Point72 Asset Management L.P. Buys New Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Point72 Asset Management L.P. bought a new stake in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 805,750 shares of the basic materials company's stock, valued at approximately $53,453,000. Point72 Asset Management L.P. owned about 1.40% of Scotts Miracle-Gro at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. raised its stake in Scotts Miracle-Gro by 72.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 628,414 shares of the basic materials company's stock valued at $41,689,000 after purchasing an additional 264,369 shares during the last quarter. Raymond James Financial Inc. bought a new position in Scotts Miracle-Gro during the fourth quarter valued at about $39,986,000. Alyeska Investment Group L.P. bought a new position in Scotts Miracle-Gro during the fourth quarter valued at about $39,434,000. Schonfeld Strategic Advisors LLC increased its stake in Scotts Miracle-Gro by 157.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 469,336 shares of the basic materials company's stock valued at $31,136,000 after acquiring an additional 286,962 shares during the period. Finally, Millennium Management LLC increased its stake in Scotts Miracle-Gro by 87.9% during the fourth quarter. Millennium Management LLC now owns 365,548 shares of the basic materials company's stock valued at $24,250,000 after acquiring an additional 171,034 shares during the period. 74.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SMG. Wells Fargo & Company boosted their price target on Scotts Miracle-Gro from $65.00 to $67.00 and gave the company an "overweight" rating in a research note on Tuesday. Jefferies Financial Group upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and decreased their price target for the stock from $72.00 to $69.00 in a research note on Monday, April 7th. Truist Financial upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and set a $70.00 price target on the stock in a research note on Wednesday, April 2nd. UBS Group cut their price target on shares of Scotts Miracle-Gro from $55.00 to $54.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Finally, Stifel Nicolaus upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and cut their price target for the stock from $78.00 to $70.00 in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $65.83.

Scotts Miracle-Gro Price Performance

Scotts Miracle-Gro stock opened at $61.04 on Friday. The firm has a market capitalization of $3.52 billion, a P/E ratio of -127.16 and a beta of 1.98. The Scotts Miracle-Gro Company has a 52-week low of $45.61 and a 52-week high of $93.90. The stock has a fifty day moving average price of $55.04 and a two-hundred day moving average price of $65.38.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share for the quarter, topping the consensus estimate of $3.95 by $0.03. The firm had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.50 billion. Scotts Miracle-Gro had a negative net margin of 0.67% and a negative return on equity of 51.48%. The company's quarterly revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.69 earnings per share. On average, equities research analysts predict 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 announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date is Friday, May 23rd. Scotts Miracle-Gro's dividend payout ratio is presently 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.

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