Scotts Miracle-Gro (NYSE:SMG) Sets New 1-Year High Following Analyst Upgrade

The Scotts Miracle-Gro Company (NYSE:SMG - Get Free Report)'s share price hit a new 52-week high during trading on Monday after Stifel Nicolaus raised their price target on the stock from $75.00 to $81.00. Stifel Nicolaus currently has a hold rating on the stock. Scotts Miracle-Gro traded as high as $91.60 and last traded at $90.74, with a volume of 68462 shares changing hands. The stock had previously closed at $89.66.

A number of other analysts have also commented on the company. Wells Fargo & Company lifted their price target on Scotts Miracle-Gro from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Thursday, August 1st. Truist Financial lifted their price target on Scotts Miracle-Gro from $65.00 to $90.00 and gave the stock a "hold" rating in a research note on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $85.25.

Insiders Place Their Bets

In other Scotts Miracle-Gro news, major shareholder Hagedorn Partnership, L.P. sold 85,130 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 transaction of $6,038,270.90. Following the transaction, the insider now owns 13,608,238 shares in the company, valued at approximately $965,232,321.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Scotts Miracle-Gro news, COO Nathan Eric Baxter sold 2,988 shares of the stock in a transaction 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 sale, the chief operating officer now owns 37,920 shares in the company, valued at approximately $2,689,665.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total value of $6,038,270.90. Following the completion of the sale, the insider now owns 13,608,238 shares of the company's stock, valued at $965,232,321.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 26.46% of the company's stock.

Institutional Trading of Scotts Miracle-Gro

Institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its holdings in shares of Scotts Miracle-Gro by 80.1% during the second quarter. Versant Capital Management Inc now owns 389 shares of the basic materials company's stock valued at $25,000 after buying an additional 173 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Scotts Miracle-Gro in the second quarter worth about $25,000. Global X Japan Co. Ltd. acquired a new position in shares of Scotts Miracle-Gro in the third quarter worth about $26,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Scotts Miracle-Gro in the second quarter worth about $29,000. Finally, Farther Finance Advisors LLC raised its position in shares of Scotts Miracle-Gro by 427.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 332 shares of the basic materials company's stock worth $29,000 after purchasing an additional 269 shares during the last quarter. Institutional investors own 74.07% of the company's stock.

Scotts Miracle-Gro Trading Up 2.1 %

The stock has a market cap of $5.20 billion, a price-to-earnings ratio of -19.36 and a beta of 1.76. The firm's 50-day moving average is $79.90 and its two-hundred day moving average is $72.02.

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.