Van ECK Associates Corp Has $6.36 Million Holdings in The Scotts Miracle-Gro Company (NYSE:SMG)

Van ECK Associates Corp raised its position in The Scotts Miracle-Gro Company (NYSE:SMG) by 114.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 73,458 shares of the basic materials company’s stock after purchasing an additional 39,196 shares during the period. Van ECK Associates Corp’s holdings in Scotts Miracle-Gro were worth $6,361,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in Scotts Miracle-Gro by 72.6% in the first quarter. BNP Paribas Financial Markets now owns 42,928 shares of the basic materials company’s stock valued at $3,202,000 after buying an additional 18,060 shares during the period. Ontario Teachers Pension Plan Board boosted its position in shares of Scotts Miracle-Gro by 155.1% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 37,172 shares of the basic materials company’s stock valued at $2,773,000 after purchasing an additional 22,599 shares in the last quarter. Scientech Research LLC acquired a new stake in Scotts Miracle-Gro during the second quarter worth approximately $866,000. Retirement Systems of Alabama increased its holdings in Scotts Miracle-Gro by 309.5% in the second quarter. Retirement Systems of Alabama now owns 215,717 shares of the basic materials company’s stock worth $14,035,000 after purchasing an additional 163,037 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its stake in Scotts Miracle-Gro by 15.6% in the first quarter. Gamco Investors INC. ET AL now owns 241,875 shares of the basic materials company’s stock valued at $18,041,000 after buying an additional 32,700 shares during the period. 74.07% of the stock is owned by institutional investors.

Scotts Miracle-Gro Stock Performance

SMG stock opened at $72.99 on Friday. The business has a 50-day simple moving average of $80.84 and a two-hundred day simple moving average of $72.40. The company has a market capitalization of $4.15 billion, a P/E ratio of -15.43 and a beta of 1.76. The Scotts Miracle-Gro Company has a 52-week low of $48.29 and a 52-week high of $93.90.

Scotts Miracle-Gro (NYSE:SMG) last announced its earnings results on Wednesday, November 6th. The basic materials company reported ($2.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.94) by ($0.37). The company had revenue of $414.70 million for the quarter, compared to analysts’ expectations of $392.95 million. Scotts Miracle-Gro had a negative net margin of 7.38% and a negative return on equity of 41.19%. As a group, sell-side analysts forecast that The Scotts Miracle-Gro Company will post 2.62 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.66 dividend. The ex-dividend date is Friday, November 22nd. This represents a $2.64 annualized dividend and a dividend yield of 3.62%. Scotts Miracle-Gro’s dividend payout ratio is currently -55.81%.

Insider Activity at Scotts Miracle-Gro

In other Scotts Miracle-Gro news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total value of $6,038,270.90. Following the completion of the sale, the insider now owns 13,608,238 shares in the company, valued at approximately $965,232,321.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Nathan Eric Baxter sold 2,988 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total value of $211,938.84. Following the transaction, the chief operating officer now directly owns 37,920 shares of the company’s stock, valued at approximately $2,689,665.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total transaction of $6,038,270.90. Following the transaction, the insider now owns 13,608,238 shares of the company’s stock, valued at approximately $965,232,321.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 26.46% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SMG has been the subject of several research analyst reports. UBS Group lowered their price objective on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday. Truist Financial upped their price objective on shares of Scotts Miracle-Gro from $65.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Stifel Nicolaus raised their target price on Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a research note on Monday. JPMorgan Chase & Co. dropped their price target on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Wells Fargo & Company reduced their price objective on Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $82.60.

Scotts Miracle-Gro 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.