Scotts Miracle-Gro (NYSE:SMG) Given New $80.00 Price Target at JPMorgan Chase & Co.

Scotts Miracle-Gro (NYSE:SMG) had its price objective decreased by JPMorgan Chase & Co. from $85.00 to $80.00 in a research report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the basic materials company’s stock.

A number of other research analysts have also issued reports on SMG. Truist Financial boosted their target price on shares of Scotts Miracle-Gro from $65.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. UBS Group cut their price target on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday. Wells Fargo & Company decreased their price objective on shares of Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Stifel Nicolaus boosted their price objective on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a research report on Monday. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $78.60.

Scotts Miracle-Gro Stock Down 1.0 %

Shares of Scotts Miracle-Gro stock traded down $0.74 during trading hours on Thursday, hitting $72.25. The company’s stock had a trading volume of 949,009 shares, compared to its average volume of 813,414. The business has a fifty day moving average of $80.84 and a 200 day moving average of $72.40. Scotts Miracle-Gro has a 1-year low of $48.29 and a 1-year high of $93.90. The company has a market capitalization of $4.11 billion, a PE ratio of -106.83 and a beta of 1.76.

Scotts Miracle-Gro (NYSE:SMG) last released 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). Scotts Miracle-Gro had a negative return on equity of 44.97% and a negative net margin of 0.98%. The company had revenue of $414.70 million for the quarter, compared to analyst estimates of $392.95 million. On average, sell-side analysts anticipate that Scotts Miracle-Gro will post 3.69 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.66 dividend. The ex-dividend date is Friday, November 22nd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.65%. Scotts Miracle-Gro’s dividend payout ratio is -382.61%.

Insiders Place Their Bets

In other news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total transaction of $6,038,270.90. Following the transaction, the insider now owns 13,608,238 shares of the company’s stock, valued at $965,232,321.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the business’s stock in a transaction that occurred on 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 owns 13,608,238 shares in the company, valued at approximately $965,232,321.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $211,938.84. Following the completion of the sale, the chief operating officer now owns 37,920 shares in the company, valued at approximately $2,689,665.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 26.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMG. Versant Capital Management Inc raised its stake in Scotts Miracle-Gro by 80.1% in 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 during the period. Whittier Trust Co. of Nevada Inc. bought a new stake in Scotts Miracle-Gro in the 2nd quarter valued at $25,000. Global X Japan Co. Ltd. bought a new stake in shares of Scotts Miracle-Gro in the third quarter valued at about $26,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Scotts Miracle-Gro in the second quarter valued at about $29,000. Finally, Farther Finance Advisors LLC boosted its stake 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 valued at $29,000 after purchasing an additional 269 shares in the last quarter. 74.07% of the stock is currently owned by institutional investors.

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.