The Scotts Miracle-Gro Company (NYSE:SMG) Shares Sold by Boyar Asset Management Inc.

Boyar Asset Management Inc. trimmed its holdings in The Scotts Miracle-Gro Company (NYSE:SMG) by 7.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,817 shares of the basic materials company’s stock after selling 2,282 shares during the quarter. Scotts Miracle-Gro accounts for about 1.1% of Boyar Asset Management Inc.’s portfolio, making the stock its 23rd biggest holding. Boyar Asset Management Inc.’s holdings in Scotts Miracle-Gro were worth $1,527,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Atala Financial Inc acquired a new stake in Scotts Miracle-Gro in the 4th quarter valued at about $25,000. SBI Securities Co. Ltd. acquired a new stake in Scotts Miracle-Gro during the 4th quarter worth about $26,000. Tortoise Investment Management LLC raised its holdings in Scotts Miracle-Gro by 77.3% during the 4th quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company’s stock worth $34,000 after buying an additional 225 shares during the period. Spire Wealth Management raised its holdings in Scotts Miracle-Gro by 477.9% during the 1st quarter. Spire Wealth Management now owns 549 shares of the basic materials company’s stock worth $30,000 after buying an additional 454 shares during the period. Finally, UMB Bank n.a. raised its holdings in Scotts Miracle-Gro by 479.4% during the 1st quarter. UMB Bank n.a. now owns 562 shares of the basic materials company’s stock worth $31,000 after buying an additional 465 shares during the period. 74.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on SMG shares. JPMorgan Chase & Co. cut their price objective on Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Truist Financial upped their target price on Scotts Miracle-Gro from $70.00 to $75.00 and gave the company a “buy” rating in a report on Friday, June 6th. Jefferies Financial Group raised shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and reduced their price target for the stock from $72.00 to $69.00 in a research report on Monday, April 7th. Stifel Nicolaus lowered shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and increased their price target for the stock from $70.00 to $71.00 in a research report on Monday, June 9th. Finally, Wells Fargo & Company increased their price target on shares of Scotts Miracle-Gro from $67.00 to $72.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Scotts Miracle-Gro presently has an average rating of “Moderate Buy” and a consensus target price of $67.67.

Scotts Miracle-Gro Price Performance

NYSE SMG opened at $64.38 on Thursday. The company has a 50 day simple moving average of $58.73 and a 200-day simple moving average of $62.04. The Scotts Miracle-Gro Company has a 52-week low of $45.61 and a 52-week high of $93.90. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of 128.75 and a beta of 1.99.

Scotts Miracle-Gro (NYSE:SMG) last released its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $3.98 EPS for the quarter, topping analysts’ consensus estimates of $3.95 by $0.03. Scotts Miracle-Gro had a negative return on equity of 56.15% and a net margin of 1.04%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company posted $3.69 earnings per share. The firm’s revenue was down 6.8% on a year-over-year basis. On average, analysts predict that The Scotts Miracle-Gro Company will post 3.42 EPS for the current year.

Scotts Miracle-Gro Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were issued a $0.66 dividend. The ex-dividend date was Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a yield of 4.10%. Scotts Miracle-Gro’s dividend payout ratio is currently 528.00%.

About Scotts Miracle-Gro

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.