Scotts Miracle-Gro Co. (SMG) Position Cut by JPMorgan Chase & Co.
JPMorgan Chase & Co. reduced its stake in shares of Scotts Miracle-Gro Co. (NYSE:SMG) by 9.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 147,097 shares of the company’s stock after selling 15,252 shares during the period. JPMorgan Chase & Co. owned about 0.24% of Scotts Miracle-Gro worth $10,284,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Glenmede Trust Co. NA raised its stake in shares of Scotts Miracle-Gro by 41.4% in the second quarter. Glenmede Trust Co. NA now owns 1,553 shares of the company’s stock valued at $107,000 after buying an additional 455 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Scotts Miracle-Gro during the first quarter valued at approximately $132,000. LS Investment Advisors LLC raised its stake in shares of Scotts Miracle-Gro by 71.7% in the second quarter. LS Investment Advisors LLC now owns 2,726 shares of the company’s stock valued at $191,000 after buying an additional 1,138 shares in the last quarter. Confluence Wealth Management LLC raised its stake in shares of Scotts Miracle-Gro by 9.5% in the second quarter. Confluence Wealth Management LLC now owns 3,066 shares of the company’s stock valued at $214,000 after buying an additional 265 shares in the last quarter. Finally, Alambic Investment Management L.P. bought a new stake in shares of Scotts Miracle-Gro during the second quarter valued at approximately $215,000. 69.91% of the stock is currently owned by institutional investors and hedge funds.
Scotts Miracle-Gro Co. (NYSE:SMG) traded up 0.02% during trading on Wednesday, reaching $83.05. The company’s stock had a trading volume of 82,629 shares. Scotts Miracle-Gro Co. has a 1-year low of $62.20 and a 1-year high of $83.73. The company’s 50 day moving average price is $81.82 and its 200-day moving average price is $74.24. The stock has a market cap of $5.03 billion, a P/E ratio of 16.24 and a beta of 0.70.
Scotts Miracle-Gro (NYSE:SMG) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $2.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.12 by $0.04. Scotts Miracle-Gro had a return on equity of 36.35% and a net margin of 10.72%. The company had revenue of $994.10 million for the quarter, compared to analyst estimates of $1.05 billion. During the same quarter last year, the company posted $2.68 EPS. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. Equities analysts forecast that Scotts Miracle-Gro Co. will post $3.79 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 26th were paid a $0.50 dividend. This is a positive change from Scotts Miracle-Gro’s previous quarterly dividend of $0.47. The ex-dividend date was Wednesday, August 24th. This represents a $2.00 annualized dividend and a dividend yield of 2.41%. Scotts Miracle-Gro’s dividend payout ratio (DPR) is presently 39.06%.
Several analysts recently commented on SMG shares. Tigress Financial reaffirmed a “buy” rating on shares of Scotts Miracle-Gro in a research note on Monday, August 29th. Zacks Investment Research raised Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research note on Thursday, July 7th. Finally, JPMorgan Chase & Co. raised Scotts Miracle-Gro from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $70.00 to $85.00 in a research note on Thursday, August 4th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $83.33.
In related news, EVP Denise Stump sold 4,500 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $81.72, for a total transaction of $367,740.00. Following the sale, the executive vice president now owns 14,182 shares of the company’s stock, valued at approximately $1,158,953.04. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael C. Lukemire sold 38,924 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $79.65, for a total value of $3,100,296.60. Following the sale, the insider now directly owns 34,256 shares in the company, valued at approximately $2,728,490.40. The disclosure for this sale can be found here. 27.28% of the stock is owned by insiders.
Scotts Miracle-Gro Company Profile
The Scotts Miracle-Gro Company (Scotts Miracle-Gro) is a manufacturer and marketer of branded consumer lawn and garden products. The Company’s segments include Global Consumer. In North America, its brands include Scotts and Turf Builder lawn and grass seed products; Miracle-Gro, Nature’s Care, Scotts, LiquaFeed and Osmocote gardening and landscape products; and Ortho, Roundup, Home Defense and Tomcat branded insect control, weed control and rodent control products.
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