Wealthquest Corp Takes $2.33 Million Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Wealthquest Corp acquired a new position in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 42,355 shares of the basic materials company's stock, valued at approximately $2,325,000. Scotts Miracle-Gro accounts for approximately 0.2% of Wealthquest Corp's portfolio, making the stock its 25th largest holding. Wealthquest Corp owned 0.07% of Scotts Miracle-Gro at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. International Assets Investment Management LLC boosted its stake in Scotts Miracle-Gro by 93.7% in the 1st quarter. International Assets Investment Management LLC now owns 6,704 shares of the basic materials company's stock worth $368,000 after purchasing an additional 3,243 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Scotts Miracle-Gro by 21.9% during the first quarter. Oppenheimer & Co. Inc. now owns 3,819 shares of the basic materials company's stock valued at $210,000 after buying an additional 685 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Scotts Miracle-Gro by 3.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 52,246 shares of the basic materials company's stock worth $2,868,000 after buying an additional 1,948 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of Scotts Miracle-Gro by 0.3% during the first quarter. Retirement Systems of Alabama now owns 216,304 shares of the basic materials company's stock worth $11,873,000 after acquiring an additional 647 shares during the last quarter. Finally, Sagespring Wealth Partners LLC boosted its position in shares of Scotts Miracle-Gro by 4.8% during the first quarter. Sagespring Wealth Partners LLC now owns 4,524 shares of the basic materials company's stock worth $248,000 after acquiring an additional 207 shares during the last quarter. Hedge funds and other institutional investors own 74.07% of the company's stock.

Scotts Miracle-Gro Stock Performance

SMG stock traded up $0.47 during midday trading on Wednesday, reaching $64.38. 736,655 shares of the company traded hands, compared to its average volume of 963,815. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of 128.75 and a beta of 1.99. The Scotts Miracle-Gro Company has a 52-week low of $45.61 and a 52-week high of $93.90. The business has a 50 day moving average of $58.44 and a 200-day moving average of $62.03.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last released its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share for the quarter, beating the consensus estimate of $3.95 by $0.03. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.50 billion. Scotts Miracle-Gro had a negative return on equity of 56.15% and a net margin of 1.04%. The company's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.69 EPS. Research analysts anticipate that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were paid a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.10%. Scotts Miracle-Gro's dividend payout ratio is presently 528.00%.

Wall Street Analysts Forecast Growth

Several analysts have commented on SMG shares. Truist Financial boosted their price target on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. decreased their target price 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 dropped their price target for the company from $72.00 to $69.00 in a research note on Monday, April 7th. Wells Fargo & Company upped their price objective on Scotts Miracle-Gro from $67.00 to $72.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Stifel Nicolaus downgraded Scotts Miracle-Gro from a "buy" rating to a "hold" rating and increased their target price for the company 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 assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $67.67.

About Scotts Miracle-Gro

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.