Algert Global LLC Acquires 16,821 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

Algert Global LLC lifted its holdings in The Scotts Miracle-Gro Company (NYSE:SMG) by 202.2% during the third quarter, HoldingsChannel.com reports. The firm owned 25,140 shares of the basic materials company’s stock after purchasing an additional 16,821 shares during the period. Algert Global LLC’s holdings in Scotts Miracle-Gro were worth $2,180,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SMG. Versant Capital Management Inc increased its stake in Scotts Miracle-Gro by 80.1% in the 2nd quarter. Versant Capital Management Inc now owns 389 shares of the basic materials company’s stock valued at $25,000 after buying an additional 173 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Scotts Miracle-Gro in the second quarter valued at about $25,000. Global X Japan Co. Ltd. bought a new stake in Scotts Miracle-Gro during the third quarter worth about $26,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Scotts Miracle-Gro during the second quarter valued at approximately $29,000. Finally, Farther Finance Advisors LLC grew its stake in Scotts Miracle-Gro by 427.0% in the third quarter. Farther Finance Advisors LLC now owns 332 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 269 shares in the last quarter. Institutional investors and hedge funds own 74.07% of the company’s stock.

Wall Street Analysts Forecast Growth

SMG has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their price objective on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Stifel Nicolaus increased their price target on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a research note on Monday, November 4th. UBS Group decreased 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 report on Thursday, November 7th. Truist Financial dropped their target price on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Finally, 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 report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $78.60.

Scotts Miracle-Gro Stock Performance

Shares of SMG stock opened at $77.78 on Wednesday. The Scotts Miracle-Gro Company has a 52 week low of $53.43 and a 52 week high of $93.90. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of -112.75 and a beta of 1.76. The company has a 50-day simple moving average of $82.37 and a 200 day simple moving average of $73.01.

Scotts Miracle-Gro Announces Dividend

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 given a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Friday, November 22nd. Scotts Miracle-Gro’s payout ratio is -382.61%.

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.