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

The Scotts Miracle-Gro Company (NYSE:SMG) shares gapped down before the market opened on Tuesday . The stock had previously closed at $81.73, but opened at $79.28. Scotts Miracle-Gro shares last traded at $79.36, with a volume of 151,807 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SMG shares. Stifel Nicolaus lifted their price objective on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a report on Monday, November 4th. UBS Group lowered their price objective on Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Wells Fargo & Company dropped their target price on Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. JPMorgan Chase & Co. lowered their price target on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Finally, Truist Financial cut their price objective on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Scotts Miracle-Gro presently has an average rating of “Hold” and a consensus target price of $78.60.

Scotts Miracle-Gro Stock Performance

The stock has a market cap of $4.49 billion, a P/E ratio of -118.45 and a beta of 1.76. The business has a 50 day simple moving average of $82.37 and a 200-day simple moving average of $73.01.

Scotts Miracle-Gro Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend is Friday, November 22nd. Scotts Miracle-Gro’s dividend payout ratio is -382.61%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SMG. 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 period. Nicollet Investment Management Inc. raised its position in shares of Scotts Miracle-Gro by 1.1% in the third quarter. Nicollet Investment Management Inc. now owns 12,845 shares of the basic materials company’s stock valued at $1,114,000 after purchasing an additional 135 shares during the period. Hexagon Capital Partners LLC lifted its stake 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. Blue Trust Inc. boosted its holdings in Scotts Miracle-Gro by 83.6% in the 3rd quarter. Blue Trust Inc. now owns 369 shares of the basic materials company’s stock worth $32,000 after buying an additional 168 shares during the period. Finally, Versant Capital Management Inc grew its stake in 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 buying an additional 173 shares in the last quarter. 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.