Scotts Miracle-Gro (NYSE:SMG – Free Report) had its target price hoisted by Wells Fargo & Company from $67.00 to $72.00 in a research note issued to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the basic materials company’s stock.
SMG has been the topic of a number of other research reports. UBS Group lowered their target price on Scotts Miracle-Gro from $55.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Truist Financial upgraded Scotts Miracle-Gro from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Wednesday, April 2nd. Jefferies Financial Group upgraded Scotts Miracle-Gro from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $72.00 to $69.00 in a research report on Monday, April 7th. JPMorgan Chase & Co. reduced their price objective on Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Finally, Stifel Nicolaus upgraded Scotts Miracle-Gro from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $78.00 to $70.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.50.
Read Our Latest Stock Analysis on SMG
Scotts Miracle-Gro Stock Up 2.4%
Scotts Miracle-Gro (NYSE:SMG – Get Free Report) last released its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.95 by $0.03. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.50 billion. Scotts Miracle-Gro had a negative return on equity of 51.48% and a negative net margin of 0.67%. The company’s revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $3.69 EPS. As a group, analysts anticipate that Scotts Miracle-Gro will post 3.42 earnings per share for the current year.
Scotts Miracle-Gro Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were given a $0.66 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.96%. Scotts Miracle-Gro’s dividend payout ratio is currently 528.00%.
Hedge Funds Weigh In On Scotts Miracle-Gro
Several hedge funds and other institutional investors have recently modified their holdings of SMG. Millennium Management LLC lifted its position in shares of Scotts Miracle-Gro by 288.8% during the 1st quarter. Millennium Management LLC now owns 1,421,220 shares of the basic materials company’s stock worth $78,011,000 after buying an additional 1,055,672 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Scotts Miracle-Gro during the 4th quarter worth approximately $53,453,000. Raymond James Financial Inc. bought a new position in shares of Scotts Miracle-Gro during the 4th quarter worth approximately $39,986,000. Alyeska Investment Group L.P. bought a new position in shares of Scotts Miracle-Gro during the 4th quarter worth approximately $39,434,000. Finally, Cubist Systematic Strategies LLC lifted its position in shares of Scotts Miracle-Gro by 770.3% during the 1st quarter. Cubist Systematic Strategies LLC now owns 334,934 shares of the basic materials company’s stock worth $18,385,000 after buying an additional 296,448 shares during the period. 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.
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