Independent Advisor Alliance Makes New $980,000 Investment in The Scotts Miracle-Gro Company (NYSE:SMG)

Independent Advisor Alliance acquired a new stake in shares of The Scotts Miracle-Gro Company (NYSE:SMG - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 11,305 shares of the basic materials company's stock, valued at approximately $980,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Algert Global LLC increased its holdings in shares of Scotts Miracle-Gro by 202.2% in the 3rd quarter. Algert Global LLC now owns 25,140 shares of the basic materials company's stock worth $2,180,000 after purchasing an additional 16,821 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Scotts Miracle-Gro by 53.6% during the third quarter. Cerity Partners LLC now owns 12,880 shares of the basic materials company's stock valued at $1,117,000 after buying an additional 4,496 shares during the last quarter. Citigroup Inc. increased its holdings in Scotts Miracle-Gro by 344.2% in the 3rd quarter. Citigroup Inc. now owns 80,434 shares of the basic materials company's stock worth $6,974,000 after buying an additional 62,327 shares in the last quarter. Pacer Advisors Inc. raised 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 worth $275,082,000 after buying an additional 151,354 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in Scotts Miracle-Gro by 2.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 54,706 shares of the basic materials company's stock valued at $4,743,000 after acquiring an additional 1,181 shares during the period. 74.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. UBS Group decreased their price objective on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Stifel Nicolaus raised their price target on Scotts Miracle-Gro from $75.00 to $81.00 and gave the stock a "hold" rating in a research note on Monday, November 4th. JPMorgan Chase & Co. lowered their target price on Scotts Miracle-Gro from $85.00 to $80.00 and set an "overweight" rating on the stock in a report on Thursday, November 7th. Wells Fargo & Company reduced their price target 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. Finally, Truist Financial decreased their price target on shares of 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 given a buy rating to the company. According to MarketBeat, Scotts Miracle-Gro currently has a consensus rating of "Hold" and an average price target of $78.60.

Scotts Miracle-Gro Trading Down 2.6 %

Scotts Miracle-Gro stock traded down $2.00 during mid-day trading on Wednesday, hitting $75.80. The stock had a trading volume of 678,552 shares, compared to its average volume of 815,950. The Scotts Miracle-Gro Company has a one year low of $53.43 and a one year high of $93.90. The firm has a market capitalization of $4.31 billion, a P/E ratio of -109.64 and a beta of 1.76. The firm's 50 day moving average is $82.49 and its 200 day moving average is $73.08.

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 paid a dividend of $0.66 per share. The ex-dividend date is Friday, November 22nd. This represents a $2.64 annualized dividend and a yield of 3.48%. Scotts Miracle-Gro's payout ratio is -382.61%.

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.