State Street Corp Has $124.20 Million Stock Position in The Scotts Miracle-Gro Company (NYSE:SMG)

State Street Corp raised its stake in The Scotts Miracle-Gro Company (NYSE:SMG) by 1.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,432,565 shares of the basic materials company’s stock after acquiring an additional 15,869 shares during the quarter. State Street Corp’s holdings in Scotts Miracle-Gro were worth $124,203,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in Scotts Miracle-Gro during the 2nd quarter valued at approximately $379,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Scotts Miracle-Gro by 55.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 5,808 shares of the basic materials company’s stock worth $378,000 after acquiring an additional 2,081 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Scotts Miracle-Gro by 7.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 16,211 shares of the basic materials company’s stock valued at $1,055,000 after purchasing an additional 1,170 shares during the period. Raymond James & Associates increased its position in shares of Scotts Miracle-Gro by 0.7% during the second quarter. Raymond James & Associates now owns 559,113 shares of the basic materials company’s stock worth $36,376,000 after acquiring an additional 3,948 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Scotts Miracle-Gro by 6.1% in the second quarter. Nisa Investment Advisors LLC now owns 29,530 shares of the basic materials company’s stock worth $1,921,000 after purchasing an additional 1,700 shares during the last quarter. Institutional investors and hedge funds own 74.07% of the company’s stock.

Insiders Place Their Bets

In other Scotts Miracle-Gro news, major shareholder Hagedorn Partnership, L.P. sold 500 shares of Scotts Miracle-Gro stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $77.14, for a total value of $38,570.00. Following the sale, the insider now owns 13,553,274 shares of the company’s stock, valued at $1,045,499,556.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO James Hagedorn sold 18,368 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $75.68, for a total transaction of $1,390,090.24. Following the completion of the transaction, the chief executive officer now directly owns 87,426 shares of the company’s stock, valued at approximately $6,616,399.68. The trade was a 17.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 58,227 shares of company stock worth $4,410,268 over the last quarter. 26.46% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SMG has been the topic of a number of research analyst reports. UBS Group cut 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. Truist Financial lowered 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 report on Friday, November 8th. Stifel Nicolaus raised their target price on Scotts Miracle-Gro from $75.00 to $81.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. reduced their price target on shares of Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Finally, Wells Fargo & Company decreased their price objective on shares of 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. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $77.50.

Scotts Miracle-Gro Stock Performance

SMG opened at $75.16 on Friday. The Scotts Miracle-Gro Company has a 52-week low of $53.43 and a 52-week high of $93.90. The stock has a market capitalization of $4.31 billion, a P/E ratio of -108.93 and a beta of 1.71. The company’s 50-day simple moving average is $80.87 and its two-hundred day simple moving average is $73.74.

Scotts Miracle-Gro Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Friday, November 22nd. Scotts Miracle-Gro’s payout ratio is -382.61%.

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.