Envestnet Asset Management Inc. Has $35.45 Million Stock Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Envestnet Asset Management Inc. decreased its position in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 645,842 shares of the basic materials company's stock after selling 15,230 shares during the period. Envestnet Asset Management Inc. owned approximately 1.12% of Scotts Miracle-Gro worth $35,450,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Atala Financial Inc bought a new position in Scotts Miracle-Gro during the 4th quarter worth $25,000. Spire Wealth Management increased its position in shares of Scotts Miracle-Gro by 477.9% in the first quarter. Spire Wealth Management now owns 549 shares of the basic materials company's stock worth $30,000 after purchasing an additional 454 shares during the period. UMB Bank n.a. increased its position in shares of Scotts Miracle-Gro by 479.4% in the first quarter. UMB Bank n.a. now owns 562 shares of the basic materials company's stock worth $31,000 after purchasing an additional 465 shares during the period. Frazier Financial Advisors LLC bought a new position in shares of Scotts Miracle-Gro in the fourth quarter worth $45,000. Finally, Brown Brothers Harriman & Co. increased its position in shares of Scotts Miracle-Gro by 733.0% in the fourth quarter. Brown Brothers Harriman & Co. now owns 883 shares of the basic materials company's stock worth $59,000 after purchasing an additional 777 shares during the period. Institutional investors own 74.07% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wells Fargo & Company raised their price target on Scotts Miracle-Gro from $72.00 to $75.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. JPMorgan Chase & Co. decreased their price target on Scotts Miracle-Gro from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Jefferies Financial Group raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and reduced their price objective for the company from $72.00 to $69.00 in a research note on Monday, April 7th. Truist Financial set a $80.00 price objective on Scotts Miracle-Gro and gave the company a "buy" rating in a research note on Monday. Finally, UBS Group reaffirmed a "neutral" rating and issued a $71.00 price objective (up from $54.00) on shares of Scotts Miracle-Gro in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Scotts Miracle-Gro presently has a consensus rating of "Moderate Buy" and an average target price of $71.83.

Scotts Miracle-Gro Stock Down 0.5%

Shares of SMG stock traded down $0.36 during mid-day trading on Thursday, reaching $67.56. 436,214 shares of the stock traded hands, compared to its average volume of 951,574. The stock's fifty day simple moving average is $63.36 and its two-hundred day simple moving average is $61.81. The Scotts Miracle-Gro Company has a 1-year low of $45.61 and a 1-year high of $93.90. The company has a market cap of $3.90 billion, a price-to-earnings ratio of 135.12 and a beta of 2.01.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $3.98 EPS for the quarter, beating 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 firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm posted $3.69 earnings per share. The business's revenue for the quarter was down 6.8% on a year-over-year basis. On average, equities research analysts anticipate that The Scotts Miracle-Gro Company will post 3.42 EPS for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date was Friday, May 23rd. Scotts Miracle-Gro's payout ratio is 528.00%.

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.