Icon Advisers Inc. Co. Makes New $2.86 Million Investment in The Scotts Miracle-Gro Company $SMG

Icon Advisers Inc. Co. bought a new position in The Scotts Miracle-Gro Company (NYSE:SMG) during the 1st quarter, Holdings Channel reports. The institutional investor bought 47,000 shares of the basic materials company’s stock, valued at approximately $2,858,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SMG. Cassaday & Co Wealth Management LLC bought a new position in shares of Scotts Miracle-Gro during the first quarter valued at $26,000. Key Capital Management INC bought a new position in Scotts Miracle-Gro in the 4th quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in Scotts Miracle-Gro during the 3rd quarter valued at about $32,000. SBI Securities Co. Ltd. grew its position in Scotts Miracle-Gro by 127.9% during the 4th quarter. SBI Securities Co. Ltd. now owns 889 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 499 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in Scotts Miracle-Gro during the 4th quarter valued at about $53,000. 74.07% of the stock is currently owned by institutional investors.

Scotts Miracle-Gro Trading Up 0.4%

SMG opened at $68.78 on Thursday. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 38.42 and a beta of 1.81. The company’s 50 day moving average is $63.28 and its 200 day moving average is $63.86. The Scotts Miracle-Gro Company has a 12-month low of $52.00 and a 12-month high of $75.34.

Scotts Miracle-Gro (NYSE:SMG) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $4.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.97 by $0.56. Scotts Miracle-Gro had a net margin of 3.27% and a negative return on equity of 79.61%. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the business posted $3.98 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, analysts predict that The Scotts Miracle-Gro Company will post 4.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. cut shares of Scotts Miracle-Gro from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $70.00 to $67.00 in a report on Thursday, March 26th. Wells Fargo & Company increased their price target on shares of Scotts Miracle-Gro from $72.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, July 8th. Stifel Nicolaus reduced their price target on shares of Scotts Miracle-Gro from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, June 8th. Weiss Ratings restated a “hold (c)” rating on shares of Scotts Miracle-Gro in a report on Monday, May 4th. Finally, UBS Group upped their price objective on Scotts Miracle-Gro from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $73.00.

Scotts Miracle-Gro Company 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.