Curbstone Financial Management Corp trimmed its holdings in The Scotts Miracle-Gro Company (NYSE:SMG) by 7.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,550 shares of the basic materials company’s stock after selling 490 shares during the period. Curbstone Financial Management Corp’s holdings in The Scotts Miracle-Gro were worth $1,605,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of The Scotts Miracle-Gro in the fourth quarter valued at about $76,418,000. Federated Hermes Inc. raised its holdings in shares of The Scotts Miracle-Gro by 44.9% in the fourth quarter. Federated Hermes Inc. now owns 839,443 shares of the basic materials company’s stock valued at $167,167,000 after purchasing an additional 259,955 shares during the last quarter. Morgan Stanley raised its holdings in shares of The Scotts Miracle-Gro by 109.2% in the fourth quarter. Morgan Stanley now owns 458,555 shares of the basic materials company’s stock valued at $91,317,000 after purchasing an additional 239,329 shares during the last quarter. Sandbar Asset Management LLP purchased a new stake in shares of The Scotts Miracle-Gro in the fourth quarter valued at about $11,685,000. Finally, Nuveen Asset Management LLC raised its holdings in shares of The Scotts Miracle-Gro by 27.9% in the fourth quarter. Nuveen Asset Management LLC now owns 254,923 shares of the basic materials company’s stock valued at $50,765,000 after purchasing an additional 55,613 shares during the last quarter. 63.07% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SMG traded up $0.29 during trading hours on Thursday, hitting $248.14. The company’s stock had a trading volume of 672 shares, compared to its average volume of 412,204. The company has a market cap of $13.82 billion, a price-to-earnings ratio of 36.40 and a beta of 1.13. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.28 and a quick ratio of 0.63. The business has a 50 day simple moving average of $228.46 and a two-hundred day simple moving average of $197.61. The Scotts Miracle-Gro Company has a 52-week low of $101.27 and a 52-week high of $254.34.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 10th. Stockholders of record on Wednesday, February 24th were paid a $0.62 dividend. The ex-dividend date was Tuesday, February 23rd. This represents a $2.48 annualized dividend and a dividend yield of 1.00%. The Scotts Miracle-Gro’s payout ratio is 34.25%.
In other news, EVP Denise Stump sold 2,418 shares of The Scotts Miracle-Gro stock in a transaction dated Friday, February 12th. The shares were sold at an average price of $244.00, for a total value of $589,992.00. Following the completion of the transaction, the executive vice president now owns 8,062 shares in the company, valued at $1,967,128. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen L. Johnson sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, March 11th. The shares were sold at an average price of $219.48, for a total transaction of $175,584.00. Following the completion of the transaction, the director now owns 20,631 shares of the company’s stock, valued at $4,528,091.88. The disclosure for this sale can be found here. Insiders sold 82,784 shares of company stock valued at $19,619,256 in the last quarter. Corporate insiders own 27.17% of the company’s stock.
Several analysts have recently commented on the stock. William Blair reiterated an “outperform” rating on shares of The Scotts Miracle-Gro in a report on Wednesday, February 3rd. Truist raised their price objective on shares of The Scotts Miracle-Gro from $180.00 to $250.00 in a report on Thursday, January 7th. Truist Financial raised their price objective on shares of The Scotts Miracle-Gro from $250.00 to $270.00 in a report on Thursday, February 4th. Finally, Raymond James raised their price objective on shares of The Scotts Miracle-Gro from $274.00 to $290.00 and gave the stock a “strong-buy” rating in a report on Thursday, February 4th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $228.00.
The Scotts Miracle-Gro Profile
The Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden products in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It offers lawn care products, such as lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products.
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