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

The Scotts Miracle-Gro Company (NYSE:SMGGet Rating) declared a quarterly dividend on Friday, November 4th, Wall Street Journal reports. Stockholders of record on Monday, November 28th will be paid a dividend of 0.66 per share by the basic materials company on Friday, December 9th. This represents a $2.64 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Friday, November 25th.

Scotts Miracle-Gro has increased its dividend payment by an average of 5.8% per year over the last three years and has increased its dividend annually for the last 12 consecutive years. Scotts Miracle-Gro has a payout ratio of 70.6% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

Scotts Miracle-Gro stock opened at $56.38 on Thursday. Scotts Miracle-Gro has a 52 week low of $39.06 and a 52 week high of $167.09. The business has a 50-day simple moving average of $49.65 and a 200 day simple moving average of $70.70. The company has a quick ratio of 0.66, a current ratio of 2.06 and a debt-to-equity ratio of 19.13. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -7.10 and a beta of 1.43.

Analysts Set New Price Targets

Several equities analysts recently commented on SMG shares. Barclays upgraded Scotts Miracle-Gro from an “equal weight” rating to an “overweight” rating and set a $75.00 target price for the company in a research report on Tuesday, November 8th. Raymond James dropped their price target on Scotts Miracle-Gro from $100.00 to $56.00 and set a “strong-buy” rating for the company in a research note on Thursday, November 3rd. Stifel Nicolaus dropped their price target on Scotts Miracle-Gro from $75.00 to $48.00 in a research note on Thursday, October 27th. TheStreet lowered Scotts Miracle-Gro from a “c” rating to a “d+” rating in a research note on Wednesday, August 3rd. Finally, Truist Financial lowered their target price on Scotts Miracle-Gro from $85.00 to $50.00 in a research note on Thursday, November 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $58.57.

Insider Buying and Selling at Scotts Miracle-Gro

In other Scotts Miracle-Gro news, Director Hagedorn Partnership, L.P. sold 77,691 shares of the company’s stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $57.59, for a total transaction of $4,474,224.69. Following the completion of the transaction, the director now owns 14,472,222 shares of the company’s stock, valued at approximately $833,455,264.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Scotts Miracle-Gro news, Director Peter E. Shumlin sold 750 shares of the company’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $56.94, for a total transaction of $42,705.00. Following the completion of the transaction, the director now owns 11,385 shares of the company’s stock, valued at approximately $648,261.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hagedorn Partnership, L.P. sold 77,691 shares of the company’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $57.59, for a total value of $4,474,224.69. Following the transaction, the director now directly owns 14,472,222 shares of the company’s stock, valued at approximately $833,455,264.98. The disclosure for this sale can be found here. 27.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board purchased a new position in shares of Scotts Miracle-Gro during the 1st quarter worth approximately $27,000. Covestor Ltd grew its holdings in shares of Scotts Miracle-Gro by 144.1% during the 1st quarter. Covestor Ltd now owns 764 shares of the basic materials company’s stock worth $94,000 after acquiring an additional 451 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Scotts Miracle-Gro during the 1st quarter worth approximately $205,000. Cim Investment Management Inc. grew its holdings in shares of Scotts Miracle-Gro by 22.0% during the 1st quarter. Cim Investment Management Inc. now owns 2,021 shares of the basic materials company’s stock worth $249,000 after acquiring an additional 365 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Scotts Miracle-Gro by 4,946.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,473 shares of the basic materials company’s stock worth $304,000 after acquiring an additional 2,424 shares during the period. Hedge funds and other institutional investors own 66.81% of the company’s stock.

Scotts Miracle-Gro Company Profile

(Get Rating)

The Scotts Miracle-Gro Company engages in the manufacture, marketing, and sale of products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally. The company operates through three segments: U.S. Consumer, Hawthorne, and Other. It 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 include 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 lives goods and seeding solutions.

Further Reading

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

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