Scotts Miracle-Gro Co (NYSE:SMG) Increases Dividend to $0.62 Per Share

Scotts Miracle-Gro Co (NYSE:SMG) announced a quarterly dividend on Thursday, July 30th, Wall Street Journal reports. Investors of record on Thursday, August 27th will be given a dividend of 0.62 per share by the basic materials company on Thursday, September 10th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend is Wednesday, August 26th. This is an increase from Scotts Miracle-Gro’s previous quarterly dividend of $0.58.

Scotts Miracle-Gro has raised its dividend payment by an average of 16.5% annually over the last three years and has raised its dividend every year for the last 10 years. Scotts Miracle-Gro has a payout ratio of 43.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Scotts Miracle-Gro to earn $6.05 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 38.3%.

NYSE SMG opened at $158.57 on Friday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.61 and a quick ratio of 1.32. The company’s 50 day simple moving average is $137.83 and its 200 day simple moving average is $123.79. Scotts Miracle-Gro has a 12 month low of $76.50 and a 12 month high of $167.46. The company has a market capitalization of $8.73 billion, a P/E ratio of 25.08 and a beta of 0.93.

Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, July 29th. The basic materials company reported $3.80 EPS for the quarter, topping analysts’ consensus estimates of $3.37 by $0.43. Scotts Miracle-Gro had a net margin of 8.71% and a return on equity of 45.36%. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm earned $3.11 EPS. The business’s revenue for the quarter was up 27.5% on a year-over-year basis. On average, analysts anticipate that Scotts Miracle-Gro will post 6.75 earnings per share for the current year.

In other Scotts Miracle-Gro news, EVP Ivan C. Smith sold 2,972 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $164.40, for a total value of $488,596.80. Following the completion of the sale, the executive vice president now directly owns 10,674 shares of the company’s stock, valued at $1,754,805.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Katherine Littlefield Hagedorn sold 3,077 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $131.08, for a total transaction of $403,333.16. Following the completion of the sale, the director now directly owns 5,980 shares of the company’s stock, valued at $783,858.40. The disclosure for this sale can be found here. Insiders have sold 250,442 shares of company stock worth $33,190,830 over the last ninety days. 28.20% of the stock is currently owned by insiders.

A number of research firms have recently issued reports on SMG. TheStreet upgraded shares of Scotts Miracle-Gro from a “c+” rating to a “b” rating in a report on Wednesday, May 6th. SunTrust Banks boosted their price target on shares of Scotts Miracle-Gro from $155.00 to $180.00 and gave the company a “buy” rating in a report on Thursday. Raymond James lowered shares of Scotts Miracle-Gro from a “strong-buy” rating to a “market perform” rating and set a $152.00 price target on the stock. in a report on Tuesday, May 26th. Finally, William Blair restated a “buy” rating on shares of Scotts Miracle-Gro in a report on Tuesday, June 9th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $128.50.

Scotts Miracle-Gro Company Profile

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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Dividend History for Scotts Miracle-Gro (NYSE:SMG)

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