Scotts Miracle-Gro Co. (SMG) Sets New 12-Month High at $82.94
Scotts Miracle-Gro Co. (NYSE:SMG)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $82.94 and last traded at $82.48, with a volume of 374,500 shares. The stock had previously closed at $82.52.
Several equities analysts have recently issued reports on SMG shares. Zacks Investment Research downgraded Scotts Miracle-Gro from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. JPMorgan Chase & Co. upgraded Scotts Miracle-Gro from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $70.00 to $85.00 in a research report on Thursday, August 4th.
The stock has a 50-day moving average of $72.87 and a 200 day moving average of $70.25. The firm has a market capitalization of $5.02 billion and a price-to-earnings ratio of 16.07.
Scotts Miracle-Gro (NYSE:SMG) last released its earnings results on Wednesday, August 3rd. The company reported $2.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.12 by $0.04. The firm had revenue of $994.10 million for the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the firm earned $2.68 EPS. The firm’s revenue was down 10.5% on a year-over-year basis. Analysts anticipate that Scotts Miracle-Gro Co. will post $3.80 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Friday, August 26th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.42%. This is an increase from Scotts Miracle-Gro’s previous quarterly dividend of $0.47. The ex-dividend date is Wednesday, August 24th.
In other news, CEO James Hagedorn sold 44,630 shares of the company’s stock in a transaction dated Thursday, May 12th. The shares were sold at an average price of $66.90, for a total transaction of $2,985,747.00. Following the completion of the transaction, the chief executive officer now owns 7,451 shares of the company’s stock, valued at $498,471.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several hedge funds and institutional investors recently made changes to their positions in SMG. Mutual of America Capital Management LLC raised its position in shares of Scotts Miracle-Gro by 0.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 30,404 shares of the company’s stock worth $1,961,000 after buying an additional 90 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Scotts Miracle-Gro by 5.7% in the fourth quarter. Wells Fargo & Company MN now owns 392,193 shares of the company’s stock worth $25,300,000 after buying an additional 21,064 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Scotts Miracle-Gro by 7.8% in the fourth quarter. Principal Financial Group Inc. now owns 147,728 shares of the company’s stock worth $9,530,000 after buying an additional 10,639 shares in the last quarter. Gluskin Sheff & Assoc Inc. bought a new position in shares of Scotts Miracle-Gro during the fourth quarter worth approximately $1,979,000. Finally, Westfield Capital Management Co. LP raised its position in shares of Scotts Miracle-Gro by 13.1% in the fourth quarter. Westfield Capital Management Co. LP now owns 346,613 shares of the company’s stock worth $22,360,000 after buying an additional 40,224 shares in the last quarter.
The Scotts Miracle-Gro Company (Scotts Miracle-Gro) is a manufacturer and marketer of branded consumer lawn and garden products. The Company’s segments include Global Consumer. In North America, its brands include Scotts and Turf Builder lawn and grass seed products; Miracle-Gro, Nature’s Care, Scotts, LiquaFeed and Osmocote gardening and landscape products; and Ortho, Roundup, Home Defense and Tomcat branded insect control, weed control and rodent control products.