Sound Income Strategies LLC Grows Position in The Scotts Miracle-Gro Company $SMG

Sound Income Strategies LLC increased its position in shares of The Scotts Miracle-Gro Company (NYSE:SMG) by 219,313.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 162,366 shares of the basic materials company’s stock after buying an additional 162,292 shares during the quarter. Sound Income Strategies LLC’s holdings in Scotts Miracle-Gro were worth $10,710,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SMG. Vanguard Group Inc. grew its stake in shares of Scotts Miracle-Gro by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 4,645,267 shares of the basic materials company’s stock valued at $254,979,000 after purchasing an additional 118,729 shares during the last quarter. Millennium Management LLC grew its stake in shares of Scotts Miracle-Gro by 288.8% in the 1st quarter. Millennium Management LLC now owns 1,421,220 shares of the basic materials company’s stock valued at $78,011,000 after purchasing an additional 1,055,672 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Scotts Miracle-Gro by 770.3% in the 1st quarter. Cubist Systematic Strategies LLC now owns 334,934 shares of the basic materials company’s stock valued at $18,385,000 after purchasing an additional 296,448 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Scotts Miracle-Gro by 13.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 294,555 shares of the basic materials company’s stock valued at $16,168,000 after purchasing an additional 35,730 shares during the last quarter. Finally, Retirement Systems of Alabama grew its stake in shares of Scotts Miracle-Gro by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 216,304 shares of the basic materials company’s stock valued at $11,873,000 after purchasing an additional 647 shares during the last quarter. Hedge funds and other institutional investors own 74.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SMG. UBS Group set a $68.00 target price on Scotts Miracle-Gro and gave the company a “neutral” rating in a research note on Thursday, July 31st. Stifel Nicolaus lowered their target price on Scotts Miracle-Gro from $71.00 to $70.00 and set a “hold” rating on the stock in a research note on Monday, August 4th. Wall Street Zen upgraded Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a research note on Saturday, September 13th. Jefferies Financial Group set a $71.00 target price on Scotts Miracle-Gro in a research note on Friday. Finally, Wells Fargo & Company decreased their price target on Scotts Miracle-Gro from $75.00 to $67.00 and set an “overweight” rating on the stock in a research note on Thursday. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $70.17.

Insider Buying and Selling at Scotts Miracle-Gro

In related news, Director Hagedorn Partnership, L.P. sold 70,000 shares of Scotts Miracle-Gro stock in a transaction on Monday, August 4th. The stock was sold at an average price of $62.28, for a total transaction of $4,359,600.00. Following the completion of the transaction, the director directly owned 13,274,274 shares of the company’s stock, valued at approximately $826,721,784.72. The trade was a 0.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Mark J. Scheiwer acquired 1,790 shares of Scotts Miracle-Gro stock in a transaction that occurred on Wednesday, September 3rd. The shares were purchased at an average cost of $61.32 per share, with a total value of $109,762.80. Following the completion of the acquisition, the executive vice president owned 10,130 shares of the company’s stock, valued at $621,171.60. The trade was a 21.46% increase in their position. The disclosure for this purchase can be found here. Insiders own 25.37% of the company’s stock.

Scotts Miracle-Gro Price Performance

Scotts Miracle-Gro stock opened at $56.04 on Monday. The Scotts Miracle-Gro Company has a 1-year low of $45.61 and a 1-year high of $93.90. The company has a market cap of $3.24 billion, a PE ratio of 73.74 and a beta of 1.98. The stock’s 50 day moving average price is $61.94 and its 200 day moving average price is $60.21.

Scotts Miracle-Gro (NYSE:SMG) last posted its quarterly earnings results on Wednesday, July 30th. The basic materials company reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.19 by $0.40. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.23 billion. Scotts Miracle-Gro had a negative return on equity of 60.46% and a net margin of 1.54%.The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.31 earnings per share. Scotts Miracle-Gro has set its FY 2025 guidance at 3.500- EPS. On average, equities research analysts anticipate that The Scotts Miracle-Gro Company will post 3.42 EPS for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 22nd were issued a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $2.64 annualized dividend and a yield of 4.7%. Scotts Miracle-Gro’s payout ratio is currently 347.37%.

Scotts Miracle-Gro Profile

The Scotts Miracle-Gro Company, together with its subsidiaries, manufactures, markets, and sells products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally. It operates through three segments: U.S. Consumer, Hawthorne, and Other. The company provides lawn care products, comprising lawn fertilizers, grass seed products, spreaders, and other durable products, as well as lawn-related weed, pest, and disease control products; and gardening and landscape products, which include water-soluble and continuous-release plant foods, potting mixes, garden soils, mulches and ground cover products, plant-related pest and disease control products, organic garden products, and live goods and seeding solutions.