Brokers Offer Predictions for The Scotts Miracle-Gro Company’s FY2024 Earnings (NYSE:SMG)

The Scotts Miracle-Gro Company (NYSE:SMG) – William Blair decreased their FY2024 EPS estimates for Scotts Miracle-Gro in a report issued on Wednesday, May 1st. William Blair analyst J. Andersen now anticipates that the basic materials company will post earnings per share of $2.65 for the year, down from their prior forecast of $2.75. The consensus estimate for Scotts Miracle-Gro’s current full-year earnings is $2.65 per share. William Blair also issued estimates for Scotts Miracle-Gro’s FY2025 earnings at $3.48 EPS.

A number of other research analysts have also recently weighed in on the stock. Truist Financial cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and lifted their price target for the company from $65.00 to $75.00 in a research report on Friday, April 5th. JPMorgan Chase & Co. increased their price target on Scotts Miracle-Gro from $70.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Wells Fargo & Company reduced their price objective on Scotts Miracle-Gro from $85.00 to $83.00 and set an “overweight” rating on the stock in a research note on Thursday. Raymond James reiterated a “market perform” rating on shares of Scotts Miracle-Gro in a research note on Monday, March 25th. Finally, Stifel Nicolaus boosted their price target on Scotts Miracle-Gro from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Monday, March 4th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Scotts Miracle-Gro has an average rating of “Hold” and a consensus target price of $72.57.

Scotts Miracle-Gro Stock Performance

Shares of NYSE:SMG opened at $70.54 on Friday. The stock has a 50-day simple moving average of $69.06 and a 200-day simple moving average of $61.11. The stock has a market capitalization of $4.00 billion, a P/E ratio of -11.30 and a beta of 1.70. Scotts Miracle-Gro has a 1 year low of $43.67 and a 1 year high of $77.95.

Scotts Miracle-Gro (NYSE:SMG) last posted its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.33 by $0.36. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.50 billion. Scotts Miracle-Gro had a negative return on equity of 20.97% and a negative net margin of 10.14%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.78 earnings per share.

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of hedge funds have recently bought and sold shares of SMG. Nordea Investment Management AB grew its position in shares of Scotts Miracle-Gro by 151.4% in the 4th quarter. Nordea Investment Management AB now owns 194,791 shares of the basic materials company’s stock worth $12,576,000 after acquiring an additional 117,314 shares in the last quarter. Cullen Investment Group LTD. acquired a new position in Scotts Miracle-Gro in the fourth quarter worth $823,000. Brandes Investment Partners LP increased its stake in Scotts Miracle-Gro by 126.7% during the third quarter. Brandes Investment Partners LP now owns 63,435 shares of the basic materials company’s stock valued at $3,278,000 after purchasing an additional 35,456 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of Scotts Miracle-Gro during the fourth quarter worth $746,000. Finally, Wedge Capital Management L L P NC lifted its position in shares of Scotts Miracle-Gro by 45.7% in the 4th quarter. Wedge Capital Management L L P NC now owns 59,760 shares of the basic materials company’s stock worth $3,810,000 after buying an additional 18,756 shares during the last quarter. 74.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Scotts Miracle-Gro

In other news, Director Stephen L. Johnson sold 1,394 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $57.35, for a total transaction of $79,945.90. Following the completion of the transaction, the director now directly owns 22,918 shares in the company, valued at approximately $1,314,347.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Stephen L. Johnson sold 1,394 shares of Scotts Miracle-Gro stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $57.35, for a total value of $79,945.90. Following the completion of the sale, the director now owns 22,918 shares in the company, valued at $1,314,347.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Hagedorn Partnership, L.P. sold 15,000 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $58.40, for a total transaction of $876,000.00. Following the transaction, the insider now owns 13,881,368 shares in the company, valued at $810,671,891.20. The disclosure for this sale can be found here. Insiders sold a total of 102,750 shares of company stock worth $6,604,492 in the last 90 days. 26.46% of the stock is owned by corporate insiders.

Scotts Miracle-Gro Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend is Thursday, May 23rd. Scotts Miracle-Gro’s dividend payout ratio is currently -42.31%.

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.