Scotts Miracle-Gro (NYSE:SMG) Stock Price Down 6% After Analyst Downgrade

Shares of The Scotts Miracle-Gro Company (NYSE:SMGGet Rating) dropped 6% on Wednesday after Raymond James lowered their price target on the stock from $110.00 to $100.00. Raymond James currently has a strong-buy rating on the stock. Scotts Miracle-Gro traded as low as $81.71 and last traded at $82.19. Approximately 15,791 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 392,547 shares. The stock had previously closed at $87.43.

Several other research analysts have also recently weighed in on the stock. StockNews.com cut shares of Scotts Miracle-Gro from a “hold” rating to a “sell” rating in a research report on Saturday, May 21st. JPMorgan Chase & Co. cut shares of Scotts Miracle-Gro from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $130.00 to $95.00 in a research report on Thursday, June 9th. Stifel Nicolaus decreased their price objective on shares of Scotts Miracle-Gro from $116.00 to $93.00 in a research report on Tuesday, June 14th. Wells Fargo & Company cut shares of Scotts Miracle-Gro from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $115.00 to $85.00 in a research report on Wednesday, June 22nd. Finally, Truist Financial cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $185.00 to $85.00 in a research report on Wednesday, June 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $113.88.

Insider Buying and Selling at Scotts Miracle-Gro

In other Scotts Miracle-Gro news, EVP James D. King sold 17,500 shares of the stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $98.42, for a total transaction of $1,722,350.00. Following the transaction, the executive vice president now directly owns 9,760 shares in the company, valued at $960,579.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO James Hagedorn sold 60,000 shares of the stock in a transaction that occurred on Friday, May 13th. The stock was sold at an average price of $97.74, for a total transaction of $5,864,400.00. Following the completion of the sale, the chief executive officer now owns 261,816 shares of the company’s stock, valued at $25,589,895.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP James D. King sold 17,500 shares of the stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $98.42, for a total value of $1,722,350.00. Following the sale, the executive vice president now directly owns 9,760 shares of the company’s stock, valued at approximately $960,579.20. The disclosure for this sale can be found here. Company insiders own 27.31% of the company’s stock.

Institutional Trading of Scotts Miracle-Gro

A number of institutional investors have recently made changes to their positions in SMG. National Asset Management Inc. lifted its stake in Scotts Miracle-Gro by 3.6% in the fourth quarter. National Asset Management Inc. now owns 2,189 shares of the basic materials company’s stock worth $353,000 after acquiring an additional 76 shares during the period. WASHINGTON TRUST Co lifted its stake in Scotts Miracle-Gro by 18.1% in the fourth quarter. WASHINGTON TRUST Co now owns 555 shares of the basic materials company’s stock worth $89,000 after acquiring an additional 85 shares during the period. Xponance Inc. lifted its stake in Scotts Miracle-Gro by 1.0% in the fourth quarter. Xponance Inc. now owns 8,837 shares of the basic materials company’s stock worth $1,423,000 after acquiring an additional 87 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its stake in Scotts Miracle-Gro by 84.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 212 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 97 shares during the period. Finally, Budros Ruhlin & Roe Inc. lifted its stake in Scotts Miracle-Gro by 3.3% in the fourth quarter. Budros Ruhlin & Roe Inc. now owns 3,137 shares of the basic materials company’s stock worth $505,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 62.23% of the company’s stock.

Scotts Miracle-Gro Price Performance

The business has a 50 day moving average of $85.09 and a 200 day moving average of $109.80. The company has a market cap of $4.45 billion, a PE ratio of 11.27 and a beta of 1.24. The company has a debt-to-equity ratio of 3.44, a current ratio of 2.21 and a quick ratio of 1.13.

Scotts Miracle-Gro (NYSE:SMGGet Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The basic materials company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.28. Scotts Miracle-Gro had a return on equity of 42.22% and a net margin of 8.81%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the firm posted $3.98 earnings per share. The firm’s revenue was down 26.3% on a year-over-year basis. As a group, research analysts predict that The Scotts Miracle-Gro Company will post 4.73 EPS for the current year.

Scotts Miracle-Gro Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Friday, August 26th will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Thursday, August 25th. Scotts Miracle-Gro’s dividend payout ratio is currently 37.08%.

Scotts Miracle-Gro Company Profile

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The Scotts Miracle-Gro Company engages in the manufacture, marketing, and sale of products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It provides lawn care products comprising lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products; gardening and landscape products include water-soluble and continuous-release plant foods, potting mixes and garden soils, mulch and decorative groundcover products, plant-related pest and disease control products, organic garden products, and lives goods and seeding solutions.

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