The Scotts Miracle-Gro Company (NYSE:SMG) Announces Quarterly Dividend of $0.66

The Scotts Miracle-Gro Company (NYSE:SMG) announced a quarterly dividend on Wednesday, November 3rd, Wall Street Journal reports. Shareholders of record on Monday, November 29th will be paid a dividend of 0.66 per share by the basic materials company on Friday, December 10th. This represents a $2.64 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend is Friday, November 26th.

Scotts Miracle-Gro has raised its dividend payment by 16.5% over the last three years and has increased its dividend annually for the last 12 consecutive years. Scotts Miracle-Gro has a dividend payout ratio of 30.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Scotts Miracle-Gro to earn $9.43 per share next year, which means the company should continue to be able to cover its $2.64 annual dividend with an expected future payout ratio of 28.0%.

SMG stock opened at $165.08 on Thursday. Scotts Miracle-Gro has a twelve month low of $139.20 and a twelve month high of $254.34. The company has a current ratio of 1.77, a quick ratio of 0.79 and a debt-to-equity ratio of 2.21. The company has a market capitalization of $9.21 billion, a P/E ratio of 18.47 and a beta of 1.13. The firm has a 50 day simple moving average of $153.88 and a 200-day simple moving average of $173.57.

Scotts Miracle-Gro (NYSE:SMG) last released its quarterly earnings results on Wednesday, November 3rd. The basic materials company reported ($0.82) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.02. Scotts Miracle-Gro had a net margin of 10.41% and a return on equity of 56.20%. The business had revenue of $737.80 million during the quarter, compared to the consensus estimate of $695.38 million. During the same quarter last year, the company earned $0.06 earnings per share. The business’s quarterly revenue was down 17.1% compared to the same quarter last year. On average, research analysts predict that Scotts Miracle-Gro will post 8.5 EPS for the current year.

A hedge fund recently raised its stake in Scotts Miracle-Gro stock. Morgan Stanley raised its position in The Scotts Miracle-Gro Company (NYSE:SMG) by 61.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 378,698 shares of the basic materials company’s stock after purchasing an additional 144,478 shares during the quarter. Morgan Stanley owned about 0.68% of Scotts Miracle-Gro worth $72,680,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 61.65% of the company’s stock.

A number of equities analysts have commented on the stock. Truist decreased their price objective on shares of Scotts Miracle-Gro from $250.00 to $225.00 and set a “buy” rating for the company in a report on Tuesday, September 28th. Barclays assumed coverage on shares of Scotts Miracle-Gro in a report on Thursday, November 18th. They issued an “overweight” rating and a $205.00 price objective for the company. Truist Securities decreased their price objective on shares of Scotts Miracle-Gro from $250.00 to $225.00 and set a “buy” rating for the company in a report on Tuesday, September 28th. Raymond James lowered their price target on shares of Scotts Miracle-Gro from $230.00 to $200.00 and set a “strong-buy” rating for the company in a research report on Wednesday, September 15th. Finally, Berenberg Bank reiterated a “buy” rating and issued a $257.00 price objective on shares of Scotts Miracle-Gro in a research report on Wednesday, September 1st. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $225.00.

About Scotts Miracle-Gro

Scotts Miracle-Gro Co engages in the manufacture, marketing, and distribution of systems and accessories for hydroponic gardening. It operates through the following segments: U.S. Consumer, Hawthorne, and Other. The U.S. Consumer segment consists of consumer lawn and garden business. The Hawthorn segment includes indoor, urban, and hydroponic gardening business.

Further Reading: 12b-1 Fees

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

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