Scotts Miracle-Gro (NYSE:SMG) Shares Gap Down – Time to Sell?

The Scotts Miracle-Gro Company (NYSE:SMG)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $93.47, but opened at $84.94. Scotts Miracle-Gro shares last traded at $81.15, with a volume of 318,377 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SMG. Wells Fargo & Company upped their target price on shares of Scotts Miracle-Gro from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Stifel Nicolaus increased their price objective on Scotts Miracle-Gro from $75.00 to $81.00 and gave the stock a “hold” rating in a research report on Monday. Finally, Truist Financial boosted their target price on Scotts Miracle-Gro from $65.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Scotts Miracle-Gro has a consensus rating of “Hold” and an average price target of $85.25.

Scotts Miracle-Gro Price Performance

The stock’s 50-day moving average is $80.73 and its 200-day moving average is $72.38. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -17.16 and a beta of 1.76.

Scotts Miracle-Gro Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.66 dividend. The ex-dividend date is Friday, November 22nd. This represents a $2.64 dividend on an annualized basis and a yield of 3.55%. Scotts Miracle-Gro’s payout ratio is -55.81%.

Insider Buying and Selling at Scotts Miracle-Gro

In other news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of Scotts Miracle-Gro stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $70.93, for a total value of $6,038,270.90. Following the transaction, the insider now directly owns 13,608,238 shares of the company’s stock, valued at $965,232,321.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, COO Nathan Eric Baxter sold 2,988 shares of the 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 completion of the sale, the chief operating officer now owns 37,920 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the business’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 $6,038,270.90. Following the transaction, the insider now directly owns 13,608,238 shares in the company, valued at $965,232,321.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 26.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Mizuho Markets Americas LLC bought a new stake in shares of Scotts Miracle-Gro in the third quarter worth $1,321,000. Nicollet Investment Management Inc. raised its stake in shares of Scotts Miracle-Gro by 1.1% in the 3rd 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 in the last quarter. Empowered Funds LLC bought a new position in shares of Scotts Miracle-Gro during the third quarter worth about $421,000. OneDigital Investment Advisors LLC acquired a new position in Scotts Miracle-Gro in the third quarter worth about $220,000. Finally, Metis Global Partners LLC acquired a new stake in Scotts Miracle-Gro during the third quarter valued at approximately $218,000. 74.07% of the stock is owned by institutional investors and hedge funds.

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.