Short Interest in Scotts Miracle-Gro Co. (SMG) Rises By 40.0%
Scotts Miracle-Gro Co. (NYSE:SMG) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 2,441,804 shares, a growth of 40.0% from the October 14th total of 1,744,727 shares. Approximately 5.5% of the company’s shares are short sold. Based on an average daily volume of 421,032 shares, the days-to-cover ratio is currently 5.8 days.
Shares of Scotts Miracle-Gro (NYSE:SMG) opened at 90.16 on Wednesday. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of 17.46 and a beta of 0.65. The company has a 50-day moving average price of $86.91 and a 200 day moving average price of $78.07. Scotts Miracle-Gro has a one year low of $62.20 and a one year high of $91.66.
Scotts Miracle-Gro (NYSE:SMG) last released its quarterly earnings results on Thursday, November 3rd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.28) by $0.02. Scotts Miracle-Gro had a net margin of 11.09% and a return on equity of 33.46%. The firm had revenue of $402.30 million for the quarter, compared to the consensus estimate of $370 million. During the same quarter last year, the company earned ($0.12) earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. On average, analysts forecast that Scotts Miracle-Gro will post $4.22 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Friday, November 25th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, November 22nd. Scotts Miracle-Gro’s dividend payout ratio (DPR) is 38.91%.
SMG has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Scotts Miracle-Gro from a “hold” rating to a “buy” rating and set a $99.00 target price on the stock in a report on Friday, October 28th. JPMorgan Chase & Co. raised Scotts Miracle-Gro from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $85.00 in a research report on Thursday, August 4th. Gabelli assumed coverage on Scotts Miracle-Gro in a research report on Thursday, October 20th. They set a “buy” rating on the stock. Finally, Tigress Financial reissued a “buy” rating on shares of Scotts Miracle-Gro in a report on Monday, August 29th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $89.67.
In related news, Director Katherine Littlefield Hagedorn sold 15,050 shares of Scotts Miracle-Gro stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $82.50, for a total value of $1,241,625.00. Following the transaction, the director now owns 20,207 shares in the company, valued at $1,667,077.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Denise Stump sold 4,500 shares of Scotts Miracle-Gro stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $81.72, for a total value of $367,740.00. Following the completion of the transaction, the executive vice president now owns 14,182 shares in the company, valued at approximately $1,158,953.04. The disclosure for this sale can be found here. Insiders own 27.28% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its stake in Scotts Miracle-Gro by 1.0% in the second quarter. Mackenzie Financial Corp now owns 6,690 shares of the company’s stock worth $468,000 after buying an additional 66 shares during the period. Nisa Investment Advisors LLC boosted its stake in Scotts Miracle-Gro by 0.3% in the second quarter. Nisa Investment Advisors LLC now owns 34,760 shares of the company’s stock worth $2,430,000 after buying an additional 100 shares during the period. State Treasurer State of Michigan boosted its stake in Scotts Miracle-Gro by 0.6% in the third quarter. State Treasurer State of Michigan now owns 18,275 shares of the company’s stock worth $1,522,000 after buying an additional 100 shares during the period. Wealthsource Partners LLC boosted its stake in Scotts Miracle-Gro by 1.6% in the second quarter. Wealthsource Partners LLC now owns 7,639 shares of the company’s stock worth $534,000 after buying an additional 118 shares during the period. Finally, Atria Investments LLC boosted its stake in Scotts Miracle-Gro by 2.4% in the third quarter. Atria Investments LLC now owns 5,744 shares of the company’s stock worth $478,000 after buying an additional 132 shares during the period. Institutional investors own 70.73% of the company’s stock.
Scotts Miracle-Gro Company Profile
The Scotts Miracle-Gro Company (Scotts Miracle-Gro) is a manufacturer and marketer of branded consumer lawn and garden products. The Company’s segments include Global Consumer. In North America, its brands include Scotts and Turf Builder lawn and grass seed products; Miracle-Gro, Nature’s Care, Scotts, LiquaFeed and Osmocote gardening and landscape products; and Ortho, Roundup, Home Defense and Tomcat branded insect control, weed control and rodent control products.
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