Stifel Nicolaus Cuts Scotts Miracle-Gro (NYSE:SMG) Price Target to $70.00

Scotts Miracle-Gro (NYSE:SMG) had its price objective reduced by Stifel Nicolaus from $71.00 to $70.00 in a research report released on Monday morning,Benzinga reports. They currently have a hold rating on the basic materials company’s stock.

SMG has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. cut their price target on Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Wells Fargo & Company lifted their price objective on Scotts Miracle-Gro from $72.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, July 9th. Truist Financial set a $80.00 price target on Scotts Miracle-Gro and gave the company a “buy” rating in a report on Monday, July 14th. Finally, UBS Group set a $68.00 price target on shares of Scotts Miracle-Gro and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Scotts Miracle-Gro currently has an average rating of “Moderate Buy” and a consensus price target of $71.17.

Scotts Miracle-Gro Stock Down 1.4%

NYSE SMG opened at $60.52 on Monday. The firm has a market capitalization of $3.49 billion, a PE ratio of 79.63 and a beta of 1.97. The stock’s 50 day moving average is $64.96 and its 200 day moving average is $61.60. Scotts Miracle-Gro has a twelve month low of $45.61 and a twelve month high of $93.90.

Scotts Miracle-Gro (NYSE:SMG) last announced its quarterly earnings data on Wednesday, July 30th. The basic materials company reported $2.59 EPS for the quarter, beating the consensus estimate of $2.19 by $0.40. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.23 billion. Scotts Miracle-Gro had a negative return on equity of 60.46% and a net margin of 1.54%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.31 earnings per share. On average, research analysts anticipate that Scotts Miracle-Gro will post 3.42 earnings per share for the current year.

Scotts Miracle-Gro Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 22nd will be given a $0.66 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $2.64 dividend on an annualized basis and a yield of 4.4%. Scotts Miracle-Gro’s payout ratio is 347.37%.

Insiders Place Their Bets

In other news, Director Hagedorn Partnership, L.P. sold 70,000 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $62.28, for a total transaction of $4,359,600.00. Following the sale, the director owned 13,274,274 shares of the company’s stock, valued at $826,721,784.72. This trade represents a 0.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 25.37% of the company’s stock.

Institutional Investors Weigh In On Scotts Miracle-Gro

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMG. Millennium Management LLC lifted its holdings in shares of Scotts Miracle-Gro by 288.8% during the 1st quarter. Millennium Management LLC now owns 1,421,220 shares of the basic materials company’s stock valued at $78,011,000 after buying an additional 1,055,672 shares during the period. Point72 Asset Management L.P. purchased a new stake in Scotts Miracle-Gro during the fourth quarter valued at $53,453,000. Raymond James Financial Inc. bought a new position in Scotts Miracle-Gro in the fourth quarter valued at about $39,986,000. Alyeska Investment Group L.P. bought a new position in Scotts Miracle-Gro in the fourth quarter valued at about $39,434,000. Finally, Cubist Systematic Strategies LLC boosted its position in Scotts Miracle-Gro by 770.3% in the first quarter. Cubist Systematic Strategies LLC now owns 334,934 shares of the basic materials company’s stock worth $18,385,000 after purchasing an additional 296,448 shares during the last quarter. Hedge funds and other 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.