30,434 Shares in The Scotts Miracle-Gro Company (NYSE:SMG) Bought by Financial Gravity Asset Management Inc.

Financial Gravity Asset Management Inc. purchased a new position in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 30,434 shares of the basic materials company's stock, valued at approximately $1,671,000. Financial Gravity Asset Management Inc. owned approximately 0.05% of Scotts Miracle-Gro as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Point72 Asset Management L.P. acquired a new position in shares of Scotts Miracle-Gro in the fourth quarter worth about $53,453,000. Jacobs Levy Equity Management Inc. raised its stake in Scotts Miracle-Gro by 72.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 628,414 shares of the basic materials company's stock valued at $41,689,000 after buying an additional 264,369 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Scotts Miracle-Gro during the fourth quarter valued at approximately $39,986,000. Alyeska Investment Group L.P. acquired a new stake in Scotts Miracle-Gro during the fourth quarter valued at approximately $39,434,000. Finally, Schonfeld Strategic Advisors LLC raised its stake in Scotts Miracle-Gro by 157.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 469,336 shares of the basic materials company's stock valued at $31,136,000 after buying an additional 286,962 shares in the last quarter. Institutional investors and hedge funds own 74.07% of the company's stock.

Scotts Miracle-Gro Price Performance

Shares of SMG traded down $0.12 during trading hours on Friday, hitting $69.29. 692,150 shares of the company were exchanged, compared to its average volume of 961,638. The company has a market capitalization of $4.00 billion, a PE ratio of 138.58 and a beta of 2.01. The firm has a fifty day simple moving average of $62.33 and a 200-day simple moving average of $61.77. The Scotts Miracle-Gro Company has a one year low of $45.61 and a one year high of $93.90.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last released 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 business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.50 billion. Scotts Miracle-Gro had a negative return on equity of 56.15% and a net margin of 1.04%. The company's revenue was down 6.8% compared to the same quarter last year. During the same period last year, the company posted $3.69 EPS. Sell-side analysts expect that The Scotts Miracle-Gro Company will post 3.42 EPS for the current year.

Scotts Miracle-Gro Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were issued a dividend of $0.66 per share. The ex-dividend date was Friday, May 23rd. This represents a $2.64 annualized dividend and a dividend yield of 3.81%. Scotts Miracle-Gro's dividend payout ratio is 528.00%.

Analyst Ratings Changes

Several brokerages have issued reports on SMG. UBS Group cut their price objective on Scotts Miracle-Gro from $55.00 to $54.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Jefferies Financial Group upgraded Scotts Miracle-Gro from a "hold" rating to a "buy" rating and cut their price objective for the company from $72.00 to $69.00 in a research note on Monday, April 7th. Truist Financial upped their price objective on Scotts Miracle-Gro from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Stifel Nicolaus cut Scotts Miracle-Gro from a "buy" rating to a "hold" rating and upped their price objective for the company from $70.00 to $71.00 in a research note on Monday, June 9th. Finally, Wells Fargo & Company upped their price objective on Scotts Miracle-Gro from $72.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Scotts Miracle-Gro presently has a consensus rating of "Moderate Buy" and an average price target of $68.17.

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.