Neo Ivy Capital Management Buys Shares of 38,178 The Scotts Miracle-Gro Company (NYSE:SMG)

Key Points

• Neo Ivy Capital Management has acquired a new position in The Scotts Miracle-Gro Company, purchasing 38,178 shares valued at approximately $2.1 million, representing 0.07% ownership in the company.
• Several other institutional investors, such as Spire Wealth Management and UMB Bank, significantly increased their holdings in Scotts Miracle-Gro, showcasing a growing confidence among hedge funds in the company's stock.
• Wall Street analysts have mixed forecasts for Scotts Miracle-Gro, with price targets ranging from $65 to $80 and a consensus rating of "Moderate Buy," indicating a cautious optimistic outlook for the company's future performance.

Neo Ivy Capital Management purchased a new position in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 38,178 shares of the basic materials company's stock, valued at approximately $2,096,000. Neo Ivy Capital Management owned about 0.07% of Scotts Miracle-Gro at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SMG. Huntington National Bank boosted its holdings in shares of Scotts Miracle-Gro by 5.8% during the fourth quarter. Huntington National Bank now owns 3,664 shares of the basic materials company's stock valued at $243,000 after acquiring an additional 200 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in 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 worth $484,000 after buying an additional 200 shares during the period. State of Michigan Retirement System increased its holdings in shares of Scotts Miracle-Gro by 2.0% in the 1st quarter. State of Michigan Retirement System now owns 10,300 shares of the basic materials company's stock valued at $565,000 after purchasing an additional 200 shares during the period. Sagespring Wealth Partners LLC grew its stake in shares of Scotts Miracle-Gro by 4.8% in the 1st quarter. Sagespring Wealth Partners LLC now owns 4,524 shares of the basic materials company's stock valued at $248,000 after buying an additional 207 shares in the last quarter. Finally, Commerce Bank grew its holdings in Scotts Miracle-Gro by 1.9% during the fourth quarter. Commerce Bank now owns 12,530 shares of the basic materials company's stock valued at $831,000 after purchasing an additional 239 shares during the last quarter. Institutional investors own 74.07% of the company's stock.

Scotts Miracle-Gro Stock Performance

NYSE SMG traded down $1.83 during trading on Tuesday, hitting $67.34. The stock had a trading volume of 309,243 shares, compared to its average volume of 1,069,783. The company has a market capitalization of $3.89 billion, a PE ratio of 135.02 and a beta of 2.01. The company's 50-day moving average price is $64.65 and its two-hundred day moving average price is $61.83. The Scotts Miracle-Gro Company has a 12 month low of $45.61 and a 12 month high of $93.90.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share for the quarter, topping 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 analyst estimates of $1.50 billion. During the same period in the previous year, the firm earned $3.69 EPS. The firm's revenue was down 6.8% compared to the same quarter last year. As a group, equities analysts anticipate that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on SMG. Wells Fargo & Company increased their price objective on Scotts Miracle-Gro from $72.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Jefferies Financial Group raised 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 report on Monday, April 7th. UBS Group lifted their price objective on Scotts Miracle-Gro from $54.00 to $71.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Stifel Nicolaus lowered 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 report on Monday, June 9th. Finally, Truist Financial lifted their price objective on Scotts Miracle-Gro from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $71.83.

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.