The Scotts Miracle-Gro Company $SMG Shares Acquired by Sound Income Strategies LLC

Key Points

• Sound Income Strategies LLC increased its holdings in The Scotts Miracle-Gro Company by 219,313.5% during the 2nd quarter, now owning approximately 0.28% of the company valued at $10.71 million.
• The firm's stock performance shows a 52-week low of $45.61 and a high of $93.90, currently trading around $56.04.
• While several analysts have issued mixed ratings, the average target price for Scotts Miracle-Gro stands at $70.17, with a consensus rating of "Moderate Buy."

Sound Income Strategies LLC grew its holdings in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 219,313.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 162,366 shares of the basic materials company's stock after purchasing an additional 162,292 shares during the period. Sound Income Strategies LLC owned approximately 0.28% of Scotts Miracle-Gro worth $10,710,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SMG. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Scotts Miracle-Gro by 23.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 126,436 shares of the basic materials company's stock valued at $8,388,000 after acquiring an additional 24,105 shares during the period. Wellington Management Group LLP purchased a new position in Scotts Miracle-Gro during the 4th quarter valued at about $4,008,000. Central Pacific Bank Trust Division boosted its holdings in Scotts Miracle-Gro by 90.0% during the 1st quarter. Central Pacific Bank Trust Division now owns 1,900 shares of the basic materials company's stock valued at $104,000 after acquiring an additional 900 shares during the period. GAMMA Investing LLC boosted its holdings in Scotts Miracle-Gro by 7,126.1% during the 1st quarter. GAMMA Investing LLC now owns 88,592 shares of the basic materials company's stock valued at $4,863,000 after acquiring an additional 87,366 shares during the period. Finally, Summit Global Investments purchased a new position in Scotts Miracle-Gro during the 1st quarter valued at about $350,000. 74.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wells Fargo & Company lowered their target price on Scotts Miracle-Gro from $75.00 to $67.00 and set an "overweight" rating for the company in a report on Thursday. Zacks Research cut Scotts Miracle-Gro from a "strong-buy" rating to a "hold" rating in a report on Friday, September 19th. Stifel Nicolaus reduced their price target on Scotts Miracle-Gro from $71.00 to $70.00 and set a "hold" rating on the stock in a research report on Monday, August 4th. Truist Financial set a $80.00 price target on Scotts Miracle-Gro and gave the company a "buy" rating in a research report on Monday, July 14th. Finally, Wall Street Zen raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $70.17.

Scotts Miracle-Gro Stock Performance

Shares of NYSE SMG opened at $56.04 on Monday. The Scotts Miracle-Gro Company has a fifty-two week low of $45.61 and a fifty-two week high of $93.90. The firm has a market capitalization of $3.24 billion, a PE ratio of 73.74 and a beta of 1.98. The stock's 50-day simple moving average is $61.94 and its 200-day simple moving average is $60.21.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The basic materials company reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.19 by $0.40. Scotts Miracle-Gro had a negative return on equity of 60.46% and a net margin of 1.54%.The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the company earned $2.31 EPS. The business's quarterly revenue was down 1.2% on a year-over-year basis. Scotts Miracle-Gro has set its FY 2025 guidance at 3.500- EPS. On average, sell-side analysts forecast that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 22nd were given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, August 22nd. Scotts Miracle-Gro's dividend payout ratio (DPR) is 347.37%.

Insider Activity

In other news, Director Hagedorn Partnership, L.P. sold 56,633 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $63.02, for a total transaction of $3,569,011.66. Following the sale, the director owned 13,217,641 shares of the company's stock, valued at approximately $832,975,735.82. This trade represents a 0.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark J. Scheiwer purchased 1,790 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The shares were purchased at an average price of $61.32 per share, for a total transaction of $109,762.80. Following the purchase, the executive vice president directly owned 10,130 shares in the company, valued at $621,171.60. The trade was a 21.46% increase in their ownership of the stock. The disclosure for this purchase can be found here. 25.37% of the stock is currently owned by company insiders.

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.

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