Envestnet Asset Management Inc. Decreases Stock Holdings in The Scotts Miracle-Gro Company $SMG

Envestnet Asset Management Inc. reduced its holdings in shares of The Scotts Miracle-Gro Company (NYSE:SMG) by 33.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 428,100 shares of the basic materials company’s stock after selling 217,742 shares during the quarter. Envestnet Asset Management Inc. owned 0.74% of Scotts Miracle-Gro worth $28,237,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. American National Bank & Trust acquired a new position in Scotts Miracle-Gro during the 2nd quarter worth approximately $28,000. Byrne Asset Management LLC acquired a new position in Scotts Miracle-Gro during the 2nd quarter worth approximately $45,000. Avalon Trust Co acquired a new position in Scotts Miracle-Gro during the 1st quarter worth approximately $41,000. Hilltop National Bank acquired a new position in shares of Scotts Miracle-Gro during the second quarter worth $66,000. Finally, Private Trust Co. NA lifted its position in shares of Scotts Miracle-Gro by 1,475.0% during the second quarter. Private Trust Co. NA now owns 1,134 shares of the basic materials company’s stock worth $75,000 after purchasing an additional 1,062 shares in the last quarter. 74.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on SMG. Wall Street Zen cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Zacks Research cut shares of Scotts Miracle-Gro from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 19th. Truist Financial set a $80.00 target price on shares of Scotts Miracle-Gro and gave the stock a “buy” rating in a research report on Monday, July 14th. Stifel Nicolaus reduced their target price on shares of Scotts Miracle-Gro from $71.00 to $70.00 and set a “hold” rating on the stock in a research report on Monday, August 4th. Finally, UBS Group reduced their target price on shares of Scotts Miracle-Gro from $68.00 to $62.00 and set a “neutral” rating on the stock in a research report on Thursday, October 2nd. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.17.

Insider Activity at Scotts Miracle-Gro

In other Scotts Miracle-Gro news, Director Hagedorn Partnership, L.P. sold 56,633 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $63.02, for a total transaction of $3,569,011.66. Following the sale, the director directly owned 13,217,641 shares of the company’s stock, valued at approximately $832,975,735.82. This represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark J. Scheiwer bought 1,790 shares of the company’s stock in a transaction on Wednesday, September 3rd. The shares were acquired at an average cost of $61.32 per share, for a total transaction of $109,762.80. Following the completion of the acquisition, the executive vice president directly owned 10,130 shares of the company’s stock, valued at $621,171.60. This trade represents a 21.46% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 25.37% of the company’s stock.

Scotts Miracle-Gro Price Performance

SMG opened at $53.98 on Tuesday. The stock has a market capitalization of $3.12 billion, a PE ratio of 71.03 and a beta of 1.96. The firm’s fifty day moving average price is $57.92 and its 200 day moving average price is $60.46. The Scotts Miracle-Gro Company has a 12-month low of $45.61 and a 12-month high of $93.90.

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.