Principal Financial Group Inc. Lowers Stock Holdings in The Scotts Miracle-Gro Company (NYSE:SMG)

Principal Financial Group Inc. cut its position in The Scotts Miracle-Gro Company (NYSE:SMGFree Report) by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 154,224 shares of the basic materials company’s stock after selling 1,244 shares during the quarter. Principal Financial Group Inc. owned 0.27% of Scotts Miracle-Gro worth $9,832,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SMG. GAMMA Investing LLC acquired a new position in Scotts Miracle-Gro in the 4th quarter valued at about $29,000. Bruce G. Allen Investments LLC acquired a new position in shares of Scotts Miracle-Gro in the fourth quarter valued at approximately $47,000. Headlands Technologies LLC purchased a new stake in Scotts Miracle-Gro during the 3rd quarter worth approximately $52,000. Covestor Ltd lifted its holdings in Scotts Miracle-Gro by 23.7% during the 3rd quarter. Covestor Ltd now owns 1,376 shares of the basic materials company’s stock worth $71,000 after buying an additional 264 shares in the last quarter. Finally, Principal Securities Inc. purchased a new position in Scotts Miracle-Gro in the 4th quarter valued at approximately $76,000. Hedge funds and other institutional investors own 74.07% of the company’s stock.

Insider Activity

In other Scotts Miracle-Gro news, Director Hagedorn Partnership, L.P. sold 31,000 shares of Scotts Miracle-Gro stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $69.67, for a total transaction of $2,159,770.00. Following the transaction, the director now owns 13,746,012 shares of the company’s stock, valued at $957,684,656.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 26.46% of the company’s stock.

Scotts Miracle-Gro Stock Up 0.9 %

Shares of SMG opened at $65.51 on Monday. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of -10.50 and a beta of 1.70. The Scotts Miracle-Gro Company has a 52-week low of $43.67 and a 52-week high of $77.95. The stock has a 50 day moving average price of $70.01 and a 200 day moving average price of $63.39.

Scotts Miracle-Gro (NYSE:SMGGet Free Report) last issued its earnings results on Wednesday, May 1st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.36. Scotts Miracle-Gro had a negative net margin of 10.14% and a negative return on equity of 20.97%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the business posted $3.78 EPS. The company’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities analysts anticipate that The Scotts Miracle-Gro Company will post 2.66 EPS for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Thursday, May 23rd. Scotts Miracle-Gro’s payout ratio is currently -42.31%.

Analyst Ratings Changes

Several analysts have recently issued reports on SMG shares. JPMorgan Chase & Co. increased their price objective on Scotts Miracle-Gro from $70.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Wells Fargo & Company reduced their price target on Scotts Miracle-Gro from $85.00 to $83.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. StockNews.com raised Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research report on Thursday, April 4th. Raymond James reaffirmed a “market perform” rating on shares of Scotts Miracle-Gro in a report on Monday, March 25th. Finally, Truist Financial cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and boosted their price target for the stock from $65.00 to $75.00 in a report on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $73.00.

Check Out Our Latest Report on Scotts Miracle-Gro

Scotts Miracle-Gro Profile

(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.

See Also

Institutional Ownership by Quarter for Scotts Miracle-Gro (NYSE:SMG)

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