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

The Scotts Miracle-Gro Company (NYSE:SMGGet Rating) announced a quarterly dividend on Monday, January 23rd, Zacks reports. Shareholders of record on Friday, February 24th will be given a dividend of 0.66 per share by the basic materials company on Friday, March 10th. This represents a $2.64 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date is Thursday, February 23rd.

Scotts Miracle-Gro has increased its dividend payment by an average of 5.3% annually over the last three years. Scotts Miracle-Gro has a dividend payout ratio of 58.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Scotts Miracle-Gro to earn $4.60 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 57.4%.

Scotts Miracle-Gro Stock Down 2.8 %

Scotts Miracle-Gro stock opened at $62.34 on Wednesday. The company has a market capitalization of $3.46 billion, a P/E ratio of -7.85 and a beta of 1.49. The firm’s fifty day simple moving average is $54.27 and its 200-day simple moving average is $59.84. The company has a current ratio of 2.06, a quick ratio of 0.66 and a debt-to-equity ratio of 19.13. Scotts Miracle-Gro has a 1-year low of $39.06 and a 1-year high of $156.00.

Scotts Miracle-Gro (NYSE:SMGGet Rating) last released its quarterly earnings results on Wednesday, November 2nd. The basic materials company reported ($2.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.02) by ($0.02). The business had revenue of $493.60 million for the quarter, compared to the consensus estimate of $527.42 million. Scotts Miracle-Gro had a negative net margin of 11.15% and a positive return on equity of 38.78%. Sell-side analysts forecast that Scotts Miracle-Gro will post 3.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SMG shares. Truist Financial cut their price target on shares of Scotts Miracle-Gro from $85.00 to $50.00 in a report on Thursday, November 3rd. Barclays upgraded shares of Scotts Miracle-Gro from an “equal weight” rating to an “overweight” rating and set a $75.00 price target on the stock in a report on Tuesday, November 8th. Raymond James lowered their target price on shares of Scotts Miracle-Gro from $100.00 to $56.00 and set a “strong-buy” rating on the stock in a research note on Thursday, November 3rd. JPMorgan Chase & Co. lowered their target price on shares of Scotts Miracle-Gro from $80.00 to $45.00 and set a “neutral” rating on the stock in a research note on Thursday, November 3rd. Finally, Wells Fargo & Company lowered their target price on shares of Scotts Miracle-Gro from $75.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $58.57.

Insiders Place Their Bets

In other Scotts Miracle-Gro news, Director Peter E. Shumlin sold 750 shares of the firm’s stock in a transaction on Friday, November 18th. The shares were sold at an average price of $56.94, for a total value of $42,705.00. Following the sale, the director now directly owns 11,385 shares in the company, valued at approximately $648,261.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Peter E. Shumlin sold 750 shares of Scotts Miracle-Gro stock in a transaction dated Friday, November 18th. The shares were sold at an average price of $56.94, for a total transaction of $42,705.00. Following the sale, the director now directly owns 11,385 shares in the company, valued at approximately $648,261.90. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Hagedorn Partnership, L.P. sold 77,691 shares of Scotts Miracle-Gro stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $57.59, for a total transaction of $4,474,224.69. Following the sale, the director now owns 14,472,222 shares in the company, valued at $833,455,264.98. The disclosure for this sale can be found here. Insiders have sold 195,842 shares of company stock worth $11,174,189 in the last ninety days. Insiders own 27.28% of the company’s stock.

Institutional Trading of Scotts Miracle-Gro

Several institutional investors have recently made changes to their positions in SMG. Vanguard Group Inc. lifted its holdings in Scotts Miracle-Gro by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 4,249,815 shares of the basic materials company’s stock valued at $181,680,000 after purchasing an additional 44,071 shares during the last quarter. BlackRock Inc. lifted its holdings in Scotts Miracle-Gro by 1.9% during the 3rd quarter. BlackRock Inc. now owns 3,575,124 shares of the basic materials company’s stock valued at $152,837,000 after purchasing an additional 67,591 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Scotts Miracle-Gro by 26.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,661,229 shares of the basic materials company’s stock valued at $131,220,000 after purchasing an additional 347,852 shares during the last quarter. State Street Corp lifted its holdings in Scotts Miracle-Gro by 0.6% during the 3rd quarter. State Street Corp now owns 1,203,846 shares of the basic materials company’s stock valued at $51,464,000 after purchasing an additional 6,659 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Scotts Miracle-Gro by 8.2% during the 1st quarter. Northern Trust Corp now owns 727,489 shares of the basic materials company’s stock valued at $89,454,000 after purchasing an additional 55,352 shares during the last quarter. 68.98% of the stock is currently owned by institutional investors and hedge funds.

About Scotts Miracle-Gro

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The Scotts Miracle-Gro Company is involved in the manufacture, marketing, and sale of 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, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products; gardening and landscape products comprising water-soluble and continuous-release plant foods, potting mixes and garden soils, mulch and decorative groundcover products, plant-related pest and disease control products, organic garden products, and live goods and seeding solutions.

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

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