M&T Bank Corp Has $249,000 Holdings in The Scotts Miracle-Gro Company (NYSE:SMG)

M&T Bank Corp raised its holdings in shares of The Scotts Miracle-Gro Company (NYSE:SMG) by 30.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,543 shares of the basic materials company’s stock after purchasing an additional 1,066 shares during the quarter. M&T Bank Corp’s holdings in Scotts Miracle-Gro were worth $249,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in SMG. Point72 Asset Management L.P. bought a new position in shares of Scotts Miracle-Gro in the fourth quarter worth $53,453,000. Raymond James Financial Inc. bought a new position in shares of Scotts Miracle-Gro in the fourth quarter worth $39,986,000. Alyeska Investment Group L.P. bought a new position in shares of Scotts Miracle-Gro in the fourth quarter worth $39,434,000. Schonfeld Strategic Advisors LLC increased its position in shares of Scotts Miracle-Gro by 157.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 469,336 shares of the basic materials company’s stock worth $31,136,000 after purchasing an additional 286,962 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Scotts Miracle-Gro by 72.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 628,414 shares of the basic materials company’s stock worth $41,689,000 after purchasing an additional 264,369 shares during the period. Institutional investors and hedge funds own 74.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SMG shares. JPMorgan Chase & Co. cut their price objective on Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. UBS Group reissued a “neutral” rating and issued a $71.00 price target (up from $54.00) on shares of Scotts Miracle-Gro in a research note on Thursday. Truist Financial set a $80.00 price objective on Scotts Miracle-Gro and gave the company a “buy” rating in a report on Monday, July 14th. Stifel Nicolaus downgraded Scotts Miracle-Gro from a “buy” rating to a “hold” rating and boosted their price objective for the company from $70.00 to $71.00 in a report on Monday, June 9th. Finally, Jefferies Financial Group upgraded Scotts Miracle-Gro from a “hold” rating to a “buy” rating and decreased their price objective for the company from $72.00 to $69.00 in a report on Monday, April 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.83.

Scotts Miracle-Gro Trading Down 1.2%

Shares of Scotts Miracle-Gro stock opened at $66.67 on Friday. The stock has a fifty day simple moving average of $63.62 and a 200 day simple moving average of $61.81. The Scotts Miracle-Gro Company has a 12-month low of $45.61 and a 12-month high of $93.90. The company has a market capitalization of $3.85 billion, a P/E ratio of 133.34 and a beta of 2.01.

Scotts Miracle-Gro (NYSE:SMG) last announced 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. Scotts Miracle-Gro had a negative return on equity of 56.15% and a net margin of 1.04%. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company posted $3.69 earnings per share. Scotts Miracle-Gro’s revenue was down 6.8% compared to the same quarter last year. On average, analysts predict that The Scotts Miracle-Gro Company will post 3.42 EPS for the current year.

Scotts Miracle-Gro Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were paid a $0.66 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a yield of 3.96%. Scotts Miracle-Gro’s dividend payout ratio (DPR) is presently 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.