Verition Fund Management LLC Acquires Shares of 1,761 Scotts Miracle-Gro Co (NYSE:SMG)
Verition Fund Management LLC acquired a new stake in shares of Scotts Miracle-Gro Co (NYSE:SMG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,761 shares of the basic materials company’s stock, valued at approximately $237,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nicollet Investment Management Inc. grew its stake in shares of Scotts Miracle-Gro by 0.9% during the second quarter. Nicollet Investment Management Inc. now owns 7,474 shares of the basic materials company’s stock valued at $1,005,000 after buying an additional 70 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Scotts Miracle-Gro by 0.7% during the second quarter. HighTower Advisors LLC now owns 14,684 shares of the basic materials company’s stock valued at $1,972,000 after buying an additional 96 shares during the last quarter. Sowell Financial Services LLC grew its stake in shares of Scotts Miracle-Gro by 32.7% during the first quarter. Sowell Financial Services LLC now owns 475 shares of the basic materials company’s stock valued at $49,000 after buying an additional 117 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in shares of Scotts Miracle-Gro by 62.8% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 311 shares of the basic materials company’s stock valued at $32,000 after buying an additional 120 shares during the last quarter. Finally, Pavion Blue Capital LLC grew its stake in shares of Scotts Miracle-Gro by 1.4% during the second quarter. Pavion Blue Capital LLC now owns 11,114 shares of the basic materials company’s stock valued at $1,495,000 after buying an additional 150 shares during the last quarter. 64.86% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director John R. Vines sold 1,491 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $157.79, for a total transaction of $235,264.89. Following the sale, the director now directly owns 9,904 shares in the company, valued at approximately $1,562,752.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Hagedorn Partnership, L.P. sold 9,500 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $130.24, for a total value of $1,237,280.00. Following the sale, the insider now owns 14,689,321 shares in the company, valued at $1,913,137,167.04. The disclosure for this sale can be found here. Insiders sold a total of 147,685 shares of company stock valued at $19,761,267 in the last 90 days. 28.20% of the stock is currently owned by company insiders.
Scotts Miracle-Gro (NYSE:SMG) last issued its earnings results on Wednesday, July 29th. The basic materials company reported $3.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.37 by $0.43. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.33 billion. Scotts Miracle-Gro had a return on equity of 45.36% and a net margin of 8.71%. The firm’s quarterly revenue was up 27.5% on a year-over-year basis. During the same quarter last year, the business posted $3.11 EPS. As a group, research analysts forecast that Scotts Miracle-Gro Co will post 6.82 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Thursday, August 27th were paid a $0.62 dividend. This is a positive change from Scotts Miracle-Gro’s previous quarterly dividend of $0.58. The ex-dividend date was Wednesday, August 26th. This represents a $2.48 dividend on an annualized basis and a yield of 1.54%. Scotts Miracle-Gro’s dividend payout ratio (DPR) is 55.48%.
Several brokerages recently issued reports on SMG. Raymond James reissued a “hold” rating on shares of Scotts Miracle-Gro in a research note on Thursday, August 6th. SunTrust Banks increased their target price on Scotts Miracle-Gro from $155.00 to $180.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, William Blair reiterated a “buy” rating on shares of Scotts Miracle-Gro in a report on Tuesday, June 9th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $128.50.
About Scotts Miracle-Gro
The Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden products in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It offers lawn care products, such as lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products.
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