Lorne Steinberg Wealth Management Inc. Sells 4,605 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

Lorne Steinberg Wealth Management Inc. trimmed its holdings in The Scotts Miracle-Gro Company (NYSE:SMG) by 11.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,515 shares of the basic materials company’s stock after selling 4,605 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Scotts Miracle-Gro were worth $2,264,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC bought a new stake in Scotts Miracle-Gro during the third quarter valued at about $28,336,000. Financial Gravity Asset Management Inc. boosted its position in shares of Scotts Miracle-Gro by 2,810.8% in the third quarter. Financial Gravity Asset Management Inc. now owns 313,548 shares of the basic materials company’s stock valued at $16,204,000 after acquiring an additional 302,776 shares during the period. Schonfeld Strategic Advisors LLC increased its position in Scotts Miracle-Gro by 484.4% during the third quarter. Schonfeld Strategic Advisors LLC now owns 314,997 shares of the basic materials company’s stock worth $16,279,000 after acquiring an additional 261,097 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Scotts Miracle-Gro by 62.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 595,995 shares of the basic materials company’s stock valued at $30,801,000 after purchasing an additional 230,155 shares during the period. Finally, International Assets Investment Management LLC grew its position in Scotts Miracle-Gro by 4,927.1% during the fourth quarter. International Assets Investment Management LLC now owns 228,178 shares of the basic materials company’s stock worth $14,546,000 after buying an additional 223,639 shares in the last quarter. Institutional investors own 74.07% of the company’s stock.

Scotts Miracle-Gro Price Performance

SMG traded down $0.20 on Wednesday, hitting $68.38. 169,611 shares of the stock were exchanged, compared to its average volume of 731,907. The Scotts Miracle-Gro Company has a 12 month low of $43.67 and a 12 month high of $77.95. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of -9.74 and a beta of 1.70. The business has a 50-day moving average of $67.38 and a two-hundred day moving average of $60.14.

Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, February 7th. The basic materials company reported ($1.45) earnings per share for the quarter, topping the consensus estimate of ($1.62) by $0.17. Scotts Miracle-Gro had a negative return on equity of 44.37% and a negative net margin of 11.52%. The firm had revenue of $410.40 million during the quarter, compared to analysts’ expectations of $412.83 million. During the same period in the prior year, the company earned ($1.02) earnings per share. The company’s quarterly revenue was down 22.1% on a year-over-year basis. Equities research analysts expect that The Scotts Miracle-Gro Company will post 2.69 earnings per share for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend is Thursday, May 23rd. Scotts Miracle-Gro’s dividend payout ratio (DPR) is currently -37.50%.

Wall Street Analyst Weigh In

Several analysts have issued reports on SMG shares. Stifel Nicolaus lifted their price target on Scotts Miracle-Gro from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Monday, March 4th. Truist Financial downgraded 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 research report on Friday, April 5th. JPMorgan Chase & Co. lifted their target price on Scotts Miracle-Gro from $70.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. StockNews.com upgraded Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Scotts Miracle-Gro in a research report on Monday, March 25th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $70.00.

Insider Activity

In other news, major shareholder Hagedorn Partnership, L.P. sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $58.40, for a total value of $876,000.00. Following the transaction, the insider now owns 13,881,368 shares in the company, valued at approximately $810,671,891.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Scotts Miracle-Gro news, Director Stephen L. Johnson sold 1,394 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $57.35, for a total value of $79,945.90. Following the transaction, the director now owns 22,918 shares in the company, valued at $1,314,347.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Hagedorn Partnership, L.P. sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $58.40, for a total value of $876,000.00. Following the transaction, the insider now directly owns 13,881,368 shares in the company, valued at $810,671,891.20. The disclosure for this sale can be found here. Insiders sold 102,750 shares of company stock valued at $6,604,492 over the last quarter. 26.46% of the stock is owned by company insiders.

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.