Scotts Miracle-Gro (NYSE:SMG) Shares Gap Down – Here’s What Happened

The Scotts Miracle-Gro Company (NYSE:SMG) shares gapped down before the market opened on Wednesday . The stock had previously closed at $93.47, but opened at $84.94. Scotts Miracle-Gro shares last traded at $81.15, with a volume of 318,377 shares traded.

Wall Street Analysts Forecast Growth

SMG has been the subject of several analyst reports. Stifel Nicolaus boosted their price objective on Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a report on Monday. Wells Fargo & Company raised their price objective on shares of Scotts Miracle-Gro from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Truist Financial increased their price target on shares of Scotts Miracle-Gro from $65.00 to $90.00 and gave the stock 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $85.25.

Scotts Miracle-Gro Stock Performance

The firm has a market capitalization of $4.22 billion, a PE ratio of -17.16 and a beta of 1.76. The stock’s 50 day simple moving average is $80.73 and its two-hundred day simple moving average is $72.38.

Scotts Miracle-Gro Announces Dividend

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. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend is Friday, November 22nd. Scotts Miracle-Gro’s dividend payout ratio (DPR) is presently -55.81%.

Insider Activity at Scotts Miracle-Gro

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SMG. OLD National Bancorp IN raised its holdings in Scotts Miracle-Gro by 2.7% during the third quarter. OLD National Bancorp IN now owns 5,049 shares of the basic materials company’s stock worth $438,000 after purchasing an additional 131 shares in the last quarter. Nicollet Investment Management Inc. grew its holdings in shares of Scotts Miracle-Gro by 1.1% during the third quarter. Nicollet Investment Management Inc. now owns 12,845 shares of the basic materials company’s stock worth $1,114,000 after purchasing an additional 135 shares during the last quarter. Hexagon Capital Partners LLC increased its position in shares of Scotts Miracle-Gro by 41.3% during the second quarter. Hexagon Capital Partners LLC now owns 551 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 161 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Scotts Miracle-Gro by 83.6% in the 3rd quarter. Blue Trust Inc. now owns 369 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 168 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of Scotts Miracle-Gro by 80.1% in 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 during the period. Hedge funds and other 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.