Welch & Forbes LLC Has $989,000 Stock Holdings in The Scotts Miracle-Gro Company (NYSE:SMG)

Welch & Forbes LLC raised its stake in The Scotts Miracle-Gro Company (NYSE:SMG) by 142.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,749 shares of the basic materials company’s stock after buying an additional 3,970 shares during the quarter. Welch & Forbes LLC’s holdings in Scotts Miracle-Gro were worth $989,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in SMG. First Bank & Trust grew its position in Scotts Miracle-Gro by 5.5% in the second quarter. First Bank & Trust now owns 1,402 shares of the basic materials company’s stock worth $269,000 after acquiring an additional 73 shares in the last quarter. Jones Financial Companies Lllp grew its position in Scotts Miracle-Gro by 101.2% in the second quarter. Jones Financial Companies Lllp now owns 167 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 84 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Scotts Miracle-Gro by 4.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,067 shares of the basic materials company’s stock worth $397,000 after acquiring an additional 87 shares in the last quarter. MAI Capital Management grew its position in Scotts Miracle-Gro by 3.7% in the second quarter. MAI Capital Management now owns 2,464 shares of the basic materials company’s stock worth $473,000 after acquiring an additional 88 shares in the last quarter. Finally, Franklin Street Advisors Inc. NC grew its position in Scotts Miracle-Gro by 3.6% in the second quarter. Franklin Street Advisors Inc. NC now owns 2,528 shares of the basic materials company’s stock worth $485,000 after acquiring an additional 88 shares in the last quarter. Hedge funds and other institutional investors own 61.65% of the company’s stock.

Several analysts have commented on SMG shares. Truist decreased their target price on shares of Scotts Miracle-Gro from $250.00 to $225.00 and set a “buy” rating for the company in a research report on Tuesday, September 28th. Raymond James decreased their price objective on shares of Scotts Miracle-Gro from $230.00 to $200.00 and set a “strong-buy” rating for the company in a report on Wednesday, September 15th. Berenberg Bank reaffirmed a “buy” rating and set a $257.00 price objective on shares of Scotts Miracle-Gro in a report on Wednesday, September 1st. Truist Securities decreased their price objective on shares of Scotts Miracle-Gro from $250.00 to $225.00 and set a “buy” rating for the company in a report on Tuesday, September 28th. Finally, Barclays started coverage on shares of Scotts Miracle-Gro in a report on Thursday, November 18th. They set an “overweight” rating and a $205.00 price objective for the company. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Scotts Miracle-Gro currently has a consensus rating of “Buy” and an average price target of $225.00.

Shares of Scotts Miracle-Gro stock opened at $165.08 on Thursday. The company has a debt-to-equity ratio of 2.21, a current ratio of 1.77 and a quick ratio of 0.79. The Scotts Miracle-Gro Company has a fifty-two week low of $139.20 and a fifty-two week high of $254.34. The firm has a fifty day moving average price of $153.88 and a two-hundred day moving average price of $173.57. The company has a market cap of $9.21 billion, a PE ratio of 18.47 and a beta of 1.13.

Scotts Miracle-Gro (NYSE:SMG) last issued its quarterly earnings results on Wednesday, November 3rd. The basic materials company reported ($0.82) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.02. Scotts Miracle-Gro had a net margin of 10.41% and a return on equity of 56.20%. The firm had revenue of $737.80 million during the quarter, compared to the consensus estimate of $695.38 million. During the same period in the prior year, the firm earned $0.06 EPS. The business’s revenue was down 17.1% on a year-over-year basis. Analysts expect that The Scotts Miracle-Gro Company will post 8.5 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 10th. Stockholders of record on Monday, November 29th will be paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, November 26th. Scotts Miracle-Gro’s dividend payout ratio is 29.53%.

Scotts Miracle-Gro Profile

Scotts Miracle-Gro Co engages in the manufacture, marketing, and distribution of systems and accessories for hydroponic gardening. It operates through the following segments: U.S. Consumer, Hawthorne, and Other. The U.S. Consumer segment consists of consumer lawn and garden business. The Hawthorn segment includes indoor, urban, and hydroponic gardening business.

Further Reading: What Every Investor Needs to Understand About Secondary Public Offerings

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Institutional Ownership by Quarter for Scotts Miracle-Gro (NYSE:SMG)

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