Financial Gravity Asset Management Inc. Takes Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Financial Gravity Asset Management Inc. acquired a new position in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 30,434 shares of the basic materials company's stock, valued at approximately $1,671,000. Financial Gravity Asset Management Inc. owned 0.05% of Scotts Miracle-Gro as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SMG. Atala Financial Inc acquired a new position in Scotts Miracle-Gro in the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. purchased a new stake in Scotts Miracle-Gro in the fourth quarter valued at $26,000. Spire Wealth Management lifted its stake in shares of Scotts Miracle-Gro by 477.9% in the 1st quarter. Spire Wealth Management now owns 549 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 454 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of 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 purchasing an additional 465 shares during the last quarter. Finally, Tortoise Investment Management LLC grew its holdings in shares of Scotts Miracle-Gro by 77.3% during the 4th quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company's stock worth $34,000 after purchasing an additional 225 shares during the period. 74.07% of the stock is owned by hedge funds and other institutional investors.

Scotts Miracle-Gro Trading Down 0.2%

NYSE:SMG traded down $0.12 during trading hours on Friday, hitting $69.29. The company's stock had a trading volume of 692,150 shares, compared to its average volume of 961,601. The Scotts Miracle-Gro Company has a 52-week low of $45.61 and a 52-week high of $93.90. The stock has a market capitalization of $4.00 billion, a P/E ratio of 138.58 and a beta of 2.01. The stock has a fifty day moving average of $62.33 and a 200-day moving average of $61.69.

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 EPS for the quarter, beating analysts' consensus estimates of $3.95 by $0.03. Scotts Miracle-Gro had a negative return on equity of 56.15% and a net margin of 1.04%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.50 billion. The business's revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.69 EPS. On average, sell-side analysts forecast that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The business 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. This represents a $2.64 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend was Friday, May 23rd. Scotts Miracle-Gro's payout ratio is 528.00%.

Analysts Set New Price Targets

SMG has been the subject of a number of research reports. Jefferies Financial Group raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and dropped their price objective for the company from $72.00 to $69.00 in a research note on Monday, April 7th. Stifel Nicolaus lowered shares of Scotts Miracle-Gro from a "buy" rating to a "hold" rating and boosted their price target for the stock from $70.00 to $71.00 in a research note on Monday, June 9th. JPMorgan Chase & Co. reduced their price target 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. Truist Financial lifted their price objective on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, UBS Group cut their target price on shares of 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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Scotts Miracle-Gro presently has an average rating of "Moderate Buy" and a consensus target price of $68.17.

Scotts Miracle-Gro Company 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.