Scotts Miracle-Gro (NYSE:SMG) PT Lowered to $86.00

Posted by Defense World Staff on May 8th, 2023

Scotts Miracle-Gro (NYSE:SMG – Get Rating) had its target price lowered by Raymond James from $92.00 to $86.00 in a research note issued to investors on Thursday, The Fly reports.

A number of other research analysts also recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Scotts Miracle-Gro from $45.00 to $80.00 and gave the company a neutral rating in a report on Thursday, February 2nd. Barclays downgraded Scotts Miracle-Gro from an overweight rating to an equal weight rating and dropped their price target for the company from $105.00 to $70.00 in a research note on Wednesday, April 26th. UBS Group decreased their price objective on Scotts Miracle-Gro from $87.00 to $80.00 and set a neutral rating for the company in a report on Thursday, April 6th. Wells Fargo & Company decreased their price objective on Scotts Miracle-Gro from $100.00 to $85.00 in a report on Thursday. Finally, Truist Financial upped their price target on Scotts Miracle-Gro from $50.00 to $70.00 and gave the stock a hold rating in a report on Thursday, February 2nd. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $76.29.

Scotts Miracle-Gro Stock Performance

NYSE:SMG opened at $66.44 on Thursday. The company has a current ratio of 2.07, a quick ratio of 0.83 and a debt-to-equity ratio of 22.82. Scotts Miracle-Gro has a 12-month low of $39.06 and a 12-month high of $108.00. The stock has a 50-day moving average price of $72.69 and a 200 day moving average price of $64.24.

Scotts Miracle-Gro (NYSE:SMG – Get Rating) last released its quarterly earnings results on Wednesday, May 3rd. The basic materials company reported $3.78 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.58. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Scotts Miracle-Gro had a positive return on equity of 81.02% and a negative net margin of 16.57%. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $5.03 EPS. On average, sell-side analysts expect that Scotts Miracle-Gro will post 2.8 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Friday, May 26th will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Thursday, May 25th. Scotts Miracle-Gro’s dividend payout ratio (DPR) is currently -23.55%.

Insider Activity at Scotts Miracle-Gro

In other Scotts Miracle-Gro news, Director Stephen L. Johnson sold 935 shares of the firm’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $80.48, for a total value of $75,248.80. Following the completion of the sale, the director now owns 19,856 shares of the company’s stock, valued at $1,598,010.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, major shareholder Hagedorn Partnership, L.P. sold 50,000 shares of the stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $80.77, for a total transaction of $4,038,500.00. Following the sale, the insider now owns 14,064,775 shares of the company’s stock, valued at $1,136,011,876.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen L. Johnson sold 935 shares of the business’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $80.48, for a total transaction of $75,248.80. Following the completion of the transaction, the director now directly owns 19,856 shares of the company’s stock, valued at approximately $1,598,010.88. The disclosure for this sale can be found here. Insiders have sold 53,438 shares of company stock worth $4,330,283 in the last quarter. Company insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Truist Financial Corp lifted its holdings in Scotts Miracle-Gro by 16.7% in the 1st quarter. Truist Financial Corp now owns 93,209 shares of the basic materials company’s stock valued at $6,500,000 after purchasing an additional 13,324 shares in the last quarter. Mitchell & Pahl Private Wealth LLC lifted its holdings in shares of Scotts Miracle-Gro by 8.2% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 6,057 shares of the basic materials company’s stock worth $422,000 after acquiring an additional 458 shares during the period. Crystal Rock Capital Management lifted its holdings in shares of Scotts Miracle-Gro by 19.6% during the 1st quarter. Crystal Rock Capital Management now owns 85,775 shares of the basic materials company’s stock worth $5,982,000 after acquiring an additional 14,050 shares during the period. Commerce Bank purchased a new position in shares of Scotts Miracle-Gro during the 1st quarter worth about $280,000. Finally, Royce & Associates LP purchased a new position in shares of Scotts Miracle-Gro during the 1st quarter worth about $349,000. 68.98% of the stock is currently owned by hedge funds and other institutional investors.

Scotts Miracle-Gro Company Profile

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Scotts Miracle-Gro Co engages in the manufacturing, marketing, and sale of products for lawn and garden care and indoor and hydroponic gardening. Its products and services include lawn care, gardening and landscape, hydroponic hardware and growing environments, lighting, controls, and marketing agreement.