Scotts Miracle-Gro (NYSE:SMG) Price Target Lowered to $65.00 at Wells Fargo & Company

Scotts Miracle-Gro (NYSE:SMG - Free Report) had its price objective trimmed by Wells Fargo & Company from $70.00 to $65.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the basic materials company's stock.

A number of other equities analysts also recently issued reports on SMG. Jefferies Financial Group upgraded Scotts Miracle-Gro from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $72.00 to $69.00 in a report on Monday, April 7th. UBS Group lowered their price target on shares of Scotts Miracle-Gro from $77.00 to $72.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. Stifel Nicolaus upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and cut their price objective for the stock from $78.00 to $70.00 in a report on Tuesday, March 4th. Finally, Truist Financial upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and set a $70.00 target price for the company in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Scotts Miracle-Gro currently has a consensus rating of "Moderate Buy" and an average target price of $68.17.

Scotts Miracle-Gro Stock Performance

NYSE:SMG traded up $2.40 during midday trading on Wednesday, reaching $52.21. 1,344,940 shares of the stock traded hands, compared to its average volume of 893,370. The stock has a market capitalization of $3.00 billion, a P/E ratio of -108.77 and a beta of 1.96. Scotts Miracle-Gro has a 12 month low of $46.45 and a 12 month high of $93.90. The company has a fifty day moving average of $57.82 and a 200 day moving average of $69.61.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The basic materials company reported ($0.89) EPS for the quarter, topping analysts' consensus estimates of ($1.23) by $0.34. Scotts Miracle-Gro had a negative return on equity of 51.48% and a negative net margin of 0.67%. During the same period last year, the business earned ($1.45) earnings per share. On average, analysts predict that Scotts Miracle-Gro will post 3.42 EPS for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 21st were given a $0.66 dividend. The ex-dividend date was Friday, February 21st. This represents a $2.64 annualized dividend and a yield of 5.06%. Scotts Miracle-Gro's dividend payout ratio (DPR) is presently -550.00%.

Insiders Place Their Bets

In related news, Director Hagedorn Partnership, L.P. sold 12,123 shares of Scotts Miracle-Gro stock in a transaction on Friday, February 7th. The stock was sold at an average price of $66.86, for a total transaction of $810,543.78. Following the transaction, the director now directly owns 13,432,151 shares in the company, valued at approximately $898,073,615.86. The trade was a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian E. Sandoval sold 1,513 shares of the firm's stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $65.86, for a total value of $99,646.18. Following the completion of the transaction, the director now directly owns 13,039 shares in the company, valued at $858,748.54. This trade represents a 10.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 159,937 shares of company stock valued at $11,379,275. Corporate insiders own 25.37% of the company's stock.

Institutional Investors Weigh In On Scotts Miracle-Gro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMG. Point72 Asset Management L.P. bought a new stake in Scotts Miracle-Gro in the fourth quarter worth $53,453,000. Raymond James Financial Inc. purchased a new position in Scotts Miracle-Gro in the fourth quarter worth about $39,986,000. Alyeska Investment Group L.P. bought a new stake in Scotts Miracle-Gro during the fourth quarter worth approximately $39,434,000. Schonfeld Strategic Advisors LLC raised its position in Scotts Miracle-Gro by 157.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 469,336 shares of the basic materials company's stock valued at $31,136,000 after purchasing an additional 286,962 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Scotts Miracle-Gro by 72.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 628,414 shares of the basic materials company's stock worth $41,689,000 after purchasing an additional 264,369 shares during the period. Institutional investors 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.