its 200 day moving average price is $61.98. 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 $3.75 billion, a PE ratio of 130.04 and a beta of 1.99.

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 (EPS) for the quarter, beating the consensus estimate of $3.95 by $0.03. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.50 billion. Scotts Miracle-Gro had a net margin of 1.04% and a negative return on equity of 56.15%. The company's revenue was down 6.8% compared to the same quarter last year. During the same period last year, the firm posted $3.69 earnings per share. On average, equities analysts expect that The Scotts Miracle-Gro Company will post 3.42 EPS for the current year.

Scotts Miracle-Gro Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were issued a $0.66 dividend. The ex-dividend date was Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.06%. Scotts Miracle-Gro's payout ratio is 528.00%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SMG shares. Jefferies Financial Group upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and reduced their price target for the company from $72.00 to $69.00 in a report on Monday, April 7th. JPMorgan Chase & Co. dropped their price objective on shares of Scotts Miracle-Gro from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Stifel Nicolaus cut shares of Scotts Miracle-Gro from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $70.00 to $71.00 in a research note on Monday, June 9th. UBS Group dropped their price objective on shares of Scotts Miracle-Gro from $55.00 to $54.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Finally, Wells Fargo & Company lifted their price objective on shares of Scotts Miracle-Gro from $67.00 to $72.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $67.67.

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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