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

Key Points

• Scotts Miracle-Gro's price target was lowered from $71.00 to $70.00 by Stifel Nicolaus, maintaining a "hold" rating, with a potential upside of 13.18% from the current stock price.
• Other analysts have mixed ratings; Jefferies downgraded its price target to $69.00 while Wells Fargo increased theirs to $75.00, reflecting varying confidence among investors.
• Despite recent price target cuts, a majority of analysts maintain a "buy" or "overweight" rating on Scotts Miracle-Gro, leading to a consensus rating of "Moderate Buy" with a target price of $71.17.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) had its price objective reduced by equities researchers at Stifel Nicolaus from $71.00 to $70.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "hold" rating on the basic materials company's stock. Stifel Nicolaus' price target points to a potential upside of 13.18% from the company's current price.

Several other equities analysts also recently weighed in on the stock. Jefferies Financial Group upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and cut their price target for the stock from $72.00 to $69.00 in a report on Monday, April 7th. Wall Street Zen upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating in a report on Saturday. JPMorgan Chase & Co. cut their price target on shares of Scotts Miracle-Gro from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Truist Financial set a $80.00 price target on shares of Scotts Miracle-Gro and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, Wells Fargo & Company increased their price target on shares of Scotts Miracle-Gro from $72.00 to $75.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.17.

Scotts Miracle-Gro Stock Down 0.0%

Shares of Scotts Miracle-Gro stock traded down $0.02 during midday trading on Monday, hitting $61.85. The company had a trading volume of 311,060 shares, compared to its average volume of 1,090,723. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 81.38 and a beta of 1.97. The company has a fifty day simple moving average of $64.86 and a 200 day simple moving average of $61.67. Scotts Miracle-Gro has a 12-month low of $45.61 and a 12-month high of $93.90.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) 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 firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.23 billion. Scotts Miracle-Gro had a net margin of 1.54% and a negative return on equity of 60.46%. Scotts Miracle-Gro's revenue was down 1.2% on a year-over-year basis. During the same period last year, the firm posted $2.31 EPS. As a group, analysts expect that Scotts Miracle-Gro will post 3.42 EPS for the current year.

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of institutional investors and hedge funds have recently made changes to their positions in SMG. Millennium Management LLC grew its position in shares of Scotts Miracle-Gro by 288.8% during the first quarter. Millennium Management LLC now owns 1,421,220 shares of the basic materials company's stock worth $78,011,000 after buying an additional 1,055,672 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Scotts Miracle-Gro in the fourth quarter valued at approximately $53,453,000. Raymond James Financial Inc. purchased a new stake in Scotts Miracle-Gro in the fourth quarter valued at approximately $39,986,000. Alyeska Investment Group L.P. purchased a new stake in Scotts Miracle-Gro in the fourth quarter valued at approximately $39,434,000. Finally, Cubist Systematic Strategies LLC lifted its stake 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 valued at $18,385,000 after buying an additional 296,448 shares during the last quarter. 74.07% of the stock is 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.

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