Scotts Miracle-Gro (NYSE:SMG) Shares Gap Down – Here’s Why

The Scotts Miracle-Gro Company (NYSE:SMG)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $69.91, but opened at $65.06. Scotts Miracle-Gro shares last traded at $67.5720, with a volume of 105,584 shares trading hands.

Analyst Upgrades and Downgrades

SMG has been the subject of a number of analyst reports. UBS Group reissued a “neutral” rating on shares of Scotts Miracle-Gro in a research note on Tuesday, June 23rd. Wall Street Zen downgraded shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Stifel Nicolaus cut their price objective on Scotts Miracle-Gro from $76.00 to $75.00 and set a “buy” rating for the company in a report on Monday, June 8th. Wells Fargo & Company lowered their price objective on shares of Scotts Miracle-Gro from $75.00 to $72.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $79.00 target price on shares of Scotts Miracle-Gro in a report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.67.

Scotts Miracle-Gro Stock Performance

The firm has a market cap of $3.92 billion, a PE ratio of 37.74 and a beta of 1.84. The firm has a fifty day simple moving average of $61.65 and a two-hundred day simple moving average of $62.57.

Scotts Miracle-Gro (NYSE:SMG) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $4.53 EPS for the quarter, topping analysts’ consensus estimates of $3.97 by $0.56. Scotts Miracle-Gro had a net margin of 3.27% and a negative return on equity of 79.61%. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the company posted $3.98 EPS. The business’s revenue was up 2.7% on a year-over-year basis. Equities analysts forecast that The Scotts Miracle-Gro Company will post 4.36 EPS for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 22nd were paid a $0.66 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.64 annualized dividend and a dividend yield of 3.9%. Scotts Miracle-Gro’s dividend payout ratio is currently 147.49%.

Institutional Trading of Scotts Miracle-Gro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMG. Captrust Financial Advisors increased its stake in Scotts Miracle-Gro by 12,034.5% in the second quarter. Captrust Financial Advisors now owns 1,008,623 shares of the basic materials company’s stock worth $66,529,000 after purchasing an additional 1,000,311 shares during the period. Epoch Investment Partners Inc. acquired a new stake in Scotts Miracle-Gro during the first quarter worth about $50,058,000. Arrowstreet Capital Limited Partnership lifted its holdings in Scotts Miracle-Gro by 161.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,289,974 shares of the basic materials company’s stock worth $78,443,000 after buying an additional 795,970 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Scotts Miracle-Gro by 458.7% in the 2nd quarter. AQR Capital Management LLC now owns 822,743 shares of the basic materials company’s stock valued at $54,268,000 after acquiring an additional 675,493 shares during the period. Finally, Brandes Investment Partners LP raised its holdings in Scotts Miracle-Gro by 362.8% during the fourth quarter. Brandes Investment Partners LP now owns 737,546 shares of the basic materials company’s stock worth $43,036,000 after purchasing an additional 578,174 shares in the last quarter. 74.07% of the stock is owned by hedge funds and other institutional investors.

Scotts Miracle-Gro Company Profile

Scotts Miracle-Gro Company is a leading developer, manufacturer and distributor of consumer lawn and garden products. The firm serves both retail and professional customers through an array of branded offerings that include lawn fertilizers, grass seed, pest and disease control solutions, plant foods and specialty products for indoor and outdoor gardening. Its portfolio spans well-known names such as Scotts®, Miracle-Gro®, Ortho® and various hydroponic and specialty garden brands.

Headquartered in Marysville, Ohio, the company traces its roots to O.M.