Scotts Miracle-Gro (NYSE:SMG) Trading Down 4.2% – Here’s What Happened

Shares of The Scotts Miracle-Gro Company (NYSE:SMG) were down 4.2% during trading on Tuesday . The company traded as low as $85.86 and last traded at $86.04. Approximately 156,150 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 800,828 shares. The stock had previously closed at $89.84.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Truist Financial upped their price objective on Scotts Miracle-Gro from $65.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Stifel Nicolaus upped their price objective 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. Finally, Wells Fargo & Company raised their target price on shares of Scotts Miracle-Gro from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Scotts Miracle-Gro presently has a consensus rating of “Hold” and a consensus target price of $83.75.

Scotts Miracle-Gro Stock Down 3.4 %

The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of -13.84 and a beta of 1.76. The firm’s 50 day moving average is $76.99 and its 200 day moving average is $71.00.

Scotts Miracle-Gro (NYSE:SMG) last posted its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm earned $1.17 earnings per share. On average, sell-side analysts predict that The Scotts Miracle-Gro Company will post 2.62 earnings per share for the current year.

Scotts Miracle-Gro Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 23rd were given a $0.66 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $2.64 annualized dividend and a dividend yield of 3.04%. Scotts Miracle-Gro’s dividend payout ratio (DPR) is presently -42.31%.

Insider Activity at Scotts Miracle-Gro

In other news, COO Nathan Eric Baxter sold 2,988 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total value of $211,938.84. Following the transaction, the chief operating officer now owns 37,920 shares in the company, valued at $2,689,665.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Nathan Eric Baxter sold 2,988 shares of Scotts Miracle-Gro stock in a transaction on 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen L. Johnson sold 960 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $77.95, for a total value of $74,832.00. Following the completion of the transaction, the director now directly owns 22,940 shares in the company, valued at approximately $1,788,173. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 89,078 shares of company stock valued at $6,325,042. Company insiders own 26.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Global X Japan Co. Ltd. bought a new stake in shares of Scotts Miracle-Gro during the 3rd quarter worth about $26,000. Allspring Global Investments Holdings LLC boosted its position in Scotts Miracle-Gro by 70.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,898 shares of the basic materials company’s stock worth $338,000 after purchasing an additional 1,611 shares during the period. OLD National Bancorp IN grew 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 valued at $438,000 after purchasing an additional 131 shares during the last quarter. Blue Trust Inc. raised its position in shares of Scotts Miracle-Gro by 83.6% in the third 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 period. Finally, Aaron Wealth Advisors LLC acquired a new stake in shares of Scotts Miracle-Gro in the third quarter worth $209,000. Institutional investors and hedge funds 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.