The Scotts Miracle-Gro Company (NYSE:SMG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in The Scotts Miracle-Gro Company (NYSE:SMG) by 52.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,881 shares of the basic materials company’s stock after selling 3,231 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Scotts Miracle-Gro were worth $184,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its stake in shares of Scotts Miracle-Gro by 151.4% during the 4th quarter. Nordea Investment Management AB now owns 194,791 shares of the basic materials company’s stock valued at $12,576,000 after acquiring an additional 117,314 shares during the last quarter. Brandes Investment Partners LP raised its stake in Scotts Miracle-Gro by 126.7% during the third quarter. Brandes Investment Partners LP now owns 63,435 shares of the basic materials company’s stock worth $3,278,000 after purchasing an additional 35,456 shares during the period. FCF Advisors LLC acquired a new position in shares of Scotts Miracle-Gro in the 4th quarter valued at $1,011,000. California Public Employees Retirement System grew its stake in shares of Scotts Miracle-Gro by 19.8% during the 3rd quarter. California Public Employees Retirement System now owns 78,474 shares of the basic materials company’s stock valued at $4,056,000 after buying an additional 12,969 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Scotts Miracle-Gro by 6.5% during the 3rd quarter. Raymond James & Associates now owns 590,658 shares of the basic materials company’s stock worth $30,525,000 after buying an additional 36,056 shares during the last quarter. 74.07% of the stock is currently owned by hedge funds and other institutional investors.

Scotts Miracle-Gro Price Performance

Scotts Miracle-Gro stock opened at $67.75 on Friday. The Scotts Miracle-Gro Company has a 12-month low of $43.67 and a 12-month high of $77.95. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of -9.62 and a beta of 1.70. The firm’s fifty day moving average price is $67.96 and its 200 day moving average price is $60.47.

Scotts Miracle-Gro (NYSE:SMG) last announced its earnings results on Wednesday, February 7th. The basic materials company reported ($1.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.62) by $0.17. The business had revenue of $410.40 million for the quarter, compared to analyst estimates of $412.83 million. Scotts Miracle-Gro had a negative return on equity of 44.37% and a negative net margin of 11.52%. The company’s revenue for the quarter was down 22.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.02) earnings per share. Analysts forecast that The Scotts Miracle-Gro Company will post 2.69 earnings per share for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Thursday, May 23rd. Scotts Miracle-Gro’s payout ratio is -37.50%.

Insider Activity

In related news, Director Hagedorn Partnership, L.P. sold 86,356 shares of Scotts Miracle-Gro stock in a transaction on Monday, March 4th. The shares were sold at an average price of $65.41, for a total value of $5,648,545.96. Following the completion of the sale, the director now owns 13,777,012 shares in the company, valued at $901,154,354.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Stephen L. Johnson sold 1,394 shares of Scotts Miracle-Gro stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $57.35, for a total value of $79,945.90. Following the completion of the transaction, the director now owns 22,918 shares in the company, valued at approximately $1,314,347.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Hagedorn Partnership, L.P. sold 86,356 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $65.41, for a total value of $5,648,545.96. Following the completion of the sale, the director now owns 13,777,012 shares of the company’s stock, valued at $901,154,354.92. The disclosure for this sale can be found here. In the last three months, insiders sold 102,750 shares of company stock worth $6,604,492. 26.46% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SMG has been the topic of a number of research reports. Stifel Nicolaus raised their price objective on Scotts Miracle-Gro from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Monday, March 4th. Truist Financial cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and lifted their price target for the company from $65.00 to $75.00 in a research report on Friday, April 5th. JPMorgan Chase & Co. lifted their target price on shares of Scotts Miracle-Gro from $70.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, April 5th. StockNews.com upgraded Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a report on Thursday, April 4th. Finally, Raymond James restated a “market perform” rating on shares of Scotts Miracle-Gro in a research note on Monday, March 25th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $70.00.

Scotts Miracle-Gro Company 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.