Scotts Miracle-Gro Co (NYSE:SMG) announced a quarterly dividend on Thursday, July 30th, Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Wednesday, August 26th. This is a boost from Scotts Miracle-Gro’s previous quarterly dividend of $0.58.
Scotts Miracle-Gro has increased its dividend by an average of 16.5% per year over the last three years and has increased its dividend annually for the last 10 consecutive 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%.
SMG stock opened at $158.57 on Friday. The company’s 50 day simple moving average is $137.83 and its 200-day simple moving average is $123.79. The firm has a market capitalization of $8.73 billion, a PE ratio of 25.08 and a beta of 0.93. Scotts Miracle-Gro has a 12 month low of $76.50 and a 12 month high of $167.46. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.61 and a quick ratio of 1.32.
Scotts Miracle-Gro (NYSE:SMG) last released its quarterly earnings results on Wednesday, July 29th. The basic materials company reported $3.80 EPS for the quarter, beating the consensus estimate of $3.37 by $0.43. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.33 billion. Scotts Miracle-Gro had a net margin of 8.71% and a return on equity of 45.36%. The company’s quarterly revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the business earned $3.11 earnings per share. As a group, sell-side analysts anticipate that Scotts Miracle-Gro will post 6.75 earnings per share for the current year.
A number of analysts recently issued reports on the stock. Raymond James lowered shares of Scotts Miracle-Gro from a “strong-buy” rating to a “market perform” rating and set a $152.00 target price on the stock. in a research report on Tuesday, May 26th. SunTrust Banks raised their target price on shares of Scotts Miracle-Gro from $155.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday. William Blair reiterated a “buy” rating on shares of Scotts Miracle-Gro in a report on Tuesday, June 9th. Finally, TheStreet upgraded shares of Scotts Miracle-Gro from a “c+” rating to a “b” rating in a report on Wednesday, May 6th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $128.50.
In other news, EVP Ivan C. Smith sold 2,972 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 10,674 shares of the company’s stock, valued at approximately $1,754,805.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Hagedorn Partnership, L.P. sold 9,500 shares of the firm’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $130.24, for a total transaction of $1,237,280.00. Following the completion of the transaction, the insider now directly owns 14,689,321 shares in the company, valued at approximately $1,913,137,167.04. The disclosure for this sale can be found here. In the last three months, insiders sold 250,442 shares of company stock worth $33,190,830. Insiders own 28.20% of the company’s stock.
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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