Convergence Investment Partners LLC Buys Shares of 8,305 Scotts Miracle-Gro Co (NYSE:SMG)

Convergence Investment Partners LLC bought a new stake in Scotts Miracle-Gro Co (NYSE:SMG) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 8,305 shares of the basic materials company’s stock, valued at approximately $846,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan boosted its stake in shares of Scotts Miracle-Gro by 1.5% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 7,270 shares of the basic materials company’s stock valued at $716,000 after purchasing an additional 110 shares in the last quarter. Charter Trust Co. boosted its stake in shares of Scotts Miracle-Gro by 4.0% in the 2nd quarter. Charter Trust Co. now owns 2,989 shares of the basic materials company’s stock valued at $294,000 after purchasing an additional 115 shares in the last quarter. Curbstone Financial Management Corp boosted its stake in shares of Scotts Miracle-Gro by 1.7% in the 2nd quarter. Curbstone Financial Management Corp now owns 7,630 shares of the basic materials company’s stock valued at $752,000 after purchasing an additional 130 shares in the last quarter. United Capital Financial Advisers LLC boosted its stake in shares of Scotts Miracle-Gro by 0.9% in the 2nd quarter. United Capital Financial Advisers LLC now owns 16,395 shares of the basic materials company’s stock valued at $1,615,000 after purchasing an additional 145 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Scotts Miracle-Gro by 8.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,326 shares of the basic materials company’s stock valued at $237,000 after purchasing an additional 183 shares in the last quarter. 66.35% of the stock is currently owned by hedge funds and other institutional investors.

SMG has been the topic of a number of research analyst reports. SunTrust Banks raised their price target on shares of Scotts Miracle-Gro to $120.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Bank of America upgraded shares of Scotts Miracle-Gro from an “underperform” rating to a “neutral” rating and set a $108.00 price target on the stock in a research note on Tuesday, October 1st. ValuEngine downgraded shares of Scotts Miracle-Gro from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Finally, Zacks Investment Research downgraded shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and set a $117.00 target price on the stock. in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $98.42.

In other news, EVP James D. King sold 1,751 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $108.62, for a total value of $190,193.62. Following the transaction, the executive vice president now owns 7,002 shares in the company, valued at approximately $760,557.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nancy G. Mistretta sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.98, for a total transaction of $269,950.00. Following the completion of the transaction, the director now owns 18,454 shares in the company, valued at approximately $1,992,662.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 794,810 shares of company stock worth $86,961,210. 30.37% of the stock is owned by corporate insiders.

NYSE:SMG opened at $98.07 on Thursday. The firm’s 50 day simple moving average is $102.65 and its 200 day simple moving average is $97.85. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.45 and a quick ratio of 0.90. Scotts Miracle-Gro Co has a one year low of $57.96 and a one year high of $114.63. The company has a market cap of $5.62 billion, a PE ratio of 26.43, a P/E/G ratio of 1.75 and a beta of 0.81.

Scotts Miracle-Gro (NYSE:SMG) last posted its earnings results on Wednesday, July 31st. The basic materials company reported $3.11 EPS for the quarter, topping the consensus estimate of $2.74 by $0.37. Scotts Miracle-Gro had a net margin of 12.02% and a return on equity of 51.15%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the company earned $2.67 EPS. The firm’s revenue was up 17.7% compared to the same quarter last year. Equities research analysts expect that Scotts Miracle-Gro Co will post 4.5 EPS for the current year.

About Scotts Miracle-Gro

The Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden products in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It offers lawn care products, such as lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products.

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Institutional Ownership by Quarter for Scotts Miracle-Gro (NYSE:SMG)

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