Insider Selling: Scotts Miracle-Gro (NYSE:SMG) Director Sells $2,023,500.00 in Stock

The Scotts Miracle-Gro Company (NYSE:SMG) Director Hagedorn Partnership, L.P. sold 30,000 shares of Scotts Miracle-Gro stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $67.45, for a total value of $2,023,500.00. Following the sale, the director directly owned 13,137,641 shares of the company’s stock, valued at approximately $886,133,885.45. This represents a 0.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Scotts Miracle-Gro Stock Performance

Shares of SMG stock opened at $62.97 on Friday. The Scotts Miracle-Gro Company has a fifty-two week low of $52.00 and a fifty-two week high of $75.34. The firm has a market capitalization of $3.66 billion, a PE ratio of 54.75 and a beta of 1.82. The stock’s 50-day simple moving average is $65.37 and its 200-day simple moving average is $64.34.

Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, July 29th. The basic materials company reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.34. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Scotts Miracle-Gro had a negative return on equity of 81.90% and a net margin of 2.19%.The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.59 earnings per share. Sell-side analysts forecast that The Scotts Miracle-Gro Company will post 4.39 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Friday, August 21st will be paid a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 4.2%. The ex-dividend date is Friday, August 21st. Scotts Miracle-Gro’s payout ratio is presently 229.57%.

Analysts Set New Price Targets

Several brokerages have weighed in on SMG. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Scotts Miracle-Gro in a research report on Friday, July 31st. Stifel Nicolaus upped their target price on Scotts Miracle-Gro from $75.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Wells Fargo & Company raised their target price on Scotts Miracle-Gro from $74.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Jefferies Financial Group reiterated a “buy” rating and set a $79.00 price target on shares of Scotts Miracle-Gro in a research report on Wednesday, April 29th. Finally, UBS Group boosted their price target on Scotts Miracle-Gro from $70.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Scotts Miracle-Gro has a consensus rating of “Hold” and a consensus price target of $75.40.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Rehmann Capital Advisory Group grew its position in Scotts Miracle-Gro by 4.2% in the fourth quarter. Rehmann Capital Advisory Group now owns 4,690 shares of the basic materials company’s stock worth $275,000 after acquiring an additional 187 shares during the period. Baader Bank Aktiengesellschaft raised its position in Scotts Miracle-Gro by 3.9% in the first quarter. Baader Bank Aktiengesellschaft now owns 5,193 shares of the basic materials company’s stock valued at $312,000 after purchasing an additional 193 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in shares of Scotts Miracle-Gro by 2.2% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 9,126 shares of the basic materials company’s stock valued at $555,000 after purchasing an additional 200 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Scotts Miracle-Gro by 7.3% in the 2nd quarter. GAMMA Investing LLC now owns 3,200 shares of the basic materials company’s stock valued at $218,000 after purchasing an additional 218 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Scotts Miracle-Gro by 6.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 5,077 shares of the basic materials company’s stock valued at $296,000 after purchasing an additional 294 shares during the last quarter. 74.07% of the stock is owned by institutional investors and hedge funds.

About Scotts Miracle-Gro

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.