Citigroup Inc. Buys 62,327 Shares of The Scotts Miracle-Gro Company (NYSE:SMG)

Citigroup Inc. increased its stake in The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) by 344.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 80,434 shares of the basic materials company's stock after acquiring an additional 62,327 shares during the quarter. Citigroup Inc. owned 0.14% of Scotts Miracle-Gro worth $6,974,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Scotts Miracle-Gro by 1.0% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,201,683 shares of the basic materials company's stock worth $338,421,000 after acquiring an additional 49,262 shares in the last quarter. Pacer Advisors Inc. grew its position 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 period. Earnest Partners LLC increased its stake in Scotts Miracle-Gro by 1.4% during the 2nd quarter. Earnest Partners LLC now owns 3,155,653 shares of the basic materials company's stock valued at $205,307,000 after purchasing an additional 42,500 shares in the last quarter. Millennium Management LLC raised its holdings in Scotts Miracle-Gro by 6.8% during the second quarter. Millennium Management LLC now owns 815,371 shares of the basic materials company's stock worth $53,048,000 after buying an additional 52,136 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Scotts Miracle-Gro by 194.2% in the second quarter. AQR Capital Management LLC now owns 761,063 shares of the basic materials company's stock valued at $49,515,000 after buying an additional 502,353 shares in the last quarter. Institutional investors and hedge funds own 74.07% of the company's stock.

Analyst Upgrades and Downgrades

SMG has been the subject of several recent research reports. Wells Fargo & Company decreased their target price on shares of Scotts Miracle-Gro from $95.00 to $85.00 and set an "overweight" rating for the company in a research report on Thursday, November 7th. JPMorgan Chase & Co. cut their target price on 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. UBS Group decreased 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. Stifel Nicolaus boosted their target price on Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a "hold" rating in a research note on Monday, November 4th. Finally, Truist Financial dropped their price target on Scotts Miracle-Gro from $90.00 to $70.00 and set a "hold" rating on the stock in a research report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Scotts Miracle-Gro currently has an average rating of "Hold" and a consensus target price of $78.60.

Scotts Miracle-Gro Stock Up 1.7 %

NYSE:SMG traded up $1.29 during mid-day trading on Friday, hitting $77.09. 503,002 shares of the stock traded hands, compared to its average volume of 1,059,182. The business's 50-day moving average price is $82.64 and its 200 day moving average price is $73.18. The company has a market cap of $4.43 billion, a PE ratio of -111.72 and a beta of 1.76. The Scotts Miracle-Gro Company has a 12-month low of $53.43 and a 12-month high of $93.90.

Scotts Miracle-Gro Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.66 dividend. The ex-dividend date is Friday, November 22nd. This represents a $2.64 annualized dividend and a dividend yield of 3.42%. Scotts Miracle-Gro's payout ratio is currently -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.