Scotts Miracle-Gro Co. (SMG) Stake Cut by Prudential Financial Inc.
Prudential Financial Inc. reduced its stake in shares of Scotts Miracle-Gro Co. (NYSE:SMG) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,532 shares of the company’s stock after selling 1,109 shares during the period. Prudential Financial Inc. owned about 0.12% of Scotts Miracle-Gro worth $5,211,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Nisa Investment Advisors LLC raised its position in 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 during the period. Wealthsource Partners LLC raised its position in Scotts Miracle-Gro by 1.6% in the second quarter. Wealthsource Partners LLC now owns 7,639 shares of the company’s stock valued at $534,000 after buying an additional 118 shares during the period. Schulhoff & Co. Inc. raised its position in Scotts Miracle-Gro by 0.3% in the second quarter. Schulhoff & Co. Inc. now owns 51,940 shares of the company’s stock valued at $3,631,000 after buying an additional 173 shares during the period. Utah Retirement Systems raised its position in Scotts Miracle-Gro by 2.5% in the second quarter. Utah Retirement Systems now owns 8,260 shares of the company’s stock valued at $578,000 after buying an additional 200 shares during the period. Finally, Capstone Asset Management Co. raised its position in 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 during the period. 69.92% of the stock is owned by institutional investors and hedge funds.
Shares of Scotts Miracle-Gro Co. (NYSE:SMG) opened at 85.59 on Friday. Scotts Miracle-Gro Co. has a 52-week low of $62.20 and a 52-week high of $86.27. The firm’s 50 day moving average is $82.21 and its 200-day moving average is $74.77. The company has a market capitalization of $5.19 billion, a P/E ratio of 16.74 and a beta of 0.70.
Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, August 3rd. The company reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.12 by $0.04. The firm earned $994.10 million during the quarter, compared to analysts’ expectations of $1.05 billion. Scotts Miracle-Gro had a net margin of 10.72% and a return on equity of 36.35%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.68 EPS. Equities research analysts anticipate that Scotts Miracle-Gro Co. will post $3.79 earnings per share for the current fiscal year.
A number of research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Scotts Miracle-Gro from a “hold” rating to a “sell” rating in a research note on Friday, July 15th. JPMorgan Chase & Co. raised shares of Scotts Miracle-Gro from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $85.00 in a research note on Thursday, August 4th. Finally, Tigress Financial reissued a “buy” rating on shares of Scotts Miracle-Gro in a research note on Monday, August 29th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Scotts Miracle-Gro presently has an average rating of “Buy” and a consensus price target of $83.33.
In other news, EVP Ivan C. Smith sold 1,394 shares of the stock in a transaction 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 transaction, the executive vice president now owns 6,711 shares in the company, valued at approximately $556,476.12. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael C. Lukemire sold 38,924 shares of the stock in a transaction 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 transaction, the insider now 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. Corporate insiders own 27.28% of the company’s stock.
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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