Scotts Miracle-Gro (NYSE:SMG) Stock Rating Upgraded by Truist Financial

Scotts Miracle-Gro (NYSE:SMG) was upgraded by analysts at Truist Financial from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday,Finviz reports. The firm currently has a $70.00 price objective on the basic materials company’s stock. Truist Financial’s price objective indicates a potential upside of 27.78% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. UBS Group cut their price target on Scotts Miracle-Gro from $77.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Stifel Nicolaus raised shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and dropped their target price for the stock from $78.00 to $70.00 in a research note on Tuesday, March 4th. Jefferies Financial Group began coverage on shares of Scotts Miracle-Gro in a research note on Monday, December 9th. They set a “hold” rating and a $72.00 price target on the stock. Finally, Wells Fargo & Company dropped their price objective on shares of Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.00.

Scotts Miracle-Gro Stock Down 0.2 %

NYSE:SMG opened at $54.78 on Wednesday. The firm has a market cap of $3.15 billion, a PE ratio of -114.13 and a beta of 1.79. Scotts Miracle-Gro has a 12 month low of $53.37 and a 12 month high of $93.90. The company’s 50-day moving average price is $63.57 and its two-hundred day moving average price is $72.29.

Scotts Miracle-Gro (NYSE:SMG) last announced its earnings results on Wednesday, January 29th. The basic materials company reported ($0.89) EPS for the quarter, topping the consensus estimate of ($1.23) by $0.34. Scotts Miracle-Gro had a negative return on equity of 51.48% and a negative net margin of 0.67%. During the same period in the prior year, the company posted ($1.45) EPS. On average, research analysts expect that Scotts Miracle-Gro will post 3.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO James Hagedorn sold 142,733 shares of Scotts Miracle-Gro stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $71.56, for a total transaction of $10,213,973.48. Following the transaction, the chief executive officer now owns 88,310 shares of the company’s stock, valued at $6,319,463.60. This trade represents a 61.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian E. Sandoval sold 1,513 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $65.86, for a total transaction of $99,646.18. Following the completion of the sale, the director now directly owns 13,039 shares of the company’s stock, valued at $858,748.54. The trade was a 10.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 159,937 shares of company stock valued at $11,379,275. Company insiders own 25.37% of the company’s stock.

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of hedge funds and other institutional investors have recently made changes to their positions in SMG. State Street Corp raised its stake in Scotts Miracle-Gro by 1.1% during the 3rd quarter. State Street Corp now owns 1,432,565 shares of the basic materials company’s stock worth $124,203,000 after buying an additional 15,869 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Scotts Miracle-Gro during the fourth quarter worth about $53,453,000. Geode Capital Management LLC lifted its holdings in shares of Scotts Miracle-Gro by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 708,558 shares of the basic materials company’s stock valued at $61,448,000 after purchasing an additional 14,730 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Scotts Miracle-Gro by 72.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 628,414 shares of the basic materials company’s stock valued at $41,689,000 after purchasing an additional 264,369 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Scotts Miracle-Gro during the 4th quarter worth approximately $39,986,000. 74.07% of the stock is owned by institutional investors.

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.