PNC Financial Services Group Inc. Sells 2,855 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

PNC Financial Services Group Inc. reduced its holdings in The Scotts Miracle-Gro Company (NYSE:SMG) by 6.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,694 shares of the basic materials company’s stock after selling 2,855 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of Scotts Miracle-Gro worth $2,722,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SMG. Lazard Asset Management LLC bought a new position in shares of Scotts Miracle-Gro during the 3rd quarter valued at about $28,336,000. Norges Bank bought a new position in shares of Scotts Miracle-Gro during the 4th quarter valued at about $27,699,000. Financial Gravity Asset Management Inc. increased its position in shares of Scotts Miracle-Gro by 2,810.8% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 313,548 shares of the basic materials company’s stock valued at $16,204,000 after purchasing an additional 302,776 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its position in shares of Scotts Miracle-Gro by 484.4% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 314,997 shares of the basic materials company’s stock valued at $16,279,000 after purchasing an additional 261,097 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Scotts Miracle-Gro by 62.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 595,995 shares of the basic materials company’s stock valued at $30,801,000 after purchasing an additional 230,155 shares during the last quarter. 74.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SMG has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price objective on Scotts Miracle-Gro from $70.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. StockNews.com upgraded Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research report on Thursday, April 4th. Stifel Nicolaus raised their price target on Scotts Miracle-Gro from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Monday, March 4th. Raymond James restated a “market perform” rating on shares of Scotts Miracle-Gro in a research report on Monday, March 25th. Finally, Truist Financial lowered Scotts Miracle-Gro from a “buy” rating to a “hold” rating and raised their price target for the stock from $65.00 to $75.00 in a research report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $73.00.

Scotts Miracle-Gro Trading Down 0.0 %

NYSE SMG opened at $64.40 on Thursday. The Scotts Miracle-Gro Company has a fifty-two week low of $43.67 and a fifty-two week high of $77.95. The stock has a 50 day simple moving average of $67.82 and a two-hundred day simple moving average of $64.73.

Scotts Miracle-Gro (NYSE:SMG) last released its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.33 by $0.36. Scotts Miracle-Gro had a negative return on equity of 20.97% and a negative net margin of 10.14%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the business posted $3.78 EPS. The business’s revenue was down .4% on a year-over-year basis. On average, sell-side analysts expect that The Scotts Miracle-Gro Company will post 2.56 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 24th were paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend was Thursday, May 23rd. Scotts Miracle-Gro’s payout ratio is presently -42.31%.

Insider Activity

In other news, Director Hagedorn Partnership, L.P. sold 31,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $69.67, for a total value of $2,159,770.00. Following the completion of the transaction, the director now owns 13,746,012 shares in the company, valued at approximately $957,684,656.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 26.46% of the stock is currently owned by company insiders.

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.