Scotts Miracle-Gro (NYSE:SMG) Shares Gap Up to $74.35

Shares of The Scotts Miracle-Gro Company (NYSE:SMG) gapped up prior to trading on Thursday . The stock had previously closed at $74.35, but opened at $77.00. Scotts Miracle-Gro shares last traded at $77.84, with a volume of 156,467 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SMG shares. StockNews.com raised shares of Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a report on Thursday. Truist Financial lowered shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and lifted their price objective for the company from $65.00 to $75.00 in a research note on Friday. Raymond James reaffirmed a “market perform” rating on shares of Scotts Miracle-Gro in a report on Monday, March 25th. Stifel Nicolaus raised their price target on Scotts Miracle-Gro from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Monday, March 4th. Finally, JPMorgan Chase & Co. increased their price objective on Scotts Miracle-Gro from $70.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $70.00.

Scotts Miracle-Gro Price Performance

The stock’s 50-day moving average is $64.21 and its 200 day moving average is $58.35.

Scotts Miracle-Gro (NYSE:SMG) last released its quarterly earnings data on Wednesday, February 7th. The basic materials company reported ($1.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.62) by $0.17. The firm had revenue of $410.40 million during 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%. Scotts Miracle-Gro’s revenue was down 22.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.02) earnings per share. Equities analysts forecast that The Scotts Miracle-Gro Company will post 2.65 EPS for the current year.

Scotts Miracle-Gro Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a dividend of $0.66 per share. The ex-dividend date was Thursday, February 22nd. This represents a $2.64 annualized dividend and a yield of 3.52%. Scotts Miracle-Gro’s payout ratio is currently -37.50%.

Insider Buying and Selling at Scotts Miracle-Gro

In other Scotts Miracle-Gro news, Director Stephen L. Johnson sold 1,394 shares of the business’s stock in a transaction 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 sale, the director now directly owns 22,918 shares in the company, valued at $1,314,347.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Scotts Miracle-Gro news, Director Hagedorn Partnership, L.P. sold 86,356 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $65.41, for a total transaction of $5,648,545.96. Following the sale, the director now owns 13,777,012 shares in the company, valued at approximately $901,154,354.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephen L. Johnson sold 1,394 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were 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 approximately $1,314,347.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 102,750 shares of company stock valued at $6,604,492. Corporate insiders own 26.46% of the company’s stock.

Hedge Funds Weigh In On Scotts Miracle-Gro

Several institutional investors have recently added to or reduced their stakes in the business. Benjamin Edwards Inc. increased its position in shares of Scotts Miracle-Gro by 146.1% in the second quarter. Benjamin Edwards Inc. now owns 406 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 241 shares in the last quarter. Garner Asset Management Corp purchased a new position in Scotts Miracle-Gro in the 4th quarter worth approximately $26,000. Canada Pension Plan Investment Board acquired a new stake in Scotts Miracle-Gro in the first quarter valued at approximately $27,000. Resources Management Corp CT ADV raised its stake in shares of Scotts Miracle-Gro by 2,025.0% during the second quarter. Resources Management Corp CT ADV now owns 425 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 405 shares during the period. Finally, GAMMA Investing LLC acquired a new position in shares of Scotts Miracle-Gro during the fourth quarter worth $29,000. 74.07% of the stock is currently owned by institutional investors and hedge funds.

About Scotts Miracle-Gro

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.