Key Points
- Director Hagedorn Partnership, L.P. sold 30,000 Scotts Miracle-Gro shares at an average price of $67.45, generating $2.02 million. The sale reduced its position by 0.23%, leaving it with 13.14 million shares.
- Scotts Miracle-Gro reported quarterly EPS of $2.82, beating estimates of $2.48, while revenue reached $1.17 billion, up 1.1% year over year.
- The company declared a quarterly dividend of $0.66 per share, or $2.64 annually, representing a 4.0% yield. Analysts’ consensus rating is “Hold,” with an average price target of $75.40.
The Scotts Miracle-Gro Company (NYSE:SMG - Get Free Report) Director Hagedorn Partnership, L.P. sold 30,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $67.45, for a total value of $2,023,500.00. Following the completion of the sale, the director directly owned 13,137,641 shares in the company, valued at approximately $886,133,885.45. The trade was a 0.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Scotts Miracle-Gro Stock Down 1.1%
NYSE:SMG opened at $65.67 on Thursday. The stock's fifty day moving average is $65.26 and its two-hundred day moving average is $64.36. The Scotts Miracle-Gro Company has a 52 week low of $52.00 and a 52 week high of $75.34. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 57.10 and a beta of 1.82.
Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The basic materials company reported $2.82 EPS for the quarter, topping the consensus estimate of $2.48 by $0.34. Scotts Miracle-Gro had a negative return on equity of 81.90% and a net margin of 2.19%.The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the business posted $2.59 earnings per share. The company's quarterly revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts expect that The Scotts Miracle-Gro Company will post 4.39 EPS for the current fiscal year.
Scotts Miracle-Gro Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Friday, August 21st will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, August 21st. Scotts Miracle-Gro's dividend payout ratio (DPR) is 229.57%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp increased its holdings in Scotts Miracle-Gro by 1.1% during the 2nd quarter. State Street Corp now owns 1,522,093 shares of the basic materials company's stock worth $100,397,000 after purchasing an additional 16,298 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Scotts Miracle-Gro by 161.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,289,974 shares of the basic materials company's stock valued at $78,443,000 after purchasing an additional 795,970 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Scotts Miracle-Gro by 29.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,165,367 shares of the basic materials company's stock valued at $66,368,000 after buying an additional 265,677 shares during the period. Captrust Financial Advisors boosted its stake in shares of Scotts Miracle-Gro by 0.3% in the 4th quarter. Captrust Financial Advisors now owns 1,157,714 shares of the basic materials company's stock valued at $67,553,000 after buying an additional 2,899 shares during the period. Finally, Deprince Race & Zollo Inc. grew its position in shares of Scotts Miracle-Gro by 4.9% during the first quarter. Deprince Race & Zollo Inc. now owns 1,087,339 shares of the basic materials company's stock worth $66,121,000 after buying an additional 51,148 shares in the last quarter. 74.07% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have issued reports on SMG. Jefferies Financial Group reiterated a "buy" rating and set a $79.00 price target on shares of Scotts Miracle-Gro in a research note on Wednesday, April 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Scotts Miracle-Gro in a research note on Friday, July 31st. UBS Group lifted their price objective on shares of Scotts Miracle-Gro from $70.00 to $78.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Wells Fargo & Company upped their target price on shares of Scotts Miracle-Gro from $74.00 to $77.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Finally, Stifel Nicolaus increased their target price on shares of Scotts Miracle-Gro from $75.00 to $76.00 and gave the stock a "buy" rating in a report on Monday. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $75.40.
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About Scotts Miracle-Gro
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Scotts Miracle-Gro Company is a leading developer, manufacturer and distributor of consumer lawn and garden products. The firm serves both retail and professional customers through an array of branded offerings that include lawn fertilizers, grass seed, pest and disease control solutions, plant foods and specialty products for indoor and outdoor gardening. Its portfolio spans well-known names such as Scotts®, Miracle-Gro®, Ortho® and various hydroponic and specialty garden brands.
Headquartered in Marysville, Ohio, the company traces its roots to O.M.
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