Scotts Miracle-Gro (NYSE:SMG) Reaches New 52-Week High – What’s Next?

The Scotts Miracle-Gro Company (NYSE:SMG) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $74.11 and last traded at $74.2640, with a volume of 130692 shares changing hands. The stock had previously closed at $67.99.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Wall Street Zen raised Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. Wells Fargo & Company boosted their price target on Scotts Miracle-Gro from $72.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 8th. Stifel Nicolaus cut their price objective on shares of Scotts Miracle-Gro from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, June 8th. JPMorgan Chase & Co. lowered shares of Scotts Miracle-Gro from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $70.00 to $67.00 in a research report on Thursday, March 26th. Finally, UBS Group restated a “neutral” rating on shares of Scotts Miracle-Gro in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Scotts Miracle-Gro presently has an average rating of “Hold” and a consensus target price of $71.60.

Scotts Miracle-Gro Stock Performance

The firm has a market cap of $4.36 billion, a price-to-earnings ratio of 41.77 and a beta of 1.81. The business’s 50 day moving average price is $62.30 and its 200 day moving average price is $63.43.

Scotts Miracle-Gro (NYSE:SMG) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $4.53 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the business posted $3.98 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. Sell-side analysts anticipate that The Scotts Miracle-Gro Company will post 4.3 earnings per share for the current fiscal year.

Scotts Miracle-Gro Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were given a $0.66 dividend. The ex-dividend date was Friday, May 22nd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.5%. Scotts Miracle-Gro’s dividend payout ratio is 147.49%.

Institutional Investors Weigh In On Scotts Miracle-Gro

Institutional investors have recently modified their holdings of the business. Captrust Financial Advisors raised its holdings in Scotts Miracle-Gro by 12,034.5% in the 2nd quarter. Captrust Financial Advisors now owns 1,008,623 shares of the basic materials company’s stock worth $66,529,000 after purchasing an additional 1,000,311 shares during the period. Epoch Investment Partners Inc. acquired a new stake in Scotts Miracle-Gro in the 1st quarter worth about $50,058,000. Arrowstreet Capital Limited Partnership increased its stake in Scotts Miracle-Gro by 161.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,289,974 shares of the basic materials company’s stock worth $78,443,000 after buying an additional 795,970 shares in the last quarter. AQR Capital Management LLC increased its stake in Scotts Miracle-Gro by 458.7% during the 2nd quarter. AQR Capital Management LLC now owns 822,743 shares of the basic materials company’s stock worth $54,268,000 after buying an additional 675,493 shares in the last quarter. Finally, Brandes Investment Partners LP raised its holdings in shares of Scotts Miracle-Gro by 362.8% during the fourth quarter. Brandes Investment Partners LP now owns 737,546 shares of the basic materials company’s stock valued at $43,036,000 after acquiring an additional 578,174 shares during the last quarter. 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.