Scotts Miracle-Gro (NYSE:SMG) Shares Gap Down – Here’s Why

The Scotts Miracle-Gro Company (NYSE:SMG)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $81.73, but opened at $79.28. Scotts Miracle-Gro shares last traded at $79.36, with a volume of 151,807 shares.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SMG shares. Stifel Nicolaus upped their target price on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Wells Fargo & Company decreased their target price on shares of Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. UBS Group decreased their target price on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Truist Financial decreased their target price on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $78.60.

Scotts Miracle-Gro Stock Performance

The firm has a market cap of $4.31 billion, a PE ratio of -109.81 and a beta of 1.76. The stock’s 50 day simple moving average is $82.49 and its 200 day simple moving average is $73.08.

Scotts Miracle-Gro Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.66 dividend. The ex-dividend date is Friday, November 22nd. This represents a $2.64 dividend on an annualized basis and a yield of 3.48%. Scotts Miracle-Gro’s dividend payout ratio is presently -382.61%.

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of hedge funds and other institutional investors have recently bought and sold shares of SMG. Tidal Investments LLC boosted its stake in shares of Scotts Miracle-Gro by 279.0% in the 1st quarter. Tidal Investments LLC now owns 31,275 shares of the basic materials company’s stock valued at $2,333,000 after purchasing an additional 23,023 shares in the last quarter. Comerica Bank boosted its stake in shares of Scotts Miracle-Gro by 58.7% in the 1st quarter. Comerica Bank now owns 77,183 shares of the basic materials company’s stock valued at $5,757,000 after purchasing an additional 28,557 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Scotts Miracle-Gro in the 1st quarter valued at $123,000. Atria Investments Inc boosted its stake in shares of Scotts Miracle-Gro by 22.9% in the 1st quarter. Atria Investments Inc now owns 38,820 shares of the basic materials company’s stock valued at $2,896,000 after purchasing an additional 7,231 shares in the last quarter. Finally, Cetera Investment Advisers boosted its stake in shares of Scotts Miracle-Gro by 974.4% in the 1st quarter. Cetera Investment Advisers now owns 41,987 shares of the basic materials company’s stock valued at $3,132,000 after purchasing an additional 38,079 shares in the last quarter. Hedge funds and other institutional investors own 74.07% of the company’s stock.

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.