Sowell Financial Services LLC Acquires New Holdings in The Scotts Miracle-Gro Company (NYSE:SMG)

Sowell Financial Services LLC purchased a new position in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,126 shares of the basic materials company's stock, valued at approximately $226,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its position in shares of Scotts Miracle-Gro by 19.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 3,134 shares of the basic materials company's stock worth $208,000 after acquiring an additional 514 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Scotts Miracle-Gro during the 4th quarter valued at approximately $26,000. Norges Bank purchased a new stake in Scotts Miracle-Gro during the 4th quarter worth approximately $9,684,000. SG Americas Securities LLC acquired a new position in shares of Scotts Miracle-Gro in the 1st quarter valued at approximately $1,011,000. Finally, Bayesian Capital Management LP acquired a new position in shares of Scotts Miracle-Gro in the 4th quarter valued at approximately $1,261,000. Hedge funds and other institutional investors own 74.07% of the company's stock.

Analyst Ratings Changes

SMG has been the subject of a number of research analyst reports. Stifel Nicolaus lowered shares of Scotts Miracle-Gro from a "buy" rating to a "hold" rating and lifted their price target for the stock from $70.00 to $71.00 in a research note on Monday, June 9th. Jefferies Financial Group raised shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $72.00 to $69.00 in a report on Monday, April 7th. Truist Financial upped their target price on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wells Fargo & Company increased their price target on shares of Scotts Miracle-Gro from $67.00 to $72.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Finally, JPMorgan Chase & Co. lowered their price objective on Scotts Miracle-Gro from $80.00 to $65.00 and set an "overweight" rating for the company in a report 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 company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $67.67.

Scotts Miracle-Gro Price Performance

Shares of NYSE:SMG traded up $0.71 during trading on Thursday, reaching $65.02. 740,255 shares of the company's stock traded hands, compared to its average volume of 965,389. The stock has a market capitalization of $3.75 billion, a P/E ratio of 130.04 and a beta of 1.99. The Scotts Miracle-Gro Company has a 12 month low of $45.61 and a 12 month high of $93.90. The company has a 50 day moving average of $58.98 and a 200-day moving average of $61.98.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 EPS for the quarter, beating the consensus estimate of $3.95 by $0.03. The company 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 business's revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $3.69 earnings per share. Equities research analysts predict that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 4.06%. The ex-dividend date was Friday, May 23rd. Scotts Miracle-Gro's dividend payout ratio is presently 528.00%.

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.