Scotts Miracle-Gro (NYSE:SMG) Given New $80.00 Price Target at Wells Fargo & Company

Scotts Miracle-Gro (NYSE:SMG) had its price objective dropped by investment analysts at Wells Fargo & Company from $85.00 to $80.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 19.17% from the company’s previous close.

Several other equities research analysts have also commented on the stock. UBS Group reduced their price target on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Truist Financial decreased their price target on shares of Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating on the stock in a research report on Friday, November 8th. Stifel Nicolaus boosted their price objective on shares of Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. decreased their target price on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Finally, Jefferies Financial Group started coverage on Scotts Miracle-Gro in a report on Monday, December 9th. They set a “hold” rating and a $72.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $76.67.

Scotts Miracle-Gro Stock Down 0.3 %

SMG traded down $0.17 during mid-day trading on Tuesday, reaching $67.13. 43,037 shares of the company traded hands, compared to its average volume of 400,388. The stock has a market capitalization of $3.86 billion, a P/E ratio of -97.29 and a beta of 1.73. Scotts Miracle-Gro has a 52-week low of $53.43 and a 52-week high of $93.90. The company’s fifty day moving average price is $74.55 and its 200-day moving average price is $73.94.

Insider Buying and Selling

In other Scotts Miracle-Gro news, major shareholder Hagedorn Partnership, L.P. sold 28,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $75.91, for a total transaction of $2,125,480.00. Following the completion of the transaction, the insider now owns 13,553,774 shares in the company, valued at $1,028,866,984.34. This trade represents a 0.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Nathan Eric Baxter sold 11,359 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $75.37, for a total value of $856,127.83. Following the sale, the chief operating officer now directly owns 51,631 shares in the company, valued at $3,891,428.47. This trade represents a 18.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,227 shares of company stock worth $4,410,268. 25.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Scotts Miracle-Gro

Several large investors have recently bought and sold shares of SMG. Nordea Investment Management AB grew its stake in shares of Scotts Miracle-Gro by 4.6% in the 4th quarter. Nordea Investment Management AB now owns 219,532 shares of the basic materials company’s stock worth $14,439,000 after buying an additional 9,684 shares in the last quarter. GAMMA Investing LLC grew its position in Scotts Miracle-Gro by 112.8% in the fourth quarter. GAMMA Investing LLC now owns 1,226 shares of the basic materials company’s stock worth $81,000 after acquiring an additional 650 shares in the last quarter. Franklin Resources Inc. increased its stake in Scotts Miracle-Gro by 13.9% during the third quarter. Franklin Resources Inc. now owns 58,918 shares of the basic materials company’s stock worth $5,171,000 after acquiring an additional 7,206 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Scotts Miracle-Gro during the third quarter valued at approximately $44,000. Finally, Anchor Investment Management LLC lifted its stake in shares of Scotts Miracle-Gro by 5,300.0% in the 3rd quarter. Anchor Investment Management LLC now owns 702 shares of the basic materials company’s stock valued at $61,000 after purchasing an additional 689 shares during the last quarter. 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.