Bank of New York Mellon Corp Sells 6,842 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

Bank of New York Mellon Corp trimmed its position in The Scotts Miracle-Gro Company (NYSE:SMG) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 535,223 shares of the basic materials company’s stock after selling 6,842 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.93% of Scotts Miracle-Gro worth $29,378,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of SMG. Investment House LLC raised its holdings in Scotts Miracle-Gro by 0.3% in the 4th quarter. Investment House LLC now owns 61,190 shares of the basic materials company’s stock valued at $4,059,000 after acquiring an additional 195 shares during the period. Huntington National Bank raised its holdings in Scotts Miracle-Gro by 5.8% in the 4th quarter. Huntington National Bank now owns 3,664 shares of the basic materials company’s stock valued at $243,000 after acquiring an additional 200 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in Scotts Miracle-Gro by 2.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 8,826 shares of the basic materials company’s stock valued at $484,000 after acquiring an additional 200 shares during the period. Sagespring Wealth Partners LLC raised its holdings in Scotts Miracle-Gro by 4.8% in the 1st quarter. Sagespring Wealth Partners LLC now owns 4,524 shares of the basic materials company’s stock valued at $248,000 after acquiring an additional 207 shares during the period. Finally, Commerce Bank raised its holdings in Scotts Miracle-Gro by 1.9% in the 4th quarter. Commerce Bank now owns 12,530 shares of the basic materials company’s stock valued at $831,000 after acquiring an additional 239 shares during the period. 74.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. UBS Group decreased their target price on shares of Scotts Miracle-Gro from $55.00 to $54.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Stifel Nicolaus lowered shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and increased their target price for the stock from $70.00 to $71.00 in a research report on Monday, June 9th. Jefferies Financial Group upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and decreased their target price for the stock from $72.00 to $69.00 in a research report on Monday, April 7th. Finally, Truist Financial increased their target price on shares of Scotts Miracle-Gro from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.00.

Scotts Miracle-Gro Trading Down 3.0%

NYSE SMG opened at $67.02 on Wednesday. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 134.04 and a beta of 2.01. The firm’s 50 day simple moving average is $62.84 and its 200 day simple moving average is $61.75. The Scotts Miracle-Gro Company has a 1 year low of $45.61 and a 1 year high of $93.90.

Scotts Miracle-Gro (NYSE:SMG) last posted its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.95 by $0.03. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.50 billion. Scotts Miracle-Gro had a net margin of 1.04% and a negative return on equity of 56.15%. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter last year, the business posted $3.69 EPS. On average, equities research analysts forecast that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were paid a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend was Friday, May 23rd. Scotts Miracle-Gro’s payout ratio is 528.00%.

About Scotts Miracle-Gro

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.