Allspring Global Investments Holdings LLC Buys 1,611 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

Allspring Global Investments Holdings LLC lifted its stake in The Scotts Miracle-Gro Company (NYSE:SMG) by 70.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,898 shares of the basic materials company’s stock after acquiring an additional 1,611 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Scotts Miracle-Gro were worth $338,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in SMG. State of Michigan Retirement System raised its position in shares of Scotts Miracle-Gro by 3.0% in the 1st quarter. State of Michigan Retirement System now owns 10,300 shares of the basic materials company’s stock worth $768,000 after acquiring an additional 300 shares in the last quarter. Maryland State Retirement & Pension System acquired a new position in Scotts Miracle-Gro during the 1st quarter valued at about $231,000. Retirement Systems of Alabama increased its position in Scotts Miracle-Gro by 1.2% during the 1st quarter. Retirement Systems of Alabama now owns 52,680 shares of the basic materials company’s stock valued at $3,929,000 after buying an additional 634 shares in the last quarter. BNP Paribas Financial Markets increased its position in Scotts Miracle-Gro by 72.6% during the 1st quarter. BNP Paribas Financial Markets now owns 42,928 shares of the basic materials company’s stock valued at $3,202,000 after buying an additional 18,060 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Scotts Miracle-Gro by 8.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 79,248 shares of the basic materials company’s stock valued at $5,911,000 after buying an additional 5,902 shares in the last quarter. 74.07% of the stock is owned by institutional investors.

Insider Activity

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

Scotts Miracle-Gro Stock Performance

Shares of SMG stock opened at $89.66 on Friday. The stock’s 50-day simple moving average is $79.90 and its 200-day simple moving average is $71.96. The firm has a market capitalization of $5.09 billion, a PE ratio of -18.96 and a beta of 1.76. The Scotts Miracle-Gro Company has a fifty-two week low of $48.29 and a fifty-two week high of $91.09.

Scotts Miracle-Gro (NYSE:SMG) last announced its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates 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 company’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.17 earnings per share. Sell-side analysts forecast that The Scotts Miracle-Gro Company will post 2.62 earnings per share for the current year.

Wall Street Analyst Weigh In

SMG has been the topic of several recent analyst reports. Wells Fargo & Company upped their target price on Scotts Miracle-Gro from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Stifel Nicolaus upped their target price on Scotts Miracle-Gro from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Finally, Truist Financial upped their target price 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 research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $83.75.

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.