Scotts Miracle-Gro (NYSE:SMG) Hits New 52-Week High After Analyst Upgrade

The Scotts Miracle-Gro Company (NYSE:SMG)’s share price hit a new 52-week high during mid-day trading on Monday after Stifel Nicolaus raised their price target on the stock from $75.00 to $81.00. Stifel Nicolaus currently has a hold rating on the stock. Scotts Miracle-Gro traded as high as $91.60 and last traded at $90.74, with a volume of 68462 shares traded. The stock had previously closed at $89.66.

SMG has been the topic of several other reports. Truist Financial lifted their target price on shares of Scotts Miracle-Gro from $65.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their price objective on shares of Scotts Miracle-Gro from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $85.25.

Insider Activity

In other news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were 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 approximately $965,232,321.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, major shareholder Hagedorn Partnership, L.P. sold 85,130 shares of the 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 owns 13,608,238 shares in the company, valued at approximately $965,232,321.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Nathan Eric Baxter sold 2,988 shares of Scotts Miracle-Gro stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $70.93, for a total transaction of $211,938.84. Following the completion of the sale, the chief operating officer now owns 37,920 shares of the company’s stock, valued at $2,689,665.60. 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 corporate insiders.

Hedge Funds Weigh In On Scotts Miracle-Gro

Several hedge funds have recently bought and sold shares of SMG. Bridges Investment Management Inc. bought a new stake in Scotts Miracle-Gro during the third quarter worth approximately $250,000. Capital Performance Advisors LLP acquired a new position in Scotts Miracle-Gro in the 3rd quarter valued at $44,000. Greenwood Capital Associates LLC raised its holdings in Scotts Miracle-Gro by 2.2% in the 3rd quarter. Greenwood Capital Associates LLC now owns 15,737 shares of the basic materials company’s stock worth $1,364,000 after acquiring an additional 342 shares during the period. Fernwood Investment Management LLC lifted its position in Scotts Miracle-Gro by 98.9% during the 3rd quarter. Fernwood Investment Management LLC now owns 10,055 shares of the basic materials company’s stock worth $872,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Scotts Miracle-Gro by 114.4% during the third quarter. Van ECK Associates Corp now owns 73,458 shares of the basic materials company’s stock valued at $6,361,000 after acquiring an additional 39,196 shares during the period. 74.07% of the stock is owned by institutional investors and hedge funds.

Scotts Miracle-Gro Stock Up 1.0 %

The company has a 50-day moving average price of $79.90 and a 200-day moving average price of $71.99. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of -19.24 and a beta of 1.76.

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.