Abich Financial Wealth Management LLC Sells 532 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

by · The Cerbat Gem

Abich Financial Wealth Management LLC reduced its stake in shares of The Scotts Miracle-Gro Company (NYSE:SMG – Free Report) by 62.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 322 shares of the basic materials company’s stock after selling 532 shares during the quarter. Abich Financial Wealth Management LLC’s holdings in Scotts Miracle-Gro were worth $28,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Versant Capital Management Inc increased its position in shares of Scotts Miracle-Gro by 80.1% during the 2nd quarter. Versant Capital Management Inc now owns 389 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 173 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Scotts Miracle-Gro in the second quarter valued at $25,000. Global X Japan Co. Ltd. bought a new stake in shares of Scotts Miracle-Gro in the 3rd quarter worth about $26,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Scotts Miracle-Gro during the 2nd quarter worth about $29,000. Finally, Blue Trust Inc. grew its holdings in Scotts Miracle-Gro by 83.6% during the 3rd quarter. Blue Trust Inc. now owns 369 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 168 shares during the last quarter. 74.07% of the stock is currently owned by hedge funds and other institutional investors.

Scotts Miracle-Gro Stock Performance

Scotts Miracle-Gro stock opened at $87.93 on Wednesday. The Scotts Miracle-Gro Company has a fifty-two week low of $43.98 and a fifty-two week high of $91.09. The company has a market capitalization of $5.00 billion, a PE ratio of -18.59 and a beta of 1.76. The company has a 50 day moving average price of $78.85 and a 200-day moving average price of $71.60.

Scotts Miracle-Gro (NYSE:SMG – Get Free Report) last issued its earnings results on Wednesday, July 31st. The basic materials company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Scotts Miracle-Gro had a negative return on equity of 41.19% and a negative net margin of 7.38%. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.17 EPS. On average, analysts forecast that The Scotts Miracle-Gro Company will post 2.62 earnings per share for the current year.

Insider Buying and Selling

In other Scotts Miracle-Gro news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total transaction of $6,038,270.90. Following the transaction, the insider now owns 13,608,238 shares of the company’s stock, valued at approximately $965,232,321.34. This trade represents 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 related news, Director Stephen L. Johnson sold 960 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $77.95, for a total transaction of $74,832.00. Following the sale, the director now owns 22,940 shares of the company’s stock, valued at $1,788,173. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 13,608,238 shares of the company’s stock, valued at $965,232,321.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,078 shares of company stock valued at $6,325,042 over the last three months. 26.46% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Stifel Nicolaus raised their price objective on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Wells Fargo & Company boosted their price objective on Scotts Miracle-Gro from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Finally, Truist Financial upped their price objective on Scotts Miracle-Gro from $65.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Four investment 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.com, the company presently has an average rating of “Hold” and a consensus price target of $83.75.

Read Our Latest Report on SMG

Scotts Miracle-Gro Company Profile

(Free Report)

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.

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