Moors & Cabot Inc. Decreases Stake in The Scotts Miracle-Gro Company (NYSE:SMG)

by · The Markets Daily

Moors & Cabot Inc. reduced its stake in shares of The Scotts Miracle-Gro Company (NYSE:SMG – Free Report) by 5.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,092 shares of the basic materials company’s stock after selling 354 shares during the period. Moors & Cabot Inc.’s holdings in Scotts Miracle-Gro were worth $528,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Scientech Research LLC acquired a new stake in Scotts Miracle-Gro during the 2nd quarter worth about $866,000. Retirement Systems of Alabama raised its stake in shares of 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 during the last quarter. Deprince Race & Zollo Inc. lifted its holdings in shares of Scotts Miracle-Gro by 2.2% during the second quarter. Deprince Race & Zollo Inc. now owns 672,556 shares of the basic materials company’s stock worth $43,756,000 after purchasing an additional 14,533 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in Scotts Miracle-Gro by 148.7% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 13,450 shares of the basic materials company’s stock valued at $965,000 after buying an additional 8,042 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Scotts Miracle-Gro by 24.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,726,338 shares of the basic materials company’s stock worth $203,359,000 after buying an additional 542,406 shares during the period. 74.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. Wells Fargo & Company reduced their price target on Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Truist Financial lowered their price objective on Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a research report on Friday, November 8th. UBS Group cut their target price on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Stifel Nicolaus increased their price target on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $78.60.

Get Our Latest Research Report on SMG

Scotts Miracle-Gro Price Performance

Shares of NYSE:SMG opened at $77.86 on Friday. The business’s 50 day moving average price is $82.15 and its 200-day moving average price is $72.85. The Scotts Miracle-Gro Company has a 1 year low of $53.43 and a 1 year high of $93.90. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of -112.84 and a beta of 1.76.

Scotts Miracle-Gro Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Friday, November 22nd. Scotts Miracle-Gro’s payout ratio is -382.61%.

About Scotts Miracle-Gro

(Free Report)

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.

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