Independent Advisor Alliance Purchases Shares of 11,305 The Scotts Miracle-Gro Company (NYSE:SMG)

Independent Advisor Alliance acquired a new position in shares of The Scotts Miracle-Gro Company (NYSE:SMG) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 11,305 shares of the basic materials company’s stock, valued at approximately $980,000.

A number of other hedge funds have also modified their holdings of SMG. OLD National Bancorp IN boosted its position in Scotts Miracle-Gro by 2.7% during the 3rd quarter. OLD National Bancorp IN now owns 5,049 shares of the basic materials company’s stock worth $438,000 after acquiring an additional 131 shares during the last quarter. Nicollet Investment Management Inc. lifted its position in Scotts Miracle-Gro by 1.1% during the 3rd quarter. Nicollet Investment Management Inc. now owns 12,845 shares of the basic materials company’s stock worth $1,114,000 after buying an additional 135 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in Scotts Miracle-Gro by 41.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 551 shares of the basic materials company’s stock worth $36,000 after buying an additional 161 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Scotts Miracle-Gro by 83.6% in 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 in the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Scotts Miracle-Gro by 80.1% in the second quarter. Versant Capital Management Inc now owns 389 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 173 shares during the last quarter. 74.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SMG shares. UBS Group decreased their price target on 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. JPMorgan Chase & Co. decreased their target price 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 Thursday, November 7th. Truist Financial dropped 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. Stifel Nicolaus lifted their price objective on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Company dropped their target price on shares of Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Scotts Miracle-Gro currently has an average rating of “Hold” and a consensus target price of $78.60.

Scotts Miracle-Gro Trading Down 4.8 %

Shares of Scotts Miracle-Gro stock opened at $77.78 on Wednesday. The firm’s 50-day moving average price is $82.37 and its two-hundred day moving average price is $73.01. The Scotts Miracle-Gro Company has a 12-month low of $53.43 and a 12-month high of $93.90.

Scotts Miracle-Gro Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $2.64 annualized dividend and a yield of 3.39%. Scotts Miracle-Gro’s dividend payout ratio is currently -382.61%.

Scotts Miracle-Gro 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.