Scotts Miracle-Gro Co (NYSE:SMG) announced a quarterly dividend on Thursday, August 1st, Zacks reports. Shareholders of record on Tuesday, August 27th will be paid a dividend of 0.58 per share by the basic materials company on Tuesday, September 10th. This represents a $2.32 annualized dividend and a yield of 2.25%. The ex-dividend date is Monday, August 26th. This is an increase from Scotts Miracle-Gro’s previous quarterly dividend of $0.55.
Scotts Miracle-Gro has increased its dividend by an average of 5.5% annually over the last three years and has increased its dividend every year for the last 9 years. Scotts Miracle-Gro has a payout ratio of 61.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Scotts Miracle-Gro to earn $4.89 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 47.4%.
Shares of NYSE SMG opened at $102.98 on Friday. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.45 and a quick ratio of 0.90. The stock has a market capitalization of $6.18 billion, a P/E ratio of 24.17, a price-to-earnings-growth ratio of 2.24 and a beta of 0.86. Scotts Miracle-Gro has a 1-year low of $57.96 and a 1-year high of $114.63. The business has a fifty day moving average price of $105.81 and a 200 day moving average price of $90.76.
Several research firms have issued reports on SMG. Bank of America set a $96.00 target price on Scotts Miracle-Gro and gave the stock a “sell” rating in a research note on Wednesday, July 31st. TheStreet raised Scotts Miracle-Gro from a “c” rating to a “b” rating in a research note on Wednesday, May 1st. ValuEngine raised Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a research note on Thursday, May 30th. Finally, SunTrust Banks lifted their price objective on Scotts Miracle-Gro to $120.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $87.42.
In other news, Director Thomas N. Kelly, Jr. sold 6,167 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $111.91, for a total value of $690,148.97. Following the completion of the transaction, the director now owns 18,811 shares in the company, valued at $2,105,139.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen L. Johnson sold 1,145 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $110.00, for a total transaction of $125,950.00. Following the completion of the transaction, the director now owns 19,075 shares of the company’s stock, valued at approximately $2,098,250. The disclosure for this sale can be found here. Insiders sold 792,310 shares of company stock valued at $86,691,260 in the last quarter. Corporate insiders own 30.37% of the company’s stock.
About Scotts Miracle-Gro
The Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden products in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It offers lawn care products, such as lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products.
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