Icon Advisers Inc. Co. Purchases Shares of 47,000 The Scotts Miracle-Gro Company $SMG

Key Points

• Icon Advisers Inc. Co. disclosed a new first-quarter stake in Scotts Miracle-Gro, buying 47,000 shares valued at about $2.86 million.
• Scotts Miracle-Gro reported better-than-expected quarterly results, with EPS of $4.53 versus $3.97 expected and revenue of $1.46 billion versus $1.41 billion expected.
• Analyst views remain mixed: the stock has a Hold consensus rating, though Wells Fargo raised its target to $74 and Jefferies kept a Buy rating with a $79 target.

Icon Advisers Inc. Co. purchased a new stake in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 47,000 shares of the basic materials company's stock, valued at approximately $2,858,000. Icon Advisers Inc. Co. owned about 0.08% of Scotts Miracle-Gro at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of SMG. Cassaday & Co Wealth Management LLC purchased a new stake in Scotts Miracle-Gro in the first quarter valued at approximately $26,000. Key Capital Management INC bought a new stake in Scotts Miracle-Gro during the fourth quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in Scotts Miracle-Gro in the 3rd quarter worth approximately $32,000. SBI Securities Co. Ltd. increased its holdings in shares of Scotts Miracle-Gro by 127.9% in the 4th quarter. SBI Securities Co. Ltd. now owns 889 shares of the basic materials company's stock worth $52,000 after buying an additional 499 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Scotts Miracle-Gro during the 4th quarter valued at $53,000. Hedge funds and other institutional investors own 74.07% of the company's stock.

Scotts Miracle-Gro Trading Up 0.4%

SMG opened at $68.78 on Thursday. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 38.42 and a beta of 1.81. The stock has a fifty day simple moving average of $63.28 and a two-hundred day simple moving average of $63.86. The Scotts Miracle-Gro Company has a 12-month low of $52.00 and a 12-month high of $75.34.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $4.53 EPS for the quarter, beating analysts' consensus estimates of $3.97 by $0.56. The firm had revenue of $1.46 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.98 EPS. On average, analysts predict that The Scotts Miracle-Gro Company will post 4.3 EPS for the current year.

Analyst Ratings Changes

SMG has been the subject of several research reports. Wall Street Zen upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating in a research report on Saturday, July 4th. Weiss Ratings restated a "hold (c)" rating on shares of Scotts Miracle-Gro in a research report on Monday, May 4th. Wells Fargo & Company lifted their price target on Scotts Miracle-Gro from $72.00 to $74.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. cut Scotts Miracle-Gro from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $70.00 to $67.00 in a report on Thursday, March 26th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $79.00 price objective on shares of Scotts Miracle-Gro in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Scotts Miracle-Gro has an average rating of "Hold" and an average target price of $73.00.

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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