Scotts Miracle-Gro (NYSE:SMG) Price Target Lowered to $83.00 at Wells Fargo & Company

Scotts Miracle-Gro (NYSE:SMG) had its price objective reduced by analysts at Wells Fargo & Company from $85.00 to $83.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 23.05% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. StockNews.com upgraded Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Stifel Nicolaus boosted their price objective on Scotts Miracle-Gro from $55.00 to $65.00 and gave the stock a “hold” rating in a research note on Monday, March 4th. Raymond James reiterated a “market perform” rating on shares of Scotts Miracle-Gro in a research note on Monday, March 25th. Truist Financial cut Scotts Miracle-Gro from a “buy” rating to a “hold” rating and boosted their price target for the stock from $65.00 to $75.00 in a research note on Friday, April 5th. Finally, JPMorgan Chase & Co. boosted their price target on Scotts Miracle-Gro from $70.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $72.57.

Scotts Miracle-Gro Stock Performance

Scotts Miracle-Gro stock traded down $0.79 during midday trading on Thursday, reaching $67.45. The stock had a trading volume of 68,700 shares, compared to its average volume of 750,985. Scotts Miracle-Gro has a twelve month low of $43.67 and a twelve month high of $77.95. The stock has a market capitalization of $3.82 billion, a PE ratio of -9.51 and a beta of 1.70. The stock’s 50-day simple moving average is $68.40 and its 200 day simple moving average is $60.85.

Scotts Miracle-Gro (NYSE:SMG) last issued its quarterly earnings data on Wednesday, February 7th. The basic materials company reported ($1.45) EPS for the quarter, topping analysts’ consensus estimates of ($1.62) by $0.17. The company had revenue of $410.40 million for the quarter, compared to analysts’ expectations of $412.83 million. Scotts Miracle-Gro had a negative return on equity of 44.37% and a negative net margin of 11.52%. The firm’s quarterly revenue was down 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.02) earnings per share. Equities analysts predict that Scotts Miracle-Gro will post 2.69 earnings per share for the current fiscal year.

Insider Activity at Scotts Miracle-Gro

In related news, Director Stephen L. Johnson sold 1,394 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $57.35, for a total value of $79,945.90. Following the completion of the sale, the director now directly owns 22,918 shares of the company’s stock, valued at $1,314,347.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Stephen L. Johnson sold 1,394 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $57.35, for a total transaction of $79,945.90. Following the completion of the transaction, the director now directly owns 22,918 shares of the company’s stock, valued at $1,314,347.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Hagedorn Partnership, L.P. sold 86,356 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $65.41, for a total value of $5,648,545.96. Following the transaction, the director now directly owns 13,777,012 shares of the company’s stock, valued at $901,154,354.92. The disclosure for this sale can be found here. Insiders sold a total of 102,750 shares of company stock valued at $6,604,492 over the last three months. 26.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Scotts Miracle-Gro

Institutional investors have recently added to or reduced their stakes in the company. Rise Advisors LLC lifted its position in Scotts Miracle-Gro by 135.2% in the first quarter. Rise Advisors LLC now owns 334 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 192 shares during the period. GAMMA Investing LLC acquired a new stake in Scotts Miracle-Gro in the fourth quarter worth approximately $29,000. Frazier Financial Advisors LLC acquired a new stake in shares of Scotts Miracle-Gro during the 4th quarter valued at $36,000. Bruce G. Allen Investments LLC bought a new stake in shares of Scotts Miracle-Gro during the 4th quarter worth $47,000. Finally, Headlands Technologies LLC bought a new stake in shares of Scotts Miracle-Gro during the 3rd quarter worth $52,000. 74.07% of the stock is currently owned by institutional investors and hedge funds.

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.