Envestnet Portfolio Solutions Inc. Decreases Stock Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Envestnet Portfolio Solutions Inc. cut its holdings in The Scotts Miracle-Gro Company (NYSE:SMG) by 39.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 9,813 shares of the basic materials company’s stock after selling 6,508 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Scotts Miracle-Gro were worth $539,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. US Bancorp DE boosted its stake in shares of Scotts Miracle-Gro by 0.4% during the 4th quarter. US Bancorp DE now owns 42,303 shares of the basic materials company’s stock worth $2,807,000 after purchasing an additional 154 shares during the last quarter. Investment House LLC boosted its stake in shares of Scotts Miracle-Gro by 0.3% during the 4th quarter. Investment House LLC now owns 61,190 shares of the basic materials company’s stock worth $4,059,000 after purchasing an additional 195 shares during the last quarter. Huntington National Bank boosted its stake in shares of Scotts Miracle-Gro by 5.8% during the 4th quarter. Huntington National Bank now owns 3,664 shares of the basic materials company’s stock worth $243,000 after purchasing an additional 200 shares during the last quarter. Sagespring Wealth Partners LLC boosted its stake in shares of Scotts Miracle-Gro by 4.8% during the 1st quarter. Sagespring Wealth Partners LLC now owns 4,524 shares of the basic materials company’s stock worth $248,000 after purchasing an additional 207 shares during the last quarter. Finally, Tortoise Investment Management LLC boosted its stake in shares of Scotts Miracle-Gro by 77.3% during the 4th quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 225 shares during the last quarter. 74.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SMG shares. Truist Financial raised their price target on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Stifel Nicolaus cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and raised their target price for the stock from $70.00 to $71.00 in a research report on Monday, June 9th. JPMorgan Chase & Co. decreased their target price on shares of Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company raised their target price on shares of Scotts Miracle-Gro from $67.00 to $72.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Finally, UBS Group decreased their target price on shares of Scotts Miracle-Gro from $55.00 to $54.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $67.67.

Scotts Miracle-Gro Trading Up 1.1%

Shares of Scotts Miracle-Gro stock opened at $65.02 on Friday. The company’s 50-day moving average price is $58.98 and its two-hundred day moving average price is $61.98. The stock has a market cap of $3.75 billion, a PE ratio of 130.04 and a beta of 1.99. The Scotts Miracle-Gro Company has a 52 week low of $45.61 and a 52 week high of $93.90.

Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share for the quarter, beating the consensus estimate of $3.95 by $0.03. Scotts Miracle-Gro had a negative return on equity of 56.15% and a net margin of 1.04%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the business posted $3.69 EPS. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, equities analysts predict that The Scotts Miracle-Gro Company will post 3.42 EPS for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were given a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a yield of 4.06%. Scotts Miracle-Gro’s payout ratio is currently 528.00%.

Scotts Miracle-Gro Company 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.