Scotts Miracle-Gro (NYSE:SMG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised Scotts Miracle-Gro’s price target from $60 to $71 and maintained an “overweight” rating, implying 14.11% potential upside from the $62.22 opening price.
• Analyst sentiment remains generally positive: five analysts rate the stock a Buy and two rate it a Hold, resulting in a “Moderate Buy” consensus and an average target of $72.40.
• Scotts Miracle-Gro has a $3.62 billion market capitalization, while institutional investors own 74.07% of its shares; company insiders own 24.40%.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) had its price target increased by investment analysts at Wells Fargo & Company from $60.00 to $71.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the basic materials company's stock. Wells Fargo & Company's price target points to a potential upside of 14.11% from the company's current price.

Other equities research analysts have also recently issued research reports about the company. Citigroup restated an "overweight" rating on shares of Scotts Miracle-Gro in a research note on Monday. Wall Street Zen cut Scotts Miracle-Gro from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. UBS Group upgraded Scotts Miracle-Gro from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $78.00 to $70.00 in a report on Thursday, October 15th. Weiss Ratings downgraded Scotts Miracle-Gro from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, October 6th. Finally, Stifel Nicolaus dropped their target price on Scotts Miracle-Gro from $76.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, September 29th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $72.40.

Scotts Miracle-Gro Stock Performance

Shares of SMG opened at $62.22 on Monday. The firm has a market cap of $3.62 billion, a P/E ratio of 54.10 and a beta of 1.87. Scotts Miracle-Gro has a twelve month low of $47.90 and a twelve month high of $75.34. The firm's 50 day moving average price is $55.30 and its two-hundred day moving average price is $61.91.

Insider Transactions at Scotts Miracle-Gro

In related news, Director Mark D. Kingdon sold 831 shares of Scotts Miracle-Gro stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $61.65, for a total transaction of $51,231.15. Following the completion of the transaction, the director owned 10,827 shares in the company, valued at approximately $667,484.55. This trade represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 24.40% of the company's stock.

Institutional Investors Weigh In On Scotts Miracle-Gro

Hedge funds have recently added to or reduced their stakes in the business. Baader Bank Aktiengesellschaft raised its position in shares of Scotts Miracle-Gro by 3.9% in the first quarter. Baader Bank Aktiengesellschaft now owns 5,193 shares of the basic materials company's stock valued at $312,000 after purchasing an additional 193 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in shares of Scotts Miracle-Gro by 2.2% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 9,126 shares of the basic materials company's stock worth $555,000 after buying an additional 200 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Scotts Miracle-Gro by 7.3% during the 2nd quarter. GAMMA Investing LLC now owns 3,200 shares of the basic materials company's stock worth $218,000 after buying an additional 218 shares during the period. Compass Financial Management LLC boosted its holdings in shares of Scotts Miracle-Gro by 0.7% during the 3rd quarter. Compass Financial Management LLC now owns 31,973 shares of the basic materials company's stock worth $1,602,000 after buying an additional 235 shares during the period. Finally, State of Michigan Retirement System boosted its holdings in shares of Scotts Miracle-Gro by 2.9% during the 1st quarter. State of Michigan Retirement System now owns 10,800 shares of the basic materials company's stock worth $657,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 74.07% of the company's stock.

About Scotts Miracle-Gro

Scotts Miracle-Gro Company is a provider of consumer lawn and garden products headquartered in Marysville, Ohio. The company develops and markets products designed to help consumers grow and maintain lawns, gardens, landscapes and indoor plants.

Its portfolio includes lawn fertilizers, grass seed, plant food, gardening products, pest-control solutions, soils and related growing supplies. Key consumer brands include Scotts, Miracle-Gro, Ortho and Tomcat. The company also has a history of serving the controlled-environment agriculture and hydroponics markets through specialized growing products and supplies.

Scotts Miracle-Gro was founded in 1868 and has built a broad distribution network serving retail customers, garden centers and other outlets.

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