Bank of New York Mellon Corp boosted its stake in Scotts Miracle-Gro Co (NYSE:SMG) by 5.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 645,113 shares of the basic materials company’s stock after acquiring an additional 33,938 shares during the quarter. Bank of New York Mellon Corp’s holdings in Scotts Miracle-Gro were worth $39,649,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in shares of Scotts Miracle-Gro during the 3rd quarter valued at about $36,767,000. Deutsche Bank AG boosted its position in shares of Scotts Miracle-Gro by 446.9% during the 3rd quarter. Deutsche Bank AG now owns 382,827 shares of the basic materials company’s stock valued at $30,136,000 after purchasing an additional 312,828 shares in the last quarter. ETF Managers Group LLC bought a new position in shares of Scotts Miracle-Gro during the 4th quarter valued at about $10,158,000. Deprince Race & Zollo Inc. boosted its position in shares of Scotts Miracle-Gro by 49.5% during the 4th quarter. Deprince Race & Zollo Inc. now owns 348,874 shares of the basic materials company’s stock valued at $21,442,000 after purchasing an additional 115,453 shares in the last quarter. Finally, FIL Ltd boosted its position in shares of Scotts Miracle-Gro by 32.8% during the 3rd quarter. FIL Ltd now owns 400,291 shares of the basic materials company’s stock valued at $31,515,000 after purchasing an additional 98,757 shares in the last quarter. Hedge funds and other institutional investors own 63.99% of the company’s stock.
NYSE:SMG opened at $78.80 on Friday. Scotts Miracle-Gro Co has a twelve month low of $57.96 and a twelve month high of $91.81. The company has a debt-to-equity ratio of 8.63, a current ratio of 1.81 and a quick ratio of 0.56. The stock has a market cap of $4.27 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 2.02 and a beta of 0.93.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 22nd were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Thursday, February 21st. This represents a $2.20 annualized dividend and a dividend yield of 2.79%. Scotts Miracle-Gro’s dividend payout ratio (DPR) is 59.30%.
In other Scotts Miracle-Gro news, Director Katherine Littlefield Hagedorn sold 2,665 shares of the company’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $74.07, for a total transaction of $197,396.55. Following the completion of the sale, the director now directly owns 4,035 shares of the company’s stock, valued at $298,872.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Hagedorn Partnership, L.P. sold 50,000 shares of the company’s stock in a transaction dated Monday, January 14th. The shares were sold at an average price of $68.27, for a total transaction of $3,413,500.00. Following the sale, the insider now directly owns 15,602,150 shares of the company’s stock, valued at $1,065,158,780.50. The disclosure for this sale can be found here. Company insiders own 30.37% of the company’s stock.
Several research firms have recently weighed in on SMG. JPMorgan Chase & Co. upgraded shares of Scotts Miracle-Gro from an “underweight” rating to a “neutral” rating and set a $70.00 price objective for the company in a research report on Thursday, January 31st. Raymond James upgraded shares of Scotts Miracle-Gro from a “market perform” rating to an “outperform” rating and set a $71.00 price objective for the company in a research report on Monday, December 17th. Finally, Zacks Investment Research upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research report on Tuesday, January 8th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $76.40.
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Scotts Miracle-Gro Profile
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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