Scotts Miracle-Gro (NYSE:SMG) Shares Gap Down – Here’s What Happened

The Scotts Miracle-Gro Company (NYSE:SMG) gapped down before the market opened on Monday . The stock had previously closed at $69.91, but opened at $65.06. Scotts Miracle-Gro shares last traded at $67.5720, with a volume of 105,584 shares traded.

Wall Street Analysts Forecast Growth

SMG has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Scotts Miracle-Gro in a report on Monday, May 4th. Jefferies Financial Group restated a “buy” rating and set a $79.00 price objective on shares of Scotts Miracle-Gro in a research note on Wednesday, April 29th. UBS Group reissued a “neutral” rating on shares of Scotts Miracle-Gro in a research report on Tuesday, June 23rd. Wells Fargo & Company reduced their price target on Scotts Miracle-Gro from $75.00 to $72.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. lowered Scotts Miracle-Gro from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $70.00 to $67.00 in a report on Thursday, March 26th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.67.

Scotts Miracle-Gro Stock Performance

The company’s 50 day moving average is $61.65 and its 200 day moving average is $62.57. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 37.74 and a beta of 1.84.

Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, April 29th. The basic materials company reported $4.53 earnings per share 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 business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the company earned $3.98 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts anticipate that The Scotts Miracle-Gro Company will post 4.36 earnings per share for the current fiscal year.

Scotts Miracle-Gro Announces Dividend

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

Hedge Funds Weigh In On Scotts Miracle-Gro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors lifted its position in shares of Scotts Miracle-Gro by 12,034.5% during the 2nd quarter. Captrust Financial Advisors now owns 1,008,623 shares of the basic materials company’s stock valued at $66,529,000 after acquiring an additional 1,000,311 shares during the period. Epoch Investment Partners Inc. bought a new stake in Scotts Miracle-Gro during the first quarter worth about $50,058,000. Arrowstreet Capital Limited Partnership grew its stake in Scotts Miracle-Gro by 161.1% during the first 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 grew its stake in Scotts Miracle-Gro by 458.7% during the second 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 increased its holdings in Scotts Miracle-Gro by 362.8% in the 4th quarter. Brandes Investment Partners LP now owns 737,546 shares of the basic materials company’s stock valued at $43,036,000 after buying an additional 578,174 shares during the period. 74.07% of the stock is 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.