The Scotts Miracle-Gro Company (NYSE:SMG) Position Reduced by Envestnet Asset Management Inc.

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 the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 645,842 shares of the basic materials company's stock after selling 15,230 shares during the period. Envestnet Asset Management Inc. owned 1.12% of Scotts Miracle-Gro worth $35,450,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SMG. Atala Financial Inc acquired a new position in Scotts Miracle-Gro in the fourth quarter worth approximately $25,000. Spire Wealth Management grew its position in 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 buying an additional 454 shares during the last quarter. UMB Bank n.a. grew its position in 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 buying an additional 465 shares during the last quarter. Frazier Financial Advisors LLC acquired a new position in Scotts Miracle-Gro in the fourth quarter worth approximately $45,000. Finally, Brown Brothers Harriman & Co. grew its position in 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 buying an additional 777 shares during the last quarter. Institutional investors and hedge funds own 74.07% of the company's stock.

Scotts Miracle-Gro Stock Performance

NYSE SMG opened at $69.29 on Monday. The Scotts Miracle-Gro Company has a twelve month low of $45.61 and a twelve month high of $93.90. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 138.58 and a beta of 2.01. The firm's 50 day moving average price is $62.33 and its two-hundred day moving average price is $61.69.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last posted its quarterly 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. Scotts Miracle-Gro had a net margin of 1.04% and a negative return on equity of 56.15%. The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the previous year, the company posted $3.69 EPS. Scotts Miracle-Gro's revenue was down 6.8% on a year-over-year basis. On average, research analysts forecast that The Scotts Miracle-Gro Company will post 3.42 EPS for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Friday, May 23rd. Scotts Miracle-Gro's dividend payout ratio is currently 528.00%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SMG shares. UBS Group decreased their price target on shares of Scotts Miracle-Gro from $55.00 to $54.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. decreased their price target on shares of 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 upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $72.00 to $69.00 in a research report on Monday, April 7th. Truist Financial lifted their price objective on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Stifel Nicolaus cut shares of 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. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.17.

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.

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