Scotts Miracle-Gro (NYSE:SMG) Reaches New 12-Month Low – What’s Next?

The Scotts Miracle-Gro Company (NYSE:SMG)’s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $59.60 and last traded at $59.92, with a volume of 71363 shares trading hands. The stock had previously closed at $60.71.

Wall Street Analyst Weigh In

SMG has been the topic of several recent analyst reports. Stifel Nicolaus boosted their target price on 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 cut their price objective on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their price objective on shares of Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Truist Financial reduced their target price on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating for the company in a report on Friday, November 8th. Finally, Jefferies Financial Group started coverage on Scotts Miracle-Gro in a research report on Monday, December 9th. They set a “hold” rating and a $72.00 target price on the stock. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $75.83.

Scotts Miracle-Gro Trading Down 3.0 %

The business’s fifty day simple moving average is $67.73 and its 200 day simple moving average is $74.13. The stock has a market cap of $3.39 billion, a P/E ratio of -122.75 and a beta of 1.74.

Scotts Miracle-Gro (NYSE:SMG) last announced its earnings results on Wednesday, January 29th. The basic materials company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.23) by $0.34. Scotts Miracle-Gro had a negative return on equity of 51.48% and a negative net margin of 0.67%. During the same period last year, the firm posted ($1.45) EPS. On average, analysts predict that The Scotts Miracle-Gro Company will post 3.42 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be issued a $0.66 dividend. The ex-dividend date is Friday, February 21st. This represents a $2.64 annualized dividend and a yield of 4.48%. Scotts Miracle-Gro’s dividend payout ratio is currently -550.00%.

Insider Activity

In related news, CEO James Hagedorn sold 18,368 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $75.68, for a total value of $1,390,090.24. Following the transaction, the chief executive officer now owns 87,426 shares in the company, valued at approximately $6,616,399.68. This trade represents a 17.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Hagedorn Partnership, L.P. sold 500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $77.14, for a total transaction of $38,570.00. Following the completion of the transaction, the insider now owns 13,553,274 shares of the company’s stock, valued at $1,045,499,556.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 190,164 shares of company stock valued at $13,664,064. 25.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Scotts Miracle-Gro

Several hedge funds and other institutional investors have recently made changes to their positions in SMG. Atala Financial Inc bought a new stake in shares of Scotts Miracle-Gro during the fourth quarter worth $25,000. SBI Securities Co. Ltd. bought a new stake in Scotts Miracle-Gro in the fourth quarter worth approximately $26,000. Farther Finance Advisors LLC lifted its position in shares of Scotts Miracle-Gro by 427.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 332 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 269 shares during the period. Blue Trust Inc. boosted its position in shares of Scotts Miracle-Gro by 83.6% during the 3rd quarter. Blue Trust Inc. now owns 369 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 168 shares in the last quarter. Finally, Tortoise Investment Management LLC increased its holdings in shares of Scotts Miracle-Gro by 77.3% during the fourth quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 225 shares in the last quarter. 74.07% of the stock is owned by institutional investors.

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.