Scotts Miracle-Gro (NYSE:SMG) Shares Up 6.7% – Still a Buy?

The Scotts Miracle-Gro Company (NYSE:SMG)’s share price shot up 6.7% during mid-day trading on Wednesday . The stock traded as high as $69.11 and last traded at $68.4470. 313,227 shares traded hands during trading, a decline of 66% from the average session volume of 920,675 shares. The stock had previously closed at $64.12.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Scotts Miracle-Gro in a research note on Monday, May 4th. Wells Fargo & Company boosted their target price on shares of Scotts Miracle-Gro from $72.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a report on Saturday, July 4th. UBS Group reiterated a “neutral” rating on shares of Scotts Miracle-Gro in a research note on Tuesday, June 23rd. Finally, Stifel Nicolaus cut their price objective on Scotts Miracle-Gro from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, June 8th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Scotts Miracle-Gro presently has a consensus rating of “Hold” and an average target price of $71.60.

Scotts Miracle-Gro Stock Up 5.3%

The company has a 50 day moving average price of $62.20 and a 200-day moving average price of $63.36. The company has a market cap of $3.93 billion, a price-to-earnings ratio of 37.79 and a beta of 1.81.

Scotts Miracle-Gro (NYSE:SMG) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $4.53 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the company earned $3.98 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. On average, analysts forecast that The Scotts Miracle-Gro Company will post 4.3 EPS for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

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

Institutional Trading of Scotts Miracle-Gro

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wedge Capital Management L L P NC raised its position in Scotts Miracle-Gro by 13.1% during the 2nd quarter. Wedge Capital Management L L P NC now owns 41,952 shares of the basic materials company’s stock worth $2,857,000 after purchasing an additional 4,843 shares during the last quarter. Abound Wealth Management grew its position in shares of Scotts Miracle-Gro by 49.6% in the 2nd quarter. Abound Wealth Management now owns 3,582 shares of the basic materials company’s stock valued at $244,000 after buying an additional 1,187 shares during the last quarter. Elevation Wealth Partners LLC increased its stake in shares of Scotts Miracle-Gro by 394.1% in the second quarter. Elevation Wealth Partners LLC now owns 751 shares of the basic materials company’s stock valued at $51,000 after buying an additional 599 shares during the period. GAMMA Investing LLC raised its position in shares of Scotts Miracle-Gro by 7.3% during the second quarter. GAMMA Investing LLC now owns 3,200 shares of the basic materials company’s stock worth $218,000 after acquiring an additional 218 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of Scotts Miracle-Gro by 1,130.7% in the second quarter. Versant Capital Management Inc now owns 1,686 shares of the basic materials company’s stock worth $115,000 after acquiring an additional 1,549 shares during the period. 74.07% of the stock is currently owned by institutional investors and hedge funds.

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.