Nicollet Investment Management Inc. Boosts Stake in The Scotts Miracle-Gro Company (NYSE:SMG)

Nicollet Investment Management Inc. increased its position in shares of The Scotts Miracle-Gro Company (NYSE:SMG) by 1.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 12,845 shares of the basic materials company’s stock after acquiring an additional 135 shares during the period. Nicollet Investment Management Inc.’s holdings in Scotts Miracle-Gro were worth $1,114,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC purchased a new stake in Scotts Miracle-Gro in the third quarter valued at about $421,000. OneDigital Investment Advisors LLC purchased a new stake in Scotts Miracle-Gro in the third quarter valued at $220,000. Metis Global Partners LLC acquired a new stake in Scotts Miracle-Gro during the third quarter worth about $218,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Scotts Miracle-Gro during the 3rd quarter worth approximately $227,000. Finally, Aigen Investment Management LP grew its position in Scotts Miracle-Gro by 170.8% during the third quarter. Aigen Investment Management LP now owns 9,657 shares of the basic materials company’s stock valued at $837,000 after buying an additional 6,091 shares during the period. 74.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, COO Nathan Eric Baxter sold 2,988 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total value of $211,938.84. Following the completion of the transaction, the chief operating officer now directly owns 37,920 shares of the company’s stock, valued at $2,689,665.60. This represents a 7.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total transaction of $6,038,270.90. Following the sale, the insider now directly owns 13,608,238 shares in the company, valued at approximately $965,232,321.34. The trade was a 0.62 % decrease in their position. The disclosure for this sale can be found here. 26.46% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Stifel Nicolaus raised their price objective on Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a report on Monday, November 4th. Truist Financial reduced their price target on Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Wells Fargo & Company dropped their price objective on shares of Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. JPMorgan Chase & Co. reduced their target price on shares of Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Finally, UBS Group dropped their price target 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. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Scotts Miracle-Gro presently has a consensus rating of “Hold” and an average price target of $78.60.

Scotts Miracle-Gro Price Performance

Shares of SMG opened at $74.41 on Friday. The firm has a 50-day simple moving average of $81.31 and a two-hundred day simple moving average of $72.63. 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 market cap of $4.23 billion, a PE ratio of -107.84 and a beta of 1.76.

Scotts Miracle-Gro Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.66 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $2.64 annualized dividend and a yield of 3.55%. Scotts Miracle-Gro’s dividend payout ratio (DPR) is presently -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.