LRI Investments LLC Trims Stake in The Scotts Miracle-Gro Company (NYSE:SMG)

LRI Investments LLC lessened its holdings in The Scotts Miracle-Gro Company (NYSE:SMG) by 43.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,940 shares of the basic materials company’s stock after selling 1,482 shares during the period. LRI Investments LLC’s holdings in Scotts Miracle-Gro were worth $168,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. AQR Capital Management LLC boosted its position in shares of Scotts Miracle-Gro by 194.2% during the 2nd quarter. AQR Capital Management LLC now owns 761,063 shares of the basic materials company’s stock valued at $49,515,000 after acquiring an additional 502,353 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Scotts Miracle-Gro by 1,033.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 364,045 shares of the basic materials company’s stock worth $31,563,000 after buying an additional 331,925 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Scotts Miracle-Gro by 8,330.2% in the 3rd quarter. International Assets Investment Management LLC now owns 281,485 shares of the basic materials company’s stock worth $24,405,000 after buying an additional 278,146 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Scotts Miracle-Gro by 228.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 252,798 shares of the basic materials company’s stock valued at $21,918,000 after buying an additional 175,719 shares in the last quarter. Finally, Retirement Systems of Alabama lifted its holdings in shares of Scotts Miracle-Gro by 309.5% during the 2nd quarter. Retirement Systems of Alabama now owns 215,717 shares of the basic materials company’s stock worth $14,035,000 after acquiring an additional 163,037 shares during the last quarter. 74.07% of the stock is currently owned by hedge funds and other institutional investors.

Scotts Miracle-Gro Price Performance

SMG opened at $73.74 on Wednesday. The Scotts Miracle-Gro Company has a 1 year low of $53.43 and a 1 year high of $93.90. The stock’s 50 day simple moving average is $81.55 and its 200 day simple moving average is $73.61. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of -106.86 and a beta of 1.71.

Scotts Miracle-Gro Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 3.58%. The ex-dividend date was Friday, November 22nd. Scotts Miracle-Gro’s payout ratio is -382.61%.

Insider Activity at Scotts Miracle-Gro

In other news, major shareholder Hagedorn Partnership, L.P. sold 500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $77.14, for a total transaction of $38,570.00. Following the transaction, the insider now directly owns 13,553,274 shares of the company’s stock, valued at approximately $1,045,499,556.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Nathan Eric Baxter sold 11,359 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $75.37, for a total value of $856,127.83. Following the completion of the sale, the chief operating officer now directly owns 51,631 shares of the company’s stock, valued at $3,891,428.47. The trade was a 18.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,227 shares of company stock worth $4,410,268 in the last three months. 26.46% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. UBS Group reduced their target price on Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Wells Fargo & Company reduced their price objective on Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. decreased their price objective on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Jefferies Financial Group assumed coverage on Scotts Miracle-Gro in a research note on Monday. They issued a “hold” rating and a $72.00 target price for the company. Finally, Truist Financial decreased their price target on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a research note on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Scotts Miracle-Gro has a consensus rating of “Hold” and a consensus target price of $77.50.

Scotts Miracle-Gro Company 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.