The Scotts Miracle-Gro Company (NYSE:SMG) Sees Large Drop in Short Interest

The Scotts Miracle-Gro Company (NYSE:SMG) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 3,500,000 shares, a decline of 21.2% from the December 15th total of 4,440,000 shares. Based on an average daily trading volume, of 743,900 shares, the short-interest ratio is currently 4.7 days. Currently, 8.1% of the company’s shares are sold short.

Insider Buying and Selling at Scotts Miracle-Gro

In other news, major shareholder Hagedorn Partnership, L.P. sold 28,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $75.91, for a total transaction of $2,125,480.00. Following the transaction, the insider now owns 13,553,774 shares of the company’s stock, valued at approximately $1,028,866,984.34. This represents a 0.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Hagedorn sold 18,368 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $75.68, for a total transaction of $1,390,090.24. Following the completion of the sale, the chief executive officer now directly owns 87,426 shares of the company’s stock, valued at approximately $6,616,399.68. This trade represents a 17.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,227 shares of company stock valued at $4,410,268 in the last three months. Company insiders own 25.37% of the company’s stock.

Institutional Trading of Scotts Miracle-Gro

Several large investors have recently added to or reduced their stakes in SMG. Global X Japan Co. Ltd. purchased a new position in shares of Scotts Miracle-Gro in the third quarter worth about $26,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Scotts Miracle-Gro in the 2nd quarter worth approximately $29,000. Farther Finance Advisors LLC raised its position in Scotts Miracle-Gro by 427.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 332 shares of the basic materials company’s stock worth $29,000 after buying an additional 269 shares during the last quarter. Blue Trust Inc. lifted its stake in Scotts Miracle-Gro by 83.6% during the 3rd quarter. Blue Trust Inc. now owns 369 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in Scotts Miracle-Gro during the 3rd quarter valued at approximately $44,000. Hedge funds and other institutional investors own 74.07% of the company’s stock.

Scotts Miracle-Gro Price Performance

Scotts Miracle-Gro stock traded down $0.56 during mid-day trading on Friday, reaching $70.29. 487,342 shares of the company traded hands, compared to its average volume of 505,904. Scotts Miracle-Gro has a fifty-two week low of $53.43 and a fifty-two week high of $93.90. The firm’s fifty day moving average is $71.77 and its two-hundred day moving average is $73.94. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of -101.87 and a beta of 1.73.

Scotts Miracle-Gro Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.66 per share. The ex-dividend date was Friday, November 22nd. This represents a $2.64 dividend on an annualized basis and a yield of 3.76%. Scotts Miracle-Gro’s dividend payout ratio is currently -382.61%.

Wall Street Analysts Forecast Growth

SMG has been the subject of a number of analyst reports. Jefferies Financial Group started coverage on Scotts Miracle-Gro in a report on Monday, December 9th. They set a “hold” rating and a $72.00 target price for the company. Wells Fargo & Company reduced their price objective on shares of Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Truist Financial lowered their target price on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating for the company in a research note on Friday, November 8th. JPMorgan Chase & Co. reduced their price target on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Finally, Stifel Nicolaus raised their price objective on Scotts Miracle-Gro from $75.00 to $81.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Scotts Miracle-Gro presently has a consensus rating of “Hold” and a consensus target price of $75.83.

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.