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Retirement Systems of Alabama Sells 317 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

Defense World · Feb 3, 2023 07:42

Retirement Systems of Alabama cut its holdings in The Scotts Miracle-Gro Company (NYSE:SMG – Get Rating) by 0.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 52,951 shares of the basic materials company's stock after selling 317 shares during the quarter. Retirement Systems of Alabama owned about 0.10% of Scotts Miracle-Gro worth $2,264,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in Scotts Miracle-Gro in the first quarter valued at about $27,000. SRS Capital Advisors Inc. raised its stake in Scotts Miracle-Gro by 208.1% in the second quarter. SRS Capital Advisors Inc. now owns 379 shares of the basic materials company's stock valued at $30,000 after buying an additional 256 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Scotts Miracle-Gro by 84.0% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 390 shares of the basic materials company's stock valued at $31,000 after buying an additional 178 shares during the last quarter. CoreCap Advisors LLC purchased a new stake in Scotts Miracle-Gro in the second quarter valued at about $39,000. Finally, Covestor Ltd raised its stake in Scotts Miracle-Gro by 144.1% in the first quarter. Covestor Ltd now owns 764 shares of the basic materials company's stock valued at $94,000 after buying an additional 451 shares during the last quarter. 68.98% of the stock is currently owned by hedge funds and other institutional investors.

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Scotts Miracle-Gro Stock Up 4.2 %

Shares of SMG stock opened at $83.92 on Friday. The stock has a 50 day moving average of $56.03 and a 200 day moving average of $59.64. The company has a current ratio of 2.47, a quick ratio of 0.66 and a debt-to-equity ratio of 53.61. The Scotts Miracle-Gro Company has a twelve month low of $39.06 and a twelve month high of $145.26.

Scotts Miracle-Gro (NYSE:SMG – Get Rating) last announced its quarterly earnings results on Wednesday, February 1st. The basic materials company reported ($1.02) earnings per share for the quarter, beating the consensus estimate of ($1.36) by $0.34. The company had revenue of $526.60 million during the quarter, compared to analysts' expectations of $502.44 million. Scotts Miracle-Gro had a positive return on equity of 55.54% and a negative net margin of 11.64%. Scotts Miracle-Gro's quarterly revenue was down 7.0% on a year-over-year basis. During the same period last year, the business earned ($0.88) earnings per share. On average, equities research analysts expect that The Scotts Miracle-Gro Company will post 3.61 EPS for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 24th will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 3.15%. The ex-dividend date is Thursday, February 23rd. Scotts Miracle-Gro's dividend payout ratio is currently -32.16%.

Insider Activity at Scotts Miracle-Gro

In related news, Director Peter E. Shumlin sold 750 shares of Scotts Miracle-Gro stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $56.94, for a total transaction of $42,705.00. Following the completion of the transaction, the director now directly owns 11,385 shares in the company, valued at $648,261.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Scotts Miracle-Gro news, Director Peter E. Shumlin sold 750 shares of the firm's stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $56.94, for a total value of $42,705.00. Following the sale, the director now directly owns 11,385 shares of the company's stock, valued at $648,261.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James Hagedorn sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $60.77, for a total value of $3,038,500.00. Following the completion of the sale, the chief executive officer now directly owns 212,402 shares in the company, valued at $12,907,669.54. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 195,842 shares of company stock worth $11,174,189. 27.28% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on SMG shares. Stifel Nicolaus decreased their price target on Scotts Miracle-Gro from $75.00 to $48.00 in a research note on Thursday, October 27th. Wells Fargo & Company raised their price objective on Scotts Miracle-Gro from $50.00 to $60.00 and gave the stock an "equal weight" rating in a research note on Tuesday. StockNews.com assumed coverage on Scotts Miracle-Gro in a research note on Wednesday, October 12th. They issued a "sell" rating for the company. Truist Financial raised their price objective on Scotts Miracle-Gro from $50.00 to $70.00 and gave the stock a "hold" rating in a research note on Thursday. Finally, Barclays raised their price objective on Scotts Miracle-Gro from $75.00 to $90.00 and gave the stock an "overweight" rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $75.14.

About Scotts Miracle-Gro

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Scotts Miracle-Gro Co engages in the manufacturing, marketing, and sale of products for lawn and garden care and indoor and hydroponic gardening. Its products and services include lawn care, gardening and landscape, hydroponic hardware and growing environments, lighting, controls, and marketing agreement.