Chase Investment Counsel Corp acquired a new position in The Scotts Miracle-Gro Company (NYSE:SMG – Free Report) in the first quarter, HoldingsChannel reports. The fund acquired 44,784 shares of the basic materials company’s stock, valued at approximately $2,723,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC purchased a new position in Scotts Miracle-Gro during the 1st quarter valued at about $26,000. Key Capital Management INC bought a new stake in shares of Scotts Miracle-Gro in the 4th quarter valued at about $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Scotts Miracle-Gro in the 3rd quarter worth approximately $32,000. SBI Securities Co. Ltd. increased its holdings 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 valued at $52,000 after buying an additional 499 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in Scotts Miracle-Gro during the fourth quarter valued at approximately $53,000. 74.07% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on SMG shares. Jefferies Financial Group reissued a “buy” rating and issued a $79.00 price objective on shares of Scotts Miracle-Gro in a research note on Wednesday, April 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Scotts Miracle-Gro in a research report on Monday, May 4th. Stifel Nicolaus cut their price target on Scotts Miracle-Gro from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, June 8th. JPMorgan Chase & Co. lowered Scotts Miracle-Gro from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $70.00 to $67.00 in a research report on Thursday, March 26th. Finally, UBS Group upped their price objective on Scotts Miracle-Gro from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Scotts Miracle-Gro presently has a consensus rating of “Hold” and a consensus target price of $73.00.
Scotts Miracle-Gro Stock Performance
Scotts Miracle-Gro stock opened at $68.49 on Wednesday. The stock has a 50-day moving average of $63.08 and a two-hundred day moving average of $63.79. The Scotts Miracle-Gro Company has a one year low of $52.00 and a one year high of $75.34. The stock has a market cap of $3.98 billion, a PE ratio of 38.27 and a beta of 1.81.
Scotts Miracle-Gro (NYSE:SMG – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $4.53 earnings per share for the quarter, topping the consensus estimate of $3.97 by $0.56. Scotts Miracle-Gro had a negative return on equity of 79.61% and a net margin of 3.27%.The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the company earned $3.98 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that The Scotts Miracle-Gro Company will post 4.3 EPS for the current fiscal year.
Scotts Miracle-Gro Profile
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.
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