Scotts Miracle-Gro (NYSE:SMG) Given New $80.00 Price Target at JPMorgan Chase & Co.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) had its price target lowered by equities research analysts at JPMorgan Chase & Co. from $85.00 to $80.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 10.27% from the company's previous close.

Other research analysts have also recently issued reports about the stock. UBS Group dropped their target price on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a "neutral" rating on the stock in a research note on Thursday. Wells Fargo & Company dropped their price objective on Scotts Miracle-Gro from $95.00 to $85.00 and set an "overweight" rating on the stock in a research note on Thursday. Stifel Nicolaus raised their target price on Scotts Miracle-Gro from $75.00 to $81.00 and gave the stock a "hold" rating in a research report on Monday. Finally, Truist Financial lifted their price objective on Scotts Miracle-Gro from $65.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $82.60.

Scotts Miracle-Gro Stock Performance

SMG traded down $1.74 during mid-day trading on Thursday, reaching $72.55. 975,974 shares of the stock were exchanged, compared to its average volume of 808,825. The company has a 50 day moving average price of $80.80 and a two-hundred day moving average price of $72.39. The stock has a market capitalization of $4.12 billion, a PE ratio of -15.48 and a beta of 1.76. Scotts Miracle-Gro has a 1 year low of $48.29 and a 1 year high of $93.90.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The basic materials company reported ($2.31) EPS for the quarter, missing analysts' consensus estimates of ($1.94) by ($0.37). Scotts Miracle-Gro had a negative net margin of 7.38% and a negative return on equity of 41.19%. The business had revenue of $414.70 million for the quarter, compared to analysts' expectations of $392.95 million. Sell-side analysts expect that Scotts Miracle-Gro will post 2.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the company's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total transaction of $6,038,270.90. Following the completion of the transaction, the insider now directly owns 13,608,238 shares of the company's stock, valued at approximately $965,232,321.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, COO Nathan Eric Baxter sold 2,988 shares of the firm's 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 of the company's stock, valued at $2,689,665.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the business's stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total transaction of $6,038,270.90. Following the transaction, the insider now directly owns 13,608,238 shares in the company, valued at approximately $965,232,321.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 26.46% of the company's stock.

Hedge Funds Weigh In On Scotts Miracle-Gro

Several hedge funds and other institutional investors have recently modified their holdings of SMG. Price T Rowe Associates Inc. MD boosted its position in Scotts Miracle-Gro by 24.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,726,338 shares of the basic materials company's stock valued at $203,359,000 after acquiring an additional 542,406 shares in the last quarter. AQR Capital Management LLC grew its stake in 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 worth $49,515,000 after purchasing an additional 502,353 shares during the period. Earnest Partners LLC raised its holdings in Scotts Miracle-Gro by 18.2% in the first quarter. Earnest Partners LLC now owns 3,113,153 shares of the basic materials company's stock worth $232,210,000 after purchasing an additional 479,315 shares in the last quarter. Interval Partners LP lifted its position in Scotts Miracle-Gro by 3,581.1% during the first quarter. Interval Partners LP now owns 478,546 shares of the basic materials company's stock valued at $35,695,000 after buying an additional 465,546 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of Scotts Miracle-Gro by 8,330.2% during the 3rd quarter. International Assets Investment Management LLC now owns 281,485 shares of the basic materials company's stock valued at $24,405,000 after buying an additional 278,146 shares in the last quarter. Hedge funds and other institutional investors own 74.07% of the company's stock.

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.

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