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

Scotts Miracle-Gro (NYSE:SMG) had its price target decreased by Stifel Nicolaus from $71.00 to $70.00 in a research report released on Monday,Benzinga reports. Stifel Nicolaus currently has a hold rating on the basic materials company’s stock.

Several other equities research analysts have also issued reports on the stock. Wall Street Zen upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a research report on Saturday. Truist Financial set a $80.00 target price on shares of Scotts Miracle-Gro and gave the company a “buy” rating in a research report on Monday, July 14th. Jefferies Financial Group upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and dropped their target price for the company from $72.00 to $69.00 in a research report on Monday, April 7th. UBS Group set a $68.00 target price on shares of Scotts Miracle-Gro and gave the company a “neutral” rating in a research report on Thursday. Finally, Wells Fargo & Company boosted their price objective 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 equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $71.17.

Scotts Miracle-Gro Trading Up 1.1%

SMG stock opened at $62.56 on Monday. The firm has a 50 day moving average of $64.92 and a 200-day moving average of $61.61. Scotts Miracle-Gro has a 12 month low of $45.61 and a 12 month high of $93.90. The firm has a market capitalization of $3.61 billion, a P/E ratio of 82.31 and a beta of 1.97.

Scotts Miracle-Gro (NYSE:SMG) last announced its earnings results on Wednesday, July 30th. The basic materials company reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.19 by $0.40. Scotts Miracle-Gro had a net margin of 1.54% and a negative return on equity of 60.46%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business posted $2.31 earnings per share. Scotts Miracle-Gro’s revenue for the quarter was down 1.2% on a year-over-year basis. Sell-side analysts predict that Scotts Miracle-Gro will post 3.42 EPS for the current year.

Scotts Miracle-Gro Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Friday, August 22nd. Scotts Miracle-Gro’s payout ratio is presently 347.37%.

Institutional Investors Weigh In On Scotts Miracle-Gro

Hedge funds have recently made changes to their positions in the business. American National Bank & Trust purchased a new position in shares of Scotts Miracle-Gro in the second quarter worth $28,000. Spire Wealth Management increased 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 buying an additional 454 shares during the period. UMB Bank n.a. increased its stake in shares of Scotts Miracle-Gro by 479.4% in the first quarter. UMB Bank n.a. now owns 562 shares of the basic materials company’s stock worth $31,000 after buying an additional 465 shares during the period. Avalon Trust Co purchased a new position in shares of Scotts Miracle-Gro in the first quarter worth $41,000. Finally, Byrne Asset Management LLC purchased a new position in shares of Scotts Miracle-Gro in the second quarter worth $45,000. 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.