Scotts Miracle-Gro (NYSE:SMG) Reaches New 12-Month Low on Analyst Downgrade

The Scotts Miracle-Gro Company (NYSE:SMG - Get Free Report) hit a new 52-week low during mid-day trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $80.00 to $65.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Scotts Miracle-Gro traded as low as $45.61 and last traded at $50.59, with a volume of 5707854 shares trading hands. The stock had previously closed at $53.54.

A number of other equities analysts also recently weighed in on SMG. Jefferies Financial Group raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and lowered their price target for the stock from $72.00 to $69.00 in a research report on Monday, April 7th. Stifel Nicolaus upgraded shares of Scotts Miracle-Gro from a "hold" rating to a "buy" rating and cut their price objective for the stock from $78.00 to $70.00 in a research report on Tuesday, March 4th. UBS Group reduced their price objective on Scotts Miracle-Gro from $55.00 to $54.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Truist Financial raised Scotts Miracle-Gro from a "hold" rating to a "buy" rating and set a $70.00 price objective on the stock in a report on Wednesday, April 2nd. Finally, Wells Fargo & Company cut their target price on Scotts Miracle-Gro from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $65.50.

Insider Activity

In other news, Director Hagedorn Partnership, L.P. sold 12,123 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $66.86, for a total transaction of $810,543.78. Following the completion of the transaction, the director now owns 13,432,151 shares in the company, valued at approximately $898,073,615.86. This represents a 0.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brian E. Sandoval sold 1,513 shares of the business's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $65.86, for a total value of $99,646.18. Following the completion of the sale, the director now owns 13,039 shares in the company, valued at $858,748.54. This represents a 10.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Scotts Miracle-Gro

Institutional investors and hedge funds have recently made changes to their positions in the business. Atala Financial Inc bought a new position in shares of Scotts Miracle-Gro in the 4th quarter worth $25,000. SBI Securities Co. Ltd. bought a new stake in shares of Scotts Miracle-Gro in the 4th quarter worth approximately $26,000. Spire Wealth Management grew its stake in shares of Scotts Miracle-Gro by 477.9% in the first quarter. Spire Wealth Management now owns 549 shares of the basic materials company's stock worth $30,000 after purchasing an additional 454 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Scotts Miracle-Gro by 479.4% in the 1st quarter. UMB Bank n.a. now owns 562 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 465 shares during the period. Finally, Tortoise Investment Management LLC raised its holdings in Scotts Miracle-Gro by 77.3% in the fourth quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company's stock worth $34,000 after purchasing an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 74.07% of the company's stock.

Scotts Miracle-Gro Trading Down 3.3 %

The company's 50 day moving average is $55.51 and its 200-day moving average is $66.71. The company has a market capitalization of $3.05 billion, a P/E ratio of -110.66 and a beta of 1.98.

Scotts Miracle-Gro (NYSE:SMG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share for the quarter, topping analysts' consensus estimates of $3.95 by $0.03. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.50 billion. Scotts Miracle-Gro had a negative net margin of 0.67% and a negative return on equity of 51.48%. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.69 EPS. Analysts predict that The Scotts Miracle-Gro Company will post 3.42 EPS for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be given a dividend of $0.66 per share. The ex-dividend date is Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a yield of 4.97%. Scotts Miracle-Gro's dividend payout ratio (DPR) is 528.00%.

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.