Stifel Nicolaus Upgrades Scotts Miracle-Gro (NYSE:SMG) to Buy

Scotts Miracle-Gro (NYSE:SMG) was upgraded by analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, MarketBeat.com reports. The brokerage currently has a $70.00 target price on the basic materials company’s stock, down from their prior target price of $78.00. Stifel Nicolaus’ price target indicates a potential upside of 25.34% from the stock’s previous close.

Several other equities research analysts also recently issued reports on SMG. Truist Financial lowered their price objective on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a research note on Friday, November 8th. Jefferies Financial Group started coverage on Scotts Miracle-Gro in a report on Monday, December 9th. They set a “hold” rating and a $72.00 price objective on the stock. UBS Group decreased their price objective on shares of Scotts Miracle-Gro from $77.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Wells Fargo & Company cut their price target on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. decreased their price target on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $74.00.

Scotts Miracle-Gro Price Performance

Shares of SMG opened at $55.85 on Tuesday. The company has a market capitalization of $3.21 billion, a PE ratio of -116.35 and a beta of 1.74. The company’s fifty day moving average price is $67.13 and its 200 day moving average price is $73.88. Scotts Miracle-Gro has a one year low of $55.68 and a one year high of $93.90.

Scotts Miracle-Gro (NYSE:SMG) last announced its earnings results on Wednesday, January 29th. The basic materials company reported ($0.89) earnings per share for the quarter, beating 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 quarter in the prior year, the business posted ($1.45) earnings per share. Analysts anticipate that Scotts Miracle-Gro will post 3.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO James Hagedorn sold 18,368 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $75.68, for a total transaction of $1,390,090.24. Following the sale, the chief executive officer now directly owns 87,426 shares in the company, valued at approximately $6,616,399.68. The trade was a 17.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Brian E. Sandoval sold 1,513 shares of the firm’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 transaction, the director now owns 13,039 shares of the company’s stock, valued at $858,748.54. This trade represents a 10.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,664 shares of company stock valued at $13,625,494. Corporate insiders own 25.37% of the company’s stock.

Institutional Investors Weigh In On Scotts Miracle-Gro

Several large investors have recently added to or reduced their stakes in the business. Atala Financial Inc bought a new position in Scotts Miracle-Gro in the 4th quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new position in shares of Scotts Miracle-Gro during the fourth quarter worth about $26,000. Farther Finance Advisors LLC increased its position in shares of Scotts Miracle-Gro by 427.0% in the third quarter. Farther Finance Advisors LLC now owns 332 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 269 shares during the last quarter. Tortoise Investment Management LLC raised its stake in Scotts Miracle-Gro by 77.3% in the fourth quarter. Tortoise Investment Management LLC now owns 516 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 225 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in Scotts Miracle-Gro by 68.3% during the fourth quarter. Blue Trust Inc. now owns 621 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 252 shares during the last quarter. Institutional investors own 74.07% of the company’s stock.

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.