Pallas Capital Advisors LLC Makes New Investment in The Scotts Miracle-Gro Company (NYSE:SMG)

Pallas Capital Advisors LLC acquired a new stake in shares of The Scotts Miracle-Gro Company (NYSE:SMG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 3,432 shares of the basic materials company’s stock, valued at approximately $300,000.

A number of other institutional investors have also recently made changes to their positions in SMG. Versant Capital Management Inc boosted its stake in Scotts Miracle-Gro by 80.1% during the second quarter. Versant Capital Management Inc now owns 389 shares of the basic materials company’s stock valued at $25,000 after buying an additional 173 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Scotts Miracle-Gro during the 2nd quarter worth approximately $25,000. Global X Japan Co. Ltd. purchased a new position in shares of Scotts Miracle-Gro in the third quarter valued at $26,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Scotts Miracle-Gro in the second quarter valued at $29,000. Finally, Blue Trust Inc. raised its stake in Scotts Miracle-Gro by 83.6% during the third 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 in the last quarter. Hedge funds and other institutional investors own 74.07% of the company’s stock.

Insider Activity at Scotts Miracle-Gro

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

Scotts Miracle-Gro Trading Down 1.8 %

SMG stock opened at $86.98 on Friday. The stock has a market cap of $4.94 billion, a PE ratio of -18.39 and a beta of 1.76. The Scotts Miracle-Gro Company has a 12 month low of $43.98 and a 12 month high of $91.09. The company has a 50-day moving average price of $79.54 and a 200 day moving average price of $71.82.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on SMG. Stifel Nicolaus lifted 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 stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Truist Financial raised their price objective on Scotts Miracle-Gro from $65.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $83.75.

About Scotts Miracle-Gro

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.