Scotts Miracle-Gro (NYSE:SMG) Reaches New 12-Month High Following Analyst Upgrade

The Scotts Miracle-Gro Company (NYSE:SMG)’s share price reached a new 52-week high on Monday after Stifel Nicolaus raised their price target on the stock from $75.00 to $81.00. Stifel Nicolaus currently has a hold rating on the stock. Scotts Miracle-Gro traded as high as $91.60 and last traded at $90.74, with a volume of 68462 shares. The stock had previously closed at $89.66.

Several other equities analysts have also commented on the stock. Wells Fargo & Company upped their price target on shares of Scotts Miracle-Gro from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Truist Financial lifted their target price on Scotts Miracle-Gro from $65.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Scotts Miracle-Gro presently has an average rating of “Hold” and an average price target of $85.25.

Insider Activity

In other Scotts Miracle-Gro news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the business’s stock in a transaction 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 in the company, valued at $965,232,321.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nathan Eric Baxter sold 2,988 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 $211,938.84. Following the completion of the sale, the chief operating officer now owns 37,920 shares of the company’s stock, valued at $2,689,665.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 26.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global X Japan Co. Ltd. bought a new stake in Scotts Miracle-Gro in the third quarter valued at $26,000. Farther Finance Advisors LLC boosted its position in 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 worth $29,000 after acquiring an additional 269 shares during the period. Blue Trust Inc. lifted its holdings in Scotts Miracle-Gro by 83.6% in the third quarter. Blue Trust Inc. now owns 369 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 168 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Scotts Miracle-Gro in the second quarter valued at approximately $25,000. Finally, Versant Capital Management Inc boosted its stake in Scotts Miracle-Gro by 80.1% during the 2nd quarter. Versant Capital Management Inc now owns 389 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 173 shares in the last quarter. Institutional investors and hedge funds own 74.07% of the company’s stock.

Scotts Miracle-Gro Price Performance

The business has a fifty day moving average of $79.90 and a 200-day moving average of $71.99. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of -19.24 and a beta of 1.76.

Scotts Miracle-Gro Company Profile

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.