Scotts Miracle-Gro (NYSE:SMG) Price Target Lowered to $80.00 at Wells Fargo & Company

Scotts Miracle-Gro (NYSE:SMG - Free Report) had its price target cut by Wells Fargo & Company from $85.00 to $80.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the basic materials company's stock.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Scotts Miracle-Gro from $85.00 to $80.00 and set an "overweight" rating on the stock in a report on Thursday, November 7th. UBS Group lowered 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 report on Thursday, November 7th. Jefferies Financial Group began coverage on Scotts Miracle-Gro in a research note on Monday, December 9th. They set a "hold" rating and a $72.00 price target for the company. Stifel Nicolaus increased their price objective 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. Finally, Truist Financial decreased their price target on Scotts Miracle-Gro from $90.00 to $70.00 and set a "hold" rating for the company in a report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $76.67.

Scotts Miracle-Gro Stock Performance

Scotts Miracle-Gro stock traded down $0.26 during mid-day trading on Tuesday, reaching $67.04. The stock had a trading volume of 634,902 shares, compared to its average volume of 553,875. Scotts Miracle-Gro has a fifty-two week low of $53.43 and a fifty-two week high of $93.90. The stock's 50-day simple moving average is $74.55 and its 200-day simple moving average is $73.94. The firm has a market capitalization of $3.85 billion, a PE ratio of -97.16 and a beta of 1.73.

Scotts Miracle-Gro Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.94%. The ex-dividend date was Friday, November 22nd. Scotts Miracle-Gro's dividend payout ratio is -382.61%.

Insider Activity

In related news, CEO James Hagedorn sold 18,368 shares of the firm's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $75.68, for a total value of $1,390,090.24. Following the completion of the transaction, the chief executive officer now directly owns 87,426 shares of the company's stock, valued at approximately $6,616,399.68. This trade represents a 17.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Hagedorn Partnership, L.P. sold 500 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $77.14, for a total transaction of $38,570.00. Following the sale, the insider now directly owns 13,553,274 shares in the company, valued at $1,045,499,556.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,227 shares of company stock valued at $4,410,268 in the last three months. Company insiders own 25.37% of the company's stock.

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of large investors have recently modified their holdings of the company. Global X Japan Co. Ltd. purchased a new position in shares of Scotts Miracle-Gro during the third quarter worth about $26,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Scotts Miracle-Gro in the 2nd quarter worth approximately $29,000. Farther Finance Advisors LLC boosted its stake in Scotts Miracle-Gro by 427.0% in the third quarter. Farther Finance Advisors LLC now owns 332 shares of the basic materials company's stock worth $29,000 after buying an additional 269 shares in the last quarter. Blue Trust Inc. grew its position in Scotts Miracle-Gro by 83.6% during the third 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 during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Scotts Miracle-Gro in the third quarter worth approximately $44,000. 74.07% of the stock is currently owned by institutional investors.

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.