Rhumbline Advisers reduced its stake in Scotts Miracle-Gro Co (NYSE:SMG) by 1.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 108,098 shares of the basic materials company’s stock after selling 2,140 shares during the period. Rhumbline Advisers’ holdings in Scotts Miracle-Gro were worth $8,494,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in Scotts Miracle-Gro by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 75,427 shares of the basic materials company’s stock valued at $5,939,000 after purchasing an additional 4,316 shares during the last quarter. Virtu Financial LLC acquired a new position in Scotts Miracle-Gro in the fourth quarter valued at $602,000. Eukles Asset Management acquired a new position in Scotts Miracle-Gro in the fourth quarter valued at $198,000. Fisher Asset Management LLC increased its stake in Scotts Miracle-Gro by 3.9% in the fourth quarter. Fisher Asset Management LLC now owns 1,522,881 shares of the basic materials company’s stock valued at $93,596,000 after purchasing an additional 56,467 shares during the last quarter. Finally, CWM LLC increased its stake in Scotts Miracle-Gro by 16.6% in the fourth quarter. CWM LLC now owns 33,412 shares of the basic materials company’s stock valued at $2,053,000 after purchasing an additional 4,766 shares during the last quarter. 65.12% of the stock is currently owned by hedge funds and other institutional investors.
SMG has been the subject of several analyst reports. Raymond James lowered Scotts Miracle-Gro from an “outperform” rating to a “market perform” rating and set a $77.10 target price for the company. in a research note on Wednesday, March 27th. They noted that the move was a valuation call. ValuEngine lowered Scotts Miracle-Gro from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Bank of America lowered Scotts Miracle-Gro from a “neutral” rating to an “underperform” rating and upped their target price for the company from $81.00 to $83.00 in a research note on Thursday, May 2nd. TheStreet upgraded Scotts Miracle-Gro from a “c” rating to a “b” rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. upgraded Scotts Miracle-Gro from an “underweight” rating to a “neutral” rating and set a $70.00 target price for the company in a research note on Thursday, January 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $76.03.
Scotts Miracle-Gro (NYSE:SMG) last announced its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $3.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.42 by $0.22. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Scotts Miracle-Gro had a return on equity of 53.15% and a net margin of 8.67%. The firm’s revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.88 earnings per share. Research analysts predict that Scotts Miracle-Gro Co will post 4.25 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Tuesday, May 28th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, May 24th. This represents a $2.20 annualized dividend and a yield of 2.44%. Scotts Miracle-Gro’s dividend payout ratio is presently 59.30%.
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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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