Suntrust Banks Inc. boosted its holdings in shares of Scotts Miracle-Gro Co (NYSE:SMG) by 20.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,328 shares of the basic materials company’s stock after buying an additional 5,381 shares during the quarter. Suntrust Banks Inc. owned approximately 0.06% of Scotts Miracle-Gro worth $2,685,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. grew its position in Scotts Miracle-Gro by 61.1% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 17,822 shares of the basic materials company’s stock valued at $1,907,000 after buying an additional 6,759 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its position in Scotts Miracle-Gro by 32.4% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,162 shares of the basic materials company’s stock valued at $446,000 after buying an additional 1,019 shares during the period. MetLife Investment Advisors LLC bought a new stake in Scotts Miracle-Gro during the fourth quarter valued at approximately $2,768,000. BlackRock Inc. grew its position in Scotts Miracle-Gro by 0.9% during the fourth quarter. BlackRock Inc. now owns 3,546,354 shares of the basic materials company’s stock valued at $379,424,000 after buying an additional 30,264 shares during the period. Finally, LPL Financial LLC grew its position in Scotts Miracle-Gro by 14.1% during the fourth quarter. LPL Financial LLC now owns 21,547 shares of the basic materials company’s stock valued at $2,305,000 after buying an additional 2,667 shares during the period. Institutional investors own 65.98% of the company’s stock.
Scotts Miracle-Gro opened at $83.16 on Friday, according to MarketBeat.com. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of 21.11, a PEG ratio of 2.47 and a beta of 0.27. Scotts Miracle-Gro Co has a 1-year low of $76.60 and a 1-year high of $110.12. The company has a debt-to-equity ratio of 3.91, a current ratio of 1.81 and a quick ratio of 1.15.
Scotts Miracle-Gro (NYSE:SMG) last posted its quarterly earnings results on Tuesday, May 1st. The basic materials company reported $2.88 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.31 by ($0.43). The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.08 billion. Scotts Miracle-Gro had a return on equity of 40.86% and a net margin of 9.15%. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.78 earnings per share. equities research analysts anticipate that Scotts Miracle-Gro Co will post 3.83 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 8th. Shareholders of record on Friday, May 25th were given a $0.53 dividend. The ex-dividend date was Thursday, May 24th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.55%. Scotts Miracle-Gro’s payout ratio is currently 53.81%.
In related news, major shareholder Hagedorn Partnership, L.P. sold 36,667 shares of the company’s stock in a transaction on Friday, May 4th. The shares were sold at an average price of $80.75, for a total transaction of $2,960,860.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Hagedorn sold 86,686 shares of the company’s stock in a transaction on Tuesday, June 19th. The stock was sold at an average price of $83.69, for a total transaction of $7,254,751.34. Following the transaction, the chief executive officer now owns 145,852 shares of the company’s stock, valued at approximately $12,206,353.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 182,374 shares of company stock valued at $15,166,110. Company insiders own 29.14% of the company’s stock.
Several brokerages recently issued reports on SMG. ValuEngine upgraded shares of Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research report on Thursday. Raymond James lowered shares of Scotts Miracle-Gro from a “market perform” rating to an “underperform” rating in a research report on Wednesday, June 20th. Bank of America reiterated a “sell” rating and issued a $80.00 price target on shares of Scotts Miracle-Gro in a research report on Wednesday, June 13th. JPMorgan Chase & Co. lowered shares of Scotts Miracle-Gro from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $95.00 to $85.00 in a research report on Friday, June 1st. Finally, SunTrust Banks upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a research report on Tuesday, May 15th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $90.75.
Scotts Miracle-Gro Profile
The Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden products. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It offers lawn care products, including 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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