JPMorgan Chase & Co. Cuts Scotts Miracle-Gro (NYSE:SMG) Price Target to $80.00

Scotts Miracle-Gro (NYSE:SMG) had its target price decreased by JPMorgan Chase & Co. from $85.00 to $80.00 in a report released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the basic materials company’s stock.

Other research analysts have also issued reports about the stock. Stifel Nicolaus raised their price objective 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. UBS Group decreased their price target on Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday. Wells Fargo & Company cut their price objective on Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Truist Financial lifted their target price on Scotts Miracle-Gro from $65.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $78.60.

Scotts Miracle-Gro Stock Down 0.5 %

Shares of SMG opened at $72.60 on Thursday. Scotts Miracle-Gro has a 52-week low of $48.29 and a 52-week high of $93.90. The firm has a market cap of $4.13 billion, a price-to-earnings ratio of -105.22 and a beta of 1.76. The business’s 50 day moving average is $80.87 and its two-hundred day moving average is $72.46.

Scotts Miracle-Gro Dividend Announcement

The business also recently announced 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 3.64%. Scotts Miracle-Gro’s payout ratio is currently -382.61%.

Insider Activity

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

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMG. Price T Rowe Associates Inc. MD boosted its position in Scotts Miracle-Gro by 24.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,726,338 shares of the basic materials company’s stock worth $203,359,000 after acquiring an additional 542,406 shares during the period. AQR Capital Management LLC lifted its holdings in Scotts Miracle-Gro by 194.2% in the second quarter. AQR Capital Management LLC now owns 761,063 shares of the basic materials company’s stock worth $49,515,000 after purchasing an additional 502,353 shares during the period. Earnest Partners LLC grew its position in Scotts Miracle-Gro by 18.2% in the 1st quarter. Earnest Partners LLC now owns 3,113,153 shares of the basic materials company’s stock valued at $232,210,000 after buying an additional 479,315 shares in the last quarter. Interval Partners LP increased its stake in Scotts Miracle-Gro by 3,581.1% during the 1st quarter. Interval Partners LP now owns 478,546 shares of the basic materials company’s stock valued at $35,695,000 after buying an additional 465,546 shares during the period. Finally, International Assets Investment Management LLC raised its position in shares of Scotts Miracle-Gro by 8,330.2% during the 3rd quarter. International Assets Investment Management LLC now owns 281,485 shares of the basic materials company’s stock worth $24,405,000 after buying an additional 278,146 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.