Scotts Miracle-Gro (NYSE:SMG) Hits New 52-Week High – Here’s Why

The Scotts Miracle-Gro Company (NYSE:SMG)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $88.38 and last traded at $88.03, with a volume of 19068 shares trading hands. The stock had previously closed at $87.76.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Truist Financial boosted their price target on Scotts Miracle-Gro from $65.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday. Wells Fargo & Company boosted their target price 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. Finally, Stifel Nicolaus raised their price target on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $83.75.

Scotts Miracle-Gro Price Performance

The stock has a fifty day moving average of $75.80 and a 200 day moving average of $70.67. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of -14.40 and a beta of 1.76.

Scotts Miracle-Gro (NYSE:SMG) last announced its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.89 by $0.42. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Scotts Miracle-Gro had a negative net margin of 7.38% and a negative return on equity of 41.19%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.17 EPS. As a group, equities analysts expect that The Scotts Miracle-Gro Company will post 2.62 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 23rd were given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend was Friday, August 23rd. Scotts Miracle-Gro’s dividend payout ratio is currently -42.31%.

Insider Activity

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 sale, the chief operating officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Scotts Miracle-Gro news, COO Nathan Eric Baxter sold 2,988 shares of the company’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 value of $211,938.84. Following the sale, 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 SEC, which is accessible through this link. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the firm’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 sale, the insider now directly 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 disclosure for this sale can be found here. Insiders sold a total of 89,078 shares of company stock valued at $6,325,042 in the last quarter. 26.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMG. Rise Advisors LLC grew its position in shares of Scotts Miracle-Gro by 135.2% during the 1st quarter. Rise Advisors LLC now owns 334 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 192 shares during the period. Versant Capital Management Inc grew its holdings in Scotts Miracle-Gro by 80.1% in 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. purchased a new stake in shares of Scotts Miracle-Gro in the second quarter valued at approximately $25,000. 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, Hexagon Capital Partners LLC lifted its position in shares of Scotts Miracle-Gro by 41.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 551 shares of the basic materials company’s stock valued at $36,000 after buying an additional 161 shares in the last quarter. 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.