Markel Corp increased its position in shares of Scotts Miracle-Gro Co (NYSE:SMG) by 26.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 378,000 shares of the basic materials company’s stock after purchasing an additional 80,000 shares during the quarter. Markel Corp owned 0.68% of Scotts Miracle-Gro worth $37,232,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of the stock. Front Row Advisors LLC acquired a new position in shares of Scotts Miracle-Gro in the first quarter worth $25,000. NEXT Financial Group Inc raised its holdings in shares of Scotts Miracle-Gro by 806.7% in the second quarter. NEXT Financial Group Inc now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 242 shares during the last quarter. Bedel Financial Consulting Inc. raised its holdings in shares of Scotts Miracle-Gro by 58.5% in the first quarter. Bedel Financial Consulting Inc. now owns 515 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 190 shares during the last quarter. Zions Bancorporation N.A. acquired a new position in shares of Scotts Miracle-Gro in the first quarter worth $49,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Scotts Miracle-Gro by 45.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 671 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 211 shares during the last quarter. 66.49% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on SMG. SunTrust Banks boosted their price target on Scotts Miracle-Gro to $120.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. TheStreet raised Scotts Miracle-Gro from a “c” rating to a “b” rating in a report on Wednesday, May 1st. Bank of America set a $96.00 price target on Scotts Miracle-Gro and gave the stock a “sell” rating in a report on Wednesday, July 31st. Finally, ValuEngine raised Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Scotts Miracle-Gro currently has a consensus rating of “Hold” and an average price target of $87.42.
Scotts Miracle-Gro (NYSE:SMG) last announced its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $3.11 EPS for the quarter, beating the Zacks’ consensus estimate of $2.74 by $0.37. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.07 billion. Scotts Miracle-Gro had a return on equity of 51.15% and a net margin of 12.02%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.67 earnings per share. Sell-side analysts anticipate that Scotts Miracle-Gro Co will post 4.5 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Tuesday, August 27th will be given a $0.58 dividend. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.09%. This is an increase from Scotts Miracle-Gro’s previous quarterly dividend of $0.55. Scotts Miracle-Gro’s payout ratio is currently 59.30%.
In other news, Director Thomas N. Kelly, Jr. sold 6,167 shares of Scotts Miracle-Gro stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $111.91, for a total value of $690,148.97. Following the completion of the sale, the director now owns 18,811 shares of the company’s stock, valued at $2,105,139.01. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephen L. Johnson sold 1,145 shares of Scotts Miracle-Gro stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $110.00, for a total value of $125,950.00. Following the completion of the sale, the director now directly owns 19,075 shares of the company’s stock, valued at approximately $2,098,250. The disclosure for this sale can be found here. In the last ninety days, insiders sold 792,310 shares of company stock valued at $86,691,260. Company insiders own 30.37% of the company’s stock.
Scotts Miracle-Gro Profile
The Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden products in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It offers lawn care products, such as lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products.
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