Hagedorn Partnership, L.P. Sells 30,000 Shares of Scotts Miracle-Gro (NYSE:SMG) Stock

The Scotts Miracle-Gro Company (NYSE:SMG) Director Hagedorn Partnership, L.P. sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $67.45, for a total value of $2,023,500.00. Following the transaction, the director directly owned 13,137,641 shares in the company, valued at $886,133,885.45. The trade was a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Scotts Miracle-Gro Price Performance

Scotts Miracle-Gro stock traded down $0.71 during mid-day trading on Wednesday, hitting $65.67. 812,285 shares of the company’s stock traded hands, compared to its average volume of 952,168. The firm has a 50 day simple moving average of $65.17 and a two-hundred day simple moving average of $64.35. The Scotts Miracle-Gro Company has a fifty-two week low of $52.00 and a fifty-two week high of $75.34. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 57.10 and a beta of 1.82.

Scotts Miracle-Gro (NYSE:SMG) last released its quarterly earnings data on Wednesday, July 29th. The basic materials company reported $2.82 EPS for the quarter, beating the consensus estimate of $2.48 by $0.34. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. Scotts Miracle-Gro had a net margin of 2.19% and a negative return on equity of 81.90%. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.59 earnings per share. On average, research analysts anticipate that The Scotts Miracle-Gro Company will post 4.38 earnings per share for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Friday, August 21st will be paid a $0.66 dividend. The ex-dividend date is Friday, August 21st. This represents a $2.64 dividend on an annualized basis and a yield of 4.0%. Scotts Miracle-Gro’s dividend payout ratio is 229.57%.

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of hedge funds have recently added to or reduced their stakes in the stock. Cassaday & Co Wealth Management LLC bought a new stake in shares of Scotts Miracle-Gro during the 1st quarter valued at $26,000. Key Capital Management INC bought a new position in shares of Scotts Miracle-Gro in the fourth quarter worth $29,000. Caitong International Asset Management Co. Ltd acquired a new position in Scotts Miracle-Gro in the third quarter valued at about $32,000. Elevation Wealth Partners LLC raised its stake in Scotts Miracle-Gro by 394.1% in the second quarter. Elevation Wealth Partners LLC now owns 751 shares of the basic materials company’s stock valued at $51,000 after purchasing an additional 599 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in Scotts Miracle-Gro by 127.9% during the fourth quarter. SBI Securities Co. Ltd. now owns 889 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 499 shares during the period. Institutional investors own 74.07% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SMG shares. Jefferies Financial Group restated a “buy” rating and set a $79.00 price objective on shares of Scotts Miracle-Gro in a report on Wednesday, April 29th. Wall Street Zen cut Scotts Miracle-Gro from a “buy” rating to a “hold” rating in a report on Saturday. Stifel Nicolaus upped their price objective on Scotts Miracle-Gro from $75.00 to $76.00 and gave the company a “buy” rating in a report on Monday. UBS Group lifted their target price on Scotts Miracle-Gro from $70.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Scotts Miracle-Gro in a research note on Friday. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $75.40.

About Scotts Miracle-Gro

Scotts Miracle-Gro Company is a leading developer, manufacturer and distributor of consumer lawn and garden products. The firm serves both retail and professional customers through an array of branded offerings that include lawn fertilizers, grass seed, pest and disease control solutions, plant foods and specialty products for indoor and outdoor gardening. Its portfolio spans well-known names such as Scotts®, Miracle-Gro®, Ortho® and various hydroponic and specialty garden brands.

Headquartered in Marysville, Ohio, the company traces its roots to O.M.