Scotts Miracle-Gro (NYSE:SMG) Sets New 1-Year Low at $51.70

The Scotts Miracle-Gro Company (NYSE:SMGGet Rating) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $51.70 and last traded at $53.17, with a volume of 19039 shares changing hands. The stock had previously closed at $52.92.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Stifel Nicolaus dropped their price objective on Scotts Miracle-Gro from $116.00 to $93.00 in a report on Tuesday, June 14th. UBS Group dropped their price objective on Scotts Miracle-Gro from $92.00 to $86.00 and set a “neutral” rating on the stock in a report on Wednesday, August 3rd. Raymond James lowered their price target on Scotts Miracle-Gro from $110.00 to $100.00 and set a “strong-buy” rating on the stock in a research note on Thursday, August 4th. Truist Financial lowered Scotts Miracle-Gro from a “buy” rating to a “hold” rating and lowered their price target for the stock from $185.00 to $85.00 in a research note on Wednesday, June 8th. Finally, Wells Fargo & Company lowered their price target on Scotts Miracle-Gro from $85.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $92.00.

Scotts Miracle-Gro Trading Down 0.6 %

The stock has a 50 day simple moving average of $72.90 and a two-hundred day simple moving average of $91.83. The company has a debt-to-equity ratio of 7.55, a quick ratio of 1.10 and a current ratio of 2.42.

Scotts Miracle-Gro (NYSE:SMGGet Rating) last released its quarterly earnings data on Wednesday, August 3rd. The basic materials company reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.28. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.23 billion. Scotts Miracle-Gro had a positive return on equity of 36.80% and a negative net margin of 6.36%. The firm’s revenue for the quarter was down 26.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.98 earnings per share. Equities analysts anticipate that The Scotts Miracle-Gro Company will post 4.11 EPS for the current year.

Scotts Miracle-Gro Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 26th were paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date was Thursday, August 25th. Scotts Miracle-Gro’s dividend payout ratio (DPR) is currently -54.66%.

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMG. Vanguard Group Inc. raised its position in Scotts Miracle-Gro by 0.3% in the first quarter. Vanguard Group Inc. now owns 4,159,852 shares of the basic materials company’s stock valued at $511,495,000 after purchasing an additional 14,104 shares during the period. BlackRock Inc. raised its position in Scotts Miracle-Gro by 1.2% in the first quarter. BlackRock Inc. now owns 3,546,641 shares of the basic materials company’s stock valued at $436,095,000 after purchasing an additional 42,423 shares during the period. First Eagle Investment Management LLC raised its position in Scotts Miracle-Gro by 49.1% in the first quarter. First Eagle Investment Management LLC now owns 1,756,020 shares of the basic materials company’s stock valued at $215,920,000 after purchasing an additional 578,316 shares during the period. Price T Rowe Associates Inc. MD raised its position in Scotts Miracle-Gro by 26.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 1,661,229 shares of the basic materials company’s stock valued at $131,220,000 after purchasing an additional 347,852 shares during the period. Finally, Earnest Partners LLC raised its position in Scotts Miracle-Gro by 1.7% in the first quarter. Earnest Partners LLC now owns 1,363,627 shares of the basic materials company’s stock valued at $167,672,000 after purchasing an additional 22,537 shares during the period. Institutional investors and hedge funds own 66.81% of the company’s stock.

About Scotts Miracle-Gro

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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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