Wells Fargo & Company Cuts Scotts Miracle-Gro (NYSE:SMG) Price Target to $85.00

Scotts Miracle-Gro (NYSE:SMG) had its target price cut by Wells Fargo & Company from $95.00 to $85.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the basic materials company’s stock.

Other equities analysts have also issued research reports about the company. Stifel Nicolaus boosted their price objective on Scotts Miracle-Gro from $75.00 to $81.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Truist Financial upped their price target on shares of 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 investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $78.60.

Scotts Miracle-Gro Trading Down 0.5 %

NYSE SMG opened at $72.60 on Thursday. The firm has a market cap of $4.13 billion, a price-to-earnings ratio of -105.22 and a beta of 1.76. Scotts Miracle-Gro has a 1-year low of $48.29 and a 1-year high of $93.90. The company has a 50 day moving average of $80.87 and a 200-day moving average of $72.46.

Scotts Miracle-Gro Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Friday, November 22nd. Scotts Miracle-Gro’s dividend payout ratio (DPR) is presently -382.61%.

Insider Buying and Selling

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 transaction of $211,938.84. Following the transaction, the chief operating officer now directly 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 SEC, which is accessible through this hyperlink. In other Scotts Miracle-Gro news, COO Nathan Eric Baxter sold 2,988 shares of Scotts Miracle-Gro stock in a transaction on Wednesday, August 21st. The shares were 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 owns 37,920 shares of the company’s stock, valued at approximately $2,689,665.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the 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 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 position. The disclosure for this sale can be found here. Corporate insiders own 26.46% of the company’s stock.

Institutional Trading of Scotts Miracle-Gro

Institutional investors and hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in 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 purchasing an additional 173 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Scotts Miracle-Gro in the 2nd quarter valued at $25,000. Global X Japan Co. Ltd. bought a new stake in shares of Scotts Miracle-Gro in the 3rd quarter valued at $26,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Scotts Miracle-Gro during the second quarter worth about $29,000. Finally, Farther Finance Advisors LLC grew its stake in 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 acquiring an additional 269 shares during the period. 74.07% of the stock is owned by institutional investors.

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.