Scotts Miracle-Gro (NYSE:SMG) Rating Lowered to Equal Weight at Wells Fargo & Company

Scotts Miracle-Gro (NYSE:SMGGet Rating) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, Marketbeat reports. They currently have a $85.00 price objective on the basic materials company’s stock, down from their previous price objective of $115.00. Wells Fargo & Company‘s price objective would suggest a potential upside of 7.85% from the stock’s previous close.

Several other research firms also recently commented on SMG. Stifel Nicolaus dropped their price objective on shares of Scotts Miracle-Gro from $116.00 to $93.00 in a report on Tuesday, June 14th. JPMorgan Chase & Co. downgraded shares of Scotts Miracle-Gro from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $130.00 to $95.00 in a report on Thursday, June 9th. Truist Financial downgraded shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and lowered their price target for the company from $185.00 to $85.00 in a report on Wednesday, June 8th. Barclays downgraded shares of Scotts Miracle-Gro from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $150.00 to $110.00 in a report on Thursday, April 21st. Finally, StockNews.com downgraded shares of Scotts Miracle-Gro from a “hold” rating to a “sell” rating in a report on Saturday, May 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $119.29.

SMG opened at $78.81 on Wednesday. The firm has a 50-day simple moving average of $96.34 and a two-hundred day simple moving average of $125.52. Scotts Miracle-Gro has a 52 week low of $72.58 and a 52 week high of $193.90. The company has a market capitalization of $4.37 billion, a PE ratio of 11.07 and a beta of 1.19. The company has a quick ratio of 1.13, a current ratio of 2.21 and a debt-to-equity ratio of 3.44.

Scotts Miracle-Gro (NYSE:SMGGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The basic materials company reported $5.03 EPS for the quarter, beating the consensus estimate of $4.69 by $0.34. Scotts Miracle-Gro had a net margin of 8.81% and a return on equity of 42.22%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm earned $5.64 EPS. The business’s revenue was down 8.2% on a year-over-year basis. As a group, sell-side analysts expect that Scotts Miracle-Gro will post 4.73 earnings per share for the current year.

In other Scotts Miracle-Gro news, CEO James Hagedorn sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $97.74, for a total value of $5,864,400.00. Following the completion of the sale, the chief executive officer now directly owns 261,816 shares in the company, valued at $25,589,895.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen L. Johnson sold 2,305 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $113.36, for a total transaction of $261,294.80. Following the completion of the sale, the director now owns 20,233 shares of the company’s stock, valued at $2,293,612.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,805 shares of company stock worth $7,848,045. 27.31% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Ellevest Inc. lifted its stake in shares of Scotts Miracle-Gro by 177.2% during the fourth quarter. Ellevest Inc. now owns 158 shares of the basic materials company’s stock worth $25,000 after buying an additional 101 shares during the period. Confluence Wealth Services Inc. acquired a new stake in shares of Scotts Miracle-Gro during the fourth quarter worth $26,000. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Scotts Miracle-Gro by 84.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 212 shares of the basic materials company’s stock worth $26,000 after buying an additional 97 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Scotts Miracle-Gro during the first quarter worth $27,000. Finally, Tcwp LLC acquired a new stake in shares of Scotts Miracle-Gro during the first quarter worth $41,000. Institutional investors own 62.23% of the company’s stock.

About Scotts Miracle-Gro (Get Rating)

The Scotts Miracle-Gro Company engages in the manufacture, marketing, and sale of products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It provides lawn care products comprising lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products; gardening and landscape products include water-soluble and continuous-release plant foods, potting mixes and garden soils, mulch and decorative groundcover products, plant-related pest and disease control products, organic garden products, and lives goods and seeding solutions.

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