Scotts Miracle-Gro (NYSE:SMG) Issues Earnings Results

Scotts Miracle-Gro (NYSE:SMG) issued its quarterly earnings data on Wednesday. The basic materials company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42, Briefing.com reports. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Scotts Miracle-Gro had a negative net margin of 10.14% and a negative return on equity of 20.97%. Scotts Miracle-Gro’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.17 earnings per share.

Scotts Miracle-Gro Stock Down 3.0 %

Scotts Miracle-Gro stock traded down $2.33 during midday trading on Thursday, hitting $76.27. 987,107 shares of the stock were exchanged, compared to its average volume of 839,874. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of -12.59 and a beta of 1.76. Scotts Miracle-Gro has a 52-week low of $43.67 and a 52-week high of $82.11. The business’s 50-day moving average price is $66.16 and its 200-day moving average price is $65.64.

Scotts Miracle-Gro Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 23rd will be paid a $0.66 dividend. The ex-dividend date is Friday, August 23rd. This represents a $2.64 annualized dividend and a dividend yield of 3.46%. Scotts Miracle-Gro’s payout ratio is -42.31%.

Wall Street Analyst Weigh In

SMG has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on Scotts Miracle-Gro from $70.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. StockNews.com raised shares of Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research report on Thursday, April 4th. Wells Fargo & Company increased their price objective on shares of Scotts Miracle-Gro from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Truist Financial lowered shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and boosted their price target for the company from $65.00 to $75.00 in a research note on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Scotts Miracle-Gro presently has an average rating of “Hold” and a consensus price target of $73.33.

Insiders Place Their Bets

In other Scotts Miracle-Gro news, Director Hagedorn Partnership, L.P. sold 31,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $69.67, for a total value of $2,159,770.00. Following the transaction, the director now owns 13,746,012 shares of the company’s stock, valued at $957,684,656.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 26.46% of the company’s stock.

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.