Truist Financial Has Lowered Expectations for Scotts Miracle-Gro (NYSE:SMG) Stock Price

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) had its target price dropped by analysts at Truist Financial from $90.00 to $70.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "hold" rating on the basic materials company's stock. Truist Financial's target price indicates a potential downside of 3.59% from the stock's previous close.

Other research analysts have also issued research reports about the company. UBS Group cut their price target on Scotts Miracle-Gro from $90.00 to $77.00 and set a "neutral" rating on the stock in a research report on Thursday. Stifel Nicolaus lifted their target price on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a "hold" rating in a report on Monday. JPMorgan Chase & Co. decreased their price target 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. Finally, Wells Fargo & Company dropped their price objective on shares of Scotts Miracle-Gro from $95.00 to $85.00 and set an "overweight" rating on the stock in a research note on Thursday. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $78.60.

Scotts Miracle-Gro Stock Performance

SMG stock traded down $0.38 during midday trading on Friday, reaching $72.61. 1,515,543 shares of the company were exchanged, compared to its average volume of 816,025. The company has a market cap of $4.13 billion, a price-to-earnings ratio of -106.83 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. The stock's 50-day simple moving average is $80.84 and its 200 day simple moving average is $72.40.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The basic materials company reported ($2.31) EPS for the quarter, missing the consensus estimate of ($1.94) by ($0.37). The company had revenue of $414.70 million for the quarter, compared to analyst estimates of $392.95 million. Scotts Miracle-Gro had a negative return on equity of 44.97% and a negative net margin of 0.98%. On average, research analysts anticipate that Scotts Miracle-Gro will post 3.69 earnings per share for the current year.

Insider Transactions at Scotts Miracle-Gro

In related news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the firm's stock in a transaction dated Wednesday, August 21st. The shares were 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 in the company, valued at $965,232,321.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Nathan Eric Baxter sold 2,988 shares of the business'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 $211,938.84. Following the sale, the chief operating officer now owns 37,920 shares of the company's stock, valued at approximately $2,689,665.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 26.46% of the company's stock.

Institutional Investors Weigh In On Scotts Miracle-Gro

Institutional investors and hedge funds have recently modified their holdings of the company. Global X Japan Co. Ltd. purchased a new stake in Scotts Miracle-Gro during the third quarter worth $26,000. Farther Finance Advisors LLC boosted its position in shares of Scotts Miracle-Gro by 427.0% in the 3rd 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 stake in 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 during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in Scotts Miracle-Gro during the 2nd quarter valued at about $25,000. Finally, Versant Capital Management Inc increased its holdings in Scotts Miracle-Gro by 80.1% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 74.07% of the company's stock.

Scotts Miracle-Gro Company 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.