Bridges Investment Management Inc. Takes Position in The Scotts Miracle-Gro Company (NYSE:SMG)

Bridges Investment Management Inc. bought a new position in shares of The Scotts Miracle-Gro Company (NYSE:SMG) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,884 shares of the basic materials company’s stock, valued at approximately $250,000.

Other large investors have also bought and sold shares of the company. BNP Paribas Financial Markets grew its stake in shares of Scotts Miracle-Gro by 72.6% in the 1st quarter. BNP Paribas Financial Markets now owns 42,928 shares of the basic materials company’s stock valued at $3,202,000 after buying an additional 18,060 shares during the period. Texas Permanent School Fund Corp grew its stake in Scotts Miracle-Gro by 2.4% in the first quarter. Texas Permanent School Fund Corp now owns 36,647 shares of the basic materials company’s stock valued at $2,734,000 after acquiring an additional 866 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Scotts Miracle-Gro by 9.4% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 15,041 shares of the basic materials company’s stock valued at $1,122,000 after acquiring an additional 1,289 shares in the last quarter. Swiss National Bank raised its position in shares of Scotts Miracle-Gro by 1.1% during the first quarter. Swiss National Bank now owns 83,900 shares of the basic materials company’s stock worth $6,258,000 after purchasing an additional 900 shares during the period. Finally, Atomi Financial Group Inc. bought a new position in shares of Scotts Miracle-Gro in the 1st quarter worth $267,000. 74.07% of the stock is currently owned by institutional investors and hedge funds.

Scotts Miracle-Gro Stock Performance

NYSE:SMG opened at $72.60 on Friday. The Scotts Miracle-Gro Company has a 52 week low of $48.29 and a 52 week high of $93.90. The firm has a 50-day moving average price of $80.87 and a two-hundred day moving average price of $72.46. The firm has a market cap of $4.13 billion, a price-to-earnings ratio of -105.22 and a beta of 1.76.

Scotts Miracle-Gro Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $2.64 dividend on an annualized basis and a yield of 3.64%. Scotts Miracle-Gro’s dividend payout ratio (DPR) is currently -382.61%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Stifel Nicolaus boosted their price target on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Truist Financial decreased their target price on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating for the company in a research report on Friday. UBS Group dropped their price target on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday. Wells Fargo & Company decreased their price objective on Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $78.60.

Insiders Place Their Bets

In other news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of Scotts Miracle-Gro stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total transaction of $6,038,270.90. Following the sale, the insider now directly owns 13,608,238 shares in the company, valued at $965,232,321.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Scotts Miracle-Gro news, COO Nathan Eric Baxter sold 2,988 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total value of $211,938.84. Following the completion of the sale, the chief operating officer now directly owns 37,920 shares of the company’s stock, valued at $2,689,665.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total value of $6,038,270.90. Following the transaction, the insider now directly owns 13,608,238 shares in the company, valued at $965,232,321.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 26.46% of the company’s stock.

Scotts Miracle-Gro Profile

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.