Sofos Investments Inc. Raises Stake in The Scotts Miracle-Gro Company (NYSE:SMG)

Sofos Investments Inc. raised its holdings in shares of The Scotts Miracle-Gro Company (NYSE:SMG) by 8.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 6,203 shares of the basic materials company’s stock after acquiring an additional 505 shares during the quarter. Sofos Investments Inc.’s holdings in The Scotts Miracle-Gro were worth $1,190,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SMG. Commonwealth Equity Services LLC grew its position in The Scotts Miracle-Gro by 20.3% during the first quarter. Commonwealth Equity Services LLC now owns 13,483 shares of the basic materials company’s stock valued at $3,302,000 after acquiring an additional 2,274 shares during the last quarter. Alliancebernstein L.P. increased its holdings in The Scotts Miracle-Gro by 6.8% in the 1st quarter. Alliancebernstein L.P. now owns 80,944 shares of the basic materials company’s stock worth $19,829,000 after buying an additional 5,180 shares in the last quarter. Bank of Nova Scotia purchased a new position in The Scotts Miracle-Gro in the first quarter worth about $1,992,000. Sigma Planning Corp boosted its position in The Scotts Miracle-Gro by 11.7% in the first quarter. Sigma Planning Corp now owns 2,539 shares of the basic materials company’s stock worth $622,000 after purchasing an additional 265 shares during the last quarter. Finally, Keybank National Association OH purchased a new position in shares of The Scotts Miracle-Gro during the 1st quarter valued at about $822,000. Hedge funds and other institutional investors own 62.24% of the company’s stock.

Several equities analysts have recently weighed in on the company. Truist Securities cut their target price on The Scotts Miracle-Gro from $300.00 to $250.00 and set a “buy” rating on the stock in a research report on Monday, July 12th. Stifel Nicolaus initiated coverage on The Scotts Miracle-Gro in a research report on Tuesday, July 27th. They set a “buy” rating and a $220.00 target price on the stock. Truist cut their price objective on The Scotts Miracle-Gro from $300.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, July 12th. Berenberg Bank reiterated a “buy” rating and set a $257.00 price target on shares of The Scotts Miracle-Gro in a research report on Wednesday, September 1st. Finally, JPMorgan Chase & Co. reduced their price objective on The Scotts Miracle-Gro from $240.00 to $198.00 and set a “neutral” rating on the stock in a research report on Thursday, June 24th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $227.56.

The Scotts Miracle-Gro stock traded up $1.81 during mid-day trading on Tuesday, hitting $147.31. The company’s stock had a trading volume of 9,295 shares, compared to its average volume of 409,259. The company has a quick ratio of 1.22, a current ratio of 2.15 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $8.22 billion, a P/E ratio of 14.74 and a beta of 1.13. The Scotts Miracle-Gro Company has a twelve month low of $139.20 and a twelve month high of $254.34. The stock’s fifty day moving average price is $163.55 and its two-hundred day moving average price is $199.79.

The Scotts Miracle-Gro (NYSE:SMG) last released its quarterly earnings data on Wednesday, August 4th. The basic materials company reported $3.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.46. The Scotts Miracle-Gro had a net margin of 11.11% and a return on equity of 66.94%. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the business earned $3.80 EPS. The Scotts Miracle-Gro’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities analysts expect that The Scotts Miracle-Gro Company will post 9.21 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 10th. Shareholders of record on Friday, August 27th were given a $0.66 dividend. The ex-dividend date was Thursday, August 26th. This is a positive change from The Scotts Miracle-Gro’s previous quarterly dividend of $0.62. This represents a $2.64 dividend on an annualized basis and a yield of 1.79%. The Scotts Miracle-Gro’s payout ratio is 36.46%.

The Scotts Miracle-Gro Profile

Scotts Miracle-Gro Co engages in the manufacture, marketing, and distribution of systems and accessories for hydroponic gardening. It operates through the following segments: U.S. Consumer, Hawthorne, and Other. The U.S. Consumer segment consists of consumer lawn and garden business. The Hawthorn segment includes indoor, urban, and hydroponic gardening business.

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

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