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Scotts Miracle-Gro (NYSE:SMG) Price Target Raised to $80.00 at JPMorgan Chase & Co.

kopsource · Feb 3, 2023 09:01

Scotts Miracle-Gro (NYSE:SMG – Get Rating) had its target price upped by JPMorgan Chase & Co. from $45.00 to $80.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the basic materials company's stock.

A number of other brokerages also recently issued reports on SMG. Wells Fargo & Company raised their target price on Scotts Miracle-Gro from $50.00 to $60.00 and gave the stock an equal weight rating in a research note on Tuesday. Barclays raised their target price on Scotts Miracle-Gro from $75.00 to $90.00 and gave the stock an overweight rating in a research note on Tuesday. Raymond James raised their target price on Scotts Miracle-Gro from $56.00 to $92.00 and gave the stock a strong-buy rating in a research note on Thursday. Stifel Nicolaus cut their target price on Scotts Miracle-Gro from $75.00 to $48.00 in a research note on Thursday, October 27th. Finally, Truist Financial lowered their price target on Scotts Miracle-Gro from $85.00 to $50.00 in a report on Thursday, November 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $75.14.

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Scotts Miracle-Gro Stock Up 4.2 %

NYSE SMG opened at $83.92 on Thursday. The business has a fifty day moving average price of $56.03 and a 200 day moving average price of $59.64. Scotts Miracle-Gro has a one year low of $39.06 and a one year high of $145.26. The company has a debt-to-equity ratio of 53.61, a current ratio of 2.47 and a quick ratio of 0.66.

Scotts Miracle-Gro (NYSE:SMG – Get Rating) last posted its quarterly earnings data on Wednesday, February 1st. The basic materials company reported ($1.02) EPS for the quarter, beating the consensus estimate of ($1.36) by $0.34. Scotts Miracle-Gro had a positive return on equity of 55.54% and a negative net margin of 11.64%. The firm had revenue of $526.60 million during the quarter, compared to the consensus estimate of $502.44 million. During the same period in the prior year, the company earned ($0.88) EPS. The firm's revenue was down 7.0% compared to the same quarter last year. On average, equities research analysts forecast that Scotts Miracle-Gro will post 3.61 EPS for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 24th will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Thursday, February 23rd. Scotts Miracle-Gro's dividend payout ratio (DPR) is -32.16%.

Insider Activity at Scotts Miracle-Gro

In related news, Director Hagedorn Partnership, L.P. sold 65,742 shares of the firm's stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $53.69, for a total transaction of $3,529,687.98. Following the completion of the transaction, the director now directly owns 14,206,481 shares in the company, valued at approximately $762,745,964.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Scotts Miracle-Gro news, CEO James Hagedorn sold 50,000 shares of the stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $60.77, for a total value of $3,038,500.00. Following the sale, the chief executive officer now owns 212,402 shares of the company's stock, valued at approximately $12,907,669.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Hagedorn Partnership, L.P. sold 65,742 shares of the stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $53.69, for a total value of $3,529,687.98. Following the completion of the sale, the director now directly owns 14,206,481 shares in the company, valued at approximately $762,745,964.89. The disclosure for this sale can be found here. Insiders sold 195,842 shares of company stock worth $11,174,189 in the last three months. 27.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On Scotts Miracle-Gro

A number of hedge funds have recently bought and sold shares of SMG. Canada Pension Plan Investment Board acquired a new stake in Scotts Miracle-Gro in the 1st quarter valued at about $27,000. SRS Capital Advisors Inc. raised its position in Scotts Miracle-Gro by 208.1% in the 2nd quarter. SRS Capital Advisors Inc. now owns 379 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 256 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Scotts Miracle-Gro by 84.0% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 390 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 178 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in shares of Scotts Miracle-Gro during the 2nd quarter worth about $39,000. Finally, Signaturefd LLC raised its position in shares of Scotts Miracle-Gro by 453.6% during the 4th quarter. Signaturefd LLC now owns 991 shares of the basic materials company's stock worth $48,000 after acquiring an additional 812 shares in the last quarter. Institutional investors and hedge funds own 68.98% of the company's stock.

Scotts Miracle-Gro Company Profile

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Scotts Miracle-Gro Co engages in the manufacturing, marketing, and sale of products for lawn and garden care and indoor and hydroponic gardening. Its products and services include lawn care, gardening and landscape, hydroponic hardware and growing environments, lighting, controls, and marketing agreement.