Millennium Management LLC Buys 1,055,672 Shares of The Scotts Miracle-Gro Company $SMG

Key Points

• Millennium Management LLC significantly increased its stake in The Scotts Miracle-Gro Company by 288.8%, owning 1,421,220 shares valued at approximately $78 million as of the latest filing.
• Scotts Miracle-Gro recently declared a quarterly dividend of $0.66, with a dividend yield of 4.2% and a payout ratio of 347.37%.
• Analysts have upgraded their ratings and set new price targets for Scotts Miracle-Gro, with an average target price of $71.17 and a consensus rating of "Moderate Buy."

Millennium Management LLC grew its position in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 288.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,421,220 shares of the basic materials company's stock after buying an additional 1,055,672 shares during the quarter. Millennium Management LLC owned 2.46% of Scotts Miracle-Gro worth $78,011,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Moors & Cabot Inc. raised its holdings in Scotts Miracle-Gro by 3.1% during the 1st quarter. Moors & Cabot Inc. now owns 6,415 shares of the basic materials company's stock valued at $352,000 after acquiring an additional 191 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Scotts Miracle-Gro by 2.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 8,826 shares of the basic materials company's stock valued at $484,000 after acquiring an additional 200 shares during the last quarter. State of Michigan Retirement System grew its holdings in shares of Scotts Miracle-Gro by 2.0% during the first quarter. State of Michigan Retirement System now owns 10,300 shares of the basic materials company's stock worth $565,000 after purchasing an additional 200 shares in the last quarter. Sagespring Wealth Partners LLC grew its holdings in shares of Scotts Miracle-Gro by 4.8% during the first quarter. Sagespring Wealth Partners LLC now owns 4,524 shares of the basic materials company's stock worth $248,000 after purchasing an additional 207 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in shares of Scotts Miracle-Gro by 2.5% during the first quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the basic materials company's stock worth $664,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 74.07% of the company's stock.

Analyst Ratings Changes

SMG has been the subject of several recent analyst reports. Zacks Research raised Scotts Miracle-Gro from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 21st. Wells Fargo & Company upped their price target on shares of Scotts Miracle-Gro from $72.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Truist Financial set a $80.00 price target on shares of Scotts Miracle-Gro and gave the company a "buy" rating in a research report on Monday, July 14th. UBS Group set a $68.00 price target on shares of Scotts Miracle-Gro and gave the company a "neutral" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen lowered shares of Scotts Miracle-Gro from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Scotts Miracle-Gro presently has a consensus rating of "Moderate Buy" and an average price target of $71.17.

Insider Buying and Selling

In other Scotts Miracle-Gro news, EVP Mark J. Scheiwer purchased 1,790 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were acquired at an average cost of $61.32 per share, for a total transaction of $109,762.80. Following the completion of the transaction, the executive vice president owned 10,130 shares of the company's stock, valued at approximately $621,171.60. The trade was a 21.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Hagedorn Partnership, L.P. sold 70,000 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $62.28, for a total transaction of $4,359,600.00. Following the completion of the transaction, the director owned 13,274,274 shares in the company, valued at $826,721,784.72. The trade was a 0.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.37% of the stock is currently owned by company insiders.

Scotts Miracle-Gro Stock Up 1.7%

Shares of NYSE:SMG traded up $1.02 during midday trading on Thursday, hitting $61.64. 327,507 shares of the stock traded hands, compared to its average volume of 1,034,689. The stock has a market capitalization of $3.56 billion, a PE ratio of 81.10 and a beta of 1.98. The business's 50 day moving average is $64.21 and its two-hundred day moving average is $60.34. 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 results on Wednesday, July 30th. The basic materials company reported $2.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.19 by $0.40. Scotts Miracle-Gro had a net margin of 1.54% and a negative return on equity of 60.46%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the firm earned $2.31 earnings per share. Scotts Miracle-Gro's revenue was down 1.2% on a year-over-year basis. Scotts Miracle-Gro has set its FY 2025 guidance at 3.500- EPS. As a group, sell-side analysts forecast that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current year.

Scotts Miracle-Gro Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 22nd were paid a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.3%. Scotts Miracle-Gro's dividend payout ratio (DPR) is currently 347.37%.

About Scotts Miracle-Gro

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.