Franklin Resources Inc. Grows Stock Holdings in The Scotts Miracle-Gro Company (NYSE:SMG)

Franklin Resources Inc. grew its stake in The Scotts Miracle-Gro Company (NYSE:SMG) by 13.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,918 shares of the basic materials company’s stock after purchasing an additional 7,206 shares during the period. Franklin Resources Inc.’s holdings in Scotts Miracle-Gro were worth $5,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in SMG. AQR Capital Management LLC boosted its stake in Scotts Miracle-Gro by 194.2% during the second quarter. AQR Capital Management LLC now owns 761,063 shares of the basic materials company’s stock worth $49,515,000 after buying an additional 502,353 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Scotts Miracle-Gro by 1,033.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 364,045 shares of the basic materials company’s stock valued at $31,563,000 after purchasing an additional 331,925 shares during the period. International Assets Investment Management LLC increased its position in Scotts Miracle-Gro by 8,330.2% during the third quarter. International Assets Investment Management LLC now owns 281,485 shares of the basic materials company’s stock worth $24,405,000 after purchasing an additional 278,146 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Scotts Miracle-Gro by 228.0% during the third quarter. BNP Paribas Financial Markets now owns 252,798 shares of the basic materials company’s stock worth $21,918,000 after purchasing an additional 175,719 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in Scotts Miracle-Gro by 5.0% in the 3rd quarter. Pacer Advisors Inc. now owns 3,172,800 shares of the basic materials company’s stock valued at $275,082,000 after purchasing an additional 151,354 shares during the last quarter. Institutional investors and hedge funds own 74.07% of the company’s stock.

Scotts Miracle-Gro Price Performance

NYSE SMG opened at $67.27 on Tuesday. The company has a market cap of $3.86 billion, a P/E ratio of -97.49 and a beta of 1.71. The Scotts Miracle-Gro Company has a 1-year low of $53.43 and a 1-year high of $93.90. The stock has a 50-day moving average of $79.35 and a two-hundred day moving average of $73.94.

Scotts Miracle-Gro Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 3.92%. The ex-dividend date was Friday, November 22nd. Scotts Miracle-Gro’s payout ratio is currently -382.61%.

Insiders Place Their Bets

In other news, CEO James Hagedorn sold 18,368 shares of Scotts Miracle-Gro stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $75.68, for a total value of $1,390,090.24. Following the completion of the transaction, the chief executive officer now owns 87,426 shares in the company, valued at approximately $6,616,399.68. This trade represents a 17.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Nathan Eric Baxter sold 11,359 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $75.37, for a total transaction of $856,127.83. Following the sale, the chief operating officer now owns 51,631 shares in the company, valued at $3,891,428.47. The trade was a 18.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 58,227 shares of company stock worth $4,410,268 in the last ninety days. 26.46% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SMG has been the subject of a number of recent analyst reports. Jefferies Financial Group started coverage on shares of Scotts Miracle-Gro in a report on Monday, December 9th. They set a “hold” rating and a $72.00 price target for the company. Truist Financial decreased their price target on Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a research note on Friday, November 8th. JPMorgan Chase & Co. cut their price objective on 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. UBS Group lowered their target price on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, Stifel Nicolaus boosted their price target on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $77.50.

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.