Summit Global Investments Purchases Shares of 6,368 The Scotts Miracle-Gro Company (NYSE:SMG)

Summit Global Investments bought a new position in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 6,368 shares of the basic materials company's stock, valued at approximately $350,000.

Other hedge funds have also added to or reduced their stakes in the company. Atala Financial Inc bought a new stake in Scotts Miracle-Gro during the 4th quarter valued at approximately $25,000. SBI Securities Co. Ltd. bought a new stake in Scotts Miracle-Gro during the 4th quarter valued at approximately $26,000. Tortoise Investment Management LLC raised its stake in 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 valued at $34,000 after purchasing an additional 225 shares during the period. Blue Trust Inc. raised its stake in Scotts Miracle-Gro by 68.3% during the 4th quarter. Blue Trust Inc. now owns 621 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 252 shares during the period. Finally, Frazier Financial Advisors LLC purchased a new position in Scotts Miracle-Gro during the 4th quarter valued at approximately $45,000. 74.07% of the stock is owned by institutional investors.

Scotts Miracle-Gro Price Performance

NYSE SMG traded up $6.39 on Thursday, hitting $65.01. 2,886,520 shares of the company's stock were exchanged, compared to its average volume of 972,822. The firm's 50-day moving average price is $55.57 and its two-hundred day moving average price is $63.35. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of -135.43 and a beta of 1.99. The Scotts Miracle-Gro Company has a fifty-two week low of $45.61 and a fifty-two week 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 (EPS) for the quarter, beating analysts' consensus estimates of $3.95 by $0.03. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.50 billion. Scotts Miracle-Gro had a negative return on equity of 51.48% and a negative net margin of 0.67%. Scotts Miracle-Gro's revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.69 EPS. On average, research analysts predict that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be given a $0.66 dividend. The ex-dividend date is Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a yield of 4.06%. Scotts Miracle-Gro's payout ratio is currently 528.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Jefferies Financial Group upgraded Scotts Miracle-Gro from a "hold" rating to a "buy" rating and dropped their target price for the stock from $72.00 to $69.00 in a report on Monday, April 7th. Wells Fargo & Company increased their target price on Scotts Miracle-Gro from $65.00 to $67.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 13th. Stifel Nicolaus raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and decreased their target price for the company from $78.00 to $70.00 in a research report on Tuesday, March 4th. JPMorgan Chase & Co. decreased their target price on Scotts Miracle-Gro from $80.00 to $65.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, Truist Financial raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and set a $70.00 price target for the company in a research report on Wednesday, April 2nd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $65.83.

Scotts Miracle-Gro 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.