Scotts Miracle-Gro (NYSE:SMG) Price Target Raised to $75.00 at Wells Fargo & Company

Scotts Miracle-Gro (NYSE:SMG) had its price target increased by equities researchers at Wells Fargo & Company from $72.00 to $75.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 7.96% from the company’s previous close.

Other analysts have also recently issued reports about the stock. UBS Group dropped their target price on shares of Scotts Miracle-Gro from $55.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Jefferies Financial Group raised shares of Scotts Miracle-Gro from a “hold” rating to a “buy” rating and dropped their target price for the stock from $72.00 to $69.00 in a report on Monday, April 7th. JPMorgan Chase & Co. dropped their target price on shares of Scotts Miracle-Gro from $80.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and increased their target price for the stock from $70.00 to $71.00 in a report on Monday, June 9th. Finally, Truist Financial increased their target price on shares of Scotts Miracle-Gro from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Scotts Miracle-Gro currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.17.

Scotts Miracle-Gro Price Performance

SMG opened at $69.47 on Wednesday. The stock has a market capitalization of $4.01 billion, a PE ratio of 138.94 and a beta of 2.01. The firm’s fifty day moving average price is $61.35 and its 200 day moving average price is $61.69. Scotts Miracle-Gro has a 12-month low of $45.61 and a 12-month high of $93.90.

Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, April 30th. The basic materials company reported $3.98 earnings per share for the quarter, beating the consensus estimate of $3.95 by $0.03. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.50 billion. Scotts Miracle-Gro had a net margin of 1.04% and a negative return on equity of 56.15%. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.69 earnings per share. On average, equities research analysts forecast that Scotts Miracle-Gro will post 3.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Scotts Miracle-Gro

Institutional investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. grew its position in Scotts Miracle-Gro by 21.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 3,819 shares of the basic materials company’s stock valued at $210,000 after buying an additional 685 shares in the last quarter. GAMMA Investing LLC grew its position in Scotts Miracle-Gro by 31.6% in the 1st quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock valued at $89,000 after buying an additional 388 shares in the last quarter. Sowell Financial Services LLC bought a new position in Scotts Miracle-Gro in the 1st quarter valued at about $226,000. SBI Securities Co. Ltd. bought a new position in Scotts Miracle-Gro in the 4th quarter valued at about $26,000. Finally, Norges Bank bought a new position in Scotts Miracle-Gro in the 4th quarter valued at about $9,684,000. 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.