Sit Investment Associates Inc. Has $19,683,000 Position in Scotts Miracle-Gro Co. (SMG)
Sit Investment Associates Inc. cut its position in Scotts Miracle-Gro Co. (NYSE:SMG) by 29.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 281,550 shares of the company’s stock after selling 117,865 shares during the period. Sit Investment Associates Inc.’s holdings in Scotts Miracle-Gro were worth $19,683,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SMG. Nisa Investment Advisors LLC increased its stake in shares of Scotts Miracle-Gro by 0.3% in the second quarter. Nisa Investment Advisors LLC now owns 34,760 shares of the company’s stock valued at $2,430,000 after buying an additional 100 shares in the last quarter. Capstone Asset Management Co. increased its stake in shares of Scotts Miracle-Gro by 4.2% in the second quarter. Capstone Asset Management Co. now owns 5,159 shares of the company’s stock valued at $361,000 after buying an additional 210 shares in the last quarter. Oakbrook Investments LLC increased its stake in shares of Scotts Miracle-Gro by 12.3% in the second quarter. Oakbrook Investments LLC now owns 4,550 shares of the company’s stock valued at $318,000 after buying an additional 500 shares in the last quarter. Huntington National Bank increased its stake in shares of Scotts Miracle-Gro by 22.0% in the second quarter. Huntington National Bank now owns 3,185 shares of the company’s stock valued at $223,000 after buying an additional 575 shares in the last quarter. Finally, Parthenon LLC increased its stake in shares of Scotts Miracle-Gro by 2.1% in the second quarter. Parthenon LLC now owns 34,405 shares of the company’s stock valued at $2,405,000 after buying an additional 700 shares in the last quarter. Institutional investors own 69.91% of the company’s stock.
Shares of Scotts Miracle-Gro Co. (NYSE:SMG) traded up 0.04% during trading on Wednesday, hitting $83.06. 198,589 shares of the stock were exchanged. The firm has a 50 day moving average of $81.82 and a 200-day moving average of $74.24. Scotts Miracle-Gro Co. has a 12-month low of $62.20 and a 12-month high of $83.73. The company has a market cap of $5.03 billion, a price-to-earnings ratio of 16.24 and a beta of 0.70.
Scotts Miracle-Gro (NYSE:SMG) last posted its earnings results on Wednesday, August 3rd. The company reported $2.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.12 by $0.04. The firm earned $994.10 million during the quarter, compared to the consensus estimate of $1.05 billion. Scotts Miracle-Gro had a net margin of 10.72% and a return on equity of 36.35%. The company’s revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 EPS. On average, analysts forecast that Scotts Miracle-Gro Co. will post $3.79 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 26th were given a $0.50 dividend. This is an increase 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 yield of 2.41%. Scotts Miracle-Gro’s dividend payout ratio (DPR) is 39.06%.
Several brokerages have recently weighed in on SMG. Zacks Investment Research upgraded shares of Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. Tigress Financial restated a “buy” rating on shares of Scotts Miracle-Gro in a research report on Monday, August 29th. Finally, JPMorgan Chase & Co. upgraded shares of 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 report on Thursday, August 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Scotts Miracle-Gro currently has a consensus rating of “Buy” and a consensus target price of $83.33.
In other Scotts Miracle-Gro news, EVP Ivan C. Smith sold 1,394 shares of the stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $82.92, for a total value of $115,590.48. Following the completion of the sale, the executive vice president now owns 6,711 shares of the company’s stock, valued at $556,476.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael C. Lukemire sold 38,924 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $79.65, for a total transaction of $3,100,296.60. Following the completion of the sale, the insider now directly owns 34,256 shares of the company’s stock, valued at approximately $2,728,490.40. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by company insiders.
About Scotts Miracle-Gro
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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