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

Scotts Miracle-Gro (NYSE: SMG – Get a Grade) had its price target reduced by Wells Fargo & Company stock analysts from $85.00 to $75.00 in a research note released Thursday to investors, reports The Fly. Wells Fargo & Company’s price target suggests a potential upside of 12.02% from the stock’s previous close.

SMG has been the subject of several other research reports. StockNews.com downgraded Scotts Miracle-Gro from a “hold” rating to a “sell” rating in a Saturday, May 21 report. Raymond James cut his price target on Scotts Miracle-Gro from $110.00 to $100.00 and set a “Strong Buy” rating for the company in a Thursday, August 4, report. JPMorgan Chase & Co. downgraded Scotts Miracle-Gro from an ‘overweight’ rating to a ‘neutral’ rating and cut its price target for the stock from $130.00 to $95.00 in a Thursday report June 9. UBS Group lowered its price target on Scotts Miracle-Gro from $92.00 to $86.00 and set a “neutral” rating on the stock in a Wednesday, Aug. 3 research report. Finally, Stifel Nicolaus lowered his target price on Scotts Miracle-Gro from $116.00 to $93.00 in a Tuesday, June 14 research report. One analyst assigned the stock a sell rating, six assigned a hold rating, one assigned a buy rating and one assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $112.63.

Scotts Miracle-Gro is trading down 2.7%

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NYSE SMG shares opened at $66.95 on Thursday. The company’s 50-day moving average price is $80.65 and its 200-day moving average price is $100.81. The company has a market capitalization of $3.71 billion, a PE ratio of -13.86 and a beta of 1.24. Scotts Miracle-Gro has a 52-week minimum of $66.90 and a 52-week maximum of $180.43. The company has a debt ratio of 7.55, a quick ratio of 1.10 and a current ratio of 2.42.

Scotts Miracle-Gro (NYSE:SMG – Get Rating) last reported results on Wednesday, August 3. The basic materials company reported earnings per share (EPS) of $1.98 for the quarter, beating the consensus estimate of $1.70 by $0.28. The company posted revenue of $1.19 billion for the quarter, versus a consensus estimate of $1.23 billion. Scotts Miracle-Gro had a negative net margin of 6.36% and a positive return on equity of 36.80%. The company’s revenue was down 26.3% year over year. In the same quarter a year earlier, the company posted earnings of $3.98 per share. On average, equity research analysts expect Scotts Miracle-Gro to post 4.11 EPS for the current fiscal year.

Institutional investors weigh in on Scotts Miracle-Gro

Several large investors have recently increased or reduced their stake in SMG. Joseph Group Capital Management bought a new position in shares of Scotts Miracle-Gro during the fourth quarter valued at approximately $798,000. Confluence Wealth Services Inc. bought a new position in shares of Scotts Miracle-Gro during the fourth quarter worth $26,000. Whittier Trust Co. of Nevada Inc. increased its holdings of Scotts Miracle-Gro shares by 84.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 212 shares of the basic materials company valued at $26,000 after acquiring 97 additional shares in the last quarter. The Canada Pension Plan Investment Board bought a new stake in shares of Scotts Miracle-Gro in the first quarter valued at around $27,000. Finally, Ellevest Inc. increased its equity stake in Scotts Miracle-Gro to 74.7% in the first quarter. Ellevest Inc. now owns 276 shares of the basic materials company valued at $34,000 after acquiring 118 more shares last quarter. 66.81% of the shares are held by institutional investors.

Scotts Miracle-Gro Company Profile

(Get a rating)

The Scotts Miracle-Gro Company is engaged in the manufacture, marketing and sale of products for the care of lawns, gardens and indoor and hydroponic gardening in the United States and around the world. The Company operates through three segments: American Consumer, Hawthorne and Others. It provides lawn care products including lawn fertilizers, grass seed products, spreaders, other durable products and outdoor cleaners, as well as weed, pest and weed control products. lawn-related diseases; gardening and landscaping products include water-soluble and time-release plant foods, potting mixes and garden soils, mulch and decorative ground cover products, weed control products plant pests and diseases, organic garden products and live products and seeding solutions.

Further reading

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Analyst Recommendations for Scotts Miracle-Gro (NYSE: SMG)

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