Scotts Miracle-Gro (NYSE:SMG) Announces Earnings Results, Misses Estimates By $0.37 EPS

Scotts Miracle-Gro (NYSE:SMG) announced its earnings results on Wednesday. The basic materials company reported ($2.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.94) by ($0.37), reports. Scotts Miracle-Gro had a negative return on equity of 44.97% and a negative net margin of 0.98%. The company had revenue of $414.70 million during the quarter, compared to the consensus estimate of $392.95 million.

Scotts Miracle-Gro Stock Down 2.4 %

SMG traded down $1.77 on Friday, hitting $71.22. The company had a trading volume of 525,326 shares, compared to its average volume of 811,462. The company has a market cap of $4.05 billion, a PE ratio of -106.83 and a beta of 1.76. Scotts Miracle-Gro has a 12-month low of $48.29 and a 12-month high of $93.90. The business’s fifty day simple moving average is $80.84 and its 200 day simple moving average is $72.40.

Scotts Miracle-Gro Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $0.66 dividend. The ex-dividend date is Friday, November 22nd. This represents a $2.64 annualized dividend and a yield of 3.71%. Scotts Miracle-Gro’s dividend payout ratio is currently -382.61%.

Insider Buying and Selling

In related news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of Scotts Miracle-Gro stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total value of $6,038,270.90. Following the completion of the transaction, the insider now owns 13,608,238 shares in the company, valued at approximately $965,232,321.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Scotts Miracle-Gro news, COO Nathan Eric Baxter sold 2,988 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total transaction of $211,938.84. Following the completion of the transaction, the chief operating officer now owns 37,920 shares in the company, valued at $2,689,665.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total value of $6,038,270.90. Following the transaction, the insider now owns 13,608,238 shares of the company’s stock, valued at $965,232,321.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 26.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Versant Capital Management Inc boosted its position in shares of Scotts Miracle-Gro by 80.1% during the second quarter. Versant Capital Management Inc now owns 389 shares of the basic materials company’s stock valued at $25,000 after buying an additional 173 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Scotts Miracle-Gro in the second quarter valued at approximately $25,000. Global X Japan Co. Ltd. purchased a new stake in shares of Scotts Miracle-Gro in the third quarter valued at approximately $26,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Scotts Miracle-Gro in the second quarter valued at approximately $29,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Scotts Miracle-Gro by 427.0% in the third quarter. Farther Finance Advisors LLC now owns 332 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 269 shares during the period. Hedge funds and other institutional investors own 74.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SMG. UBS Group decreased their price target on Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday. Truist Financial decreased their price target on Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a report on Friday. JPMorgan Chase & Co. reduced their target price on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday. Stifel Nicolaus lifted 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. Finally, Wells Fargo & Company reduced their target price on Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $78.60.

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.