Scotts Miracle-Gro (NYSE:SMG) Trading Up 6.7% – Here’s Why

The Scotts Miracle-Gro Company (NYSE:SMG) shares rose 6.7% on Wednesday . The company traded as high as $69.11 and last traded at $68.4470. Approximately 313,227 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 920,675 shares. The stock had previously closed at $64.12.

Analyst Ratings Changes

A number of equities analysts have commented on SMG shares. Stifel Nicolaus reduced their price objective on shares of Scotts Miracle-Gro from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, June 8th. UBS Group restated a “neutral” rating on shares of Scotts Miracle-Gro in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. downgraded shares of Scotts Miracle-Gro from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $70.00 to $67.00 in a report on Thursday, March 26th. Wall Street Zen upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Scotts Miracle-Gro in a report on Monday, May 4th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Scotts Miracle-Gro presently has a consensus rating of “Hold” and an average price target of $71.60.

Scotts Miracle-Gro Trading Up 5.3%

The stock has a market cap of $3.93 billion, a P/E ratio of 37.79 and a beta of 1.81. The firm has a 50-day simple moving average of $62.20 and a two-hundred day simple moving average of $63.36.

Scotts Miracle-Gro (NYSE:SMG) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $4.53 earnings per share for the quarter, topping analysts’ consensus estimates of $3.97 by $0.56. Scotts Miracle-Gro had a negative return on equity of 79.61% and a net margin of 3.27%.The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the firm earned $3.98 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. Sell-side analysts predict that The Scotts Miracle-Gro Company will post 4.3 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Friday, May 22nd. Scotts Miracle-Gro’s dividend payout ratio is presently 147.49%.

Institutional Investors Weigh In On Scotts Miracle-Gro

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its holdings in shares of Scotts Miracle-Gro by 21.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 155,498 shares of the basic materials company’s stock worth $8,856,000 after buying an additional 27,422 shares in the last quarter. Sound Income Strategies LLC boosted its stake in Scotts Miracle-Gro by 46.6% in the fourth quarter. Sound Income Strategies LLC now owns 230,966 shares of the basic materials company’s stock valued at $14,692,000 after buying an additional 73,455 shares in the last quarter. Captrust Financial Advisors grew its position in Scotts Miracle-Gro by 14.5% in the third quarter. Captrust Financial Advisors now owns 1,154,815 shares of the basic materials company’s stock valued at $65,767,000 after acquiring an additional 146,192 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Scotts Miracle-Gro by 223.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,239 shares of the basic materials company’s stock valued at $1,706,000 after acquiring an additional 20,196 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its stake in Scotts Miracle-Gro by 9.7% during the fourth quarter. Gamco Investors INC. ET AL now owns 387,170 shares of the basic materials company’s stock worth $22,591,000 after acquiring an additional 34,350 shares in the last quarter. 74.07% of the stock is currently owned by institutional investors and hedge funds.

Scotts Miracle-Gro Company Profile

Scotts Miracle-Gro Company is a leading developer, manufacturer and distributor of consumer lawn and garden products. The firm serves both retail and professional customers through an array of branded offerings that include lawn fertilizers, grass seed, pest and disease control solutions, plant foods and specialty products for indoor and outdoor gardening. Its portfolio spans well-known names such as Scotts®, Miracle-Gro®, Ortho® and various hydroponic and specialty garden brands.

Headquartered in Marysville, Ohio, the company traces its roots to O.M.