William Blair Weighs in on The Scotts Miracle-Gro Company’s FY2024 Earnings (NYSE:SMG)

The Scotts Miracle-Gro Company (NYSE:SMG) – Equities research analysts at William Blair reduced their FY2024 earnings per share estimates for Scotts Miracle-Gro in a research report issued on Wednesday, July 31st. William Blair analyst J. Andersen now expects that the basic materials company will post earnings per share of $2.50 for the year, down from their prior estimate of $2.55. The consensus estimate for Scotts Miracle-Gro’s current full-year earnings is $2.55 per share. William Blair also issued estimates for Scotts Miracle-Gro’s FY2025 earnings at $3.25 EPS.

Scotts Miracle-Gro (NYSE:SMG) last posted its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. Scotts Miracle-Gro had a negative return on equity of 35.89% and a negative net margin of 7.38%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the company earned $1.17 EPS. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year.

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

Scotts Miracle-Gro Price Performance

Scotts Miracle-Gro stock opened at $75.15 on Friday. The firm has a market capitalization of $4.27 billion, a P/E ratio of -12.04 and a beta of 1.76. Scotts Miracle-Gro has a one year low of $43.67 and a one year high of $82.11. The business has a fifty day moving average price of $66.36 and a 200-day moving average price of $65.70.

Scotts Miracle-Gro Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 23rd will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.51%. The ex-dividend date is Friday, August 23rd. Scotts Miracle-Gro’s dividend payout ratio is currently -42.31%.

Insider Buying and Selling at Scotts Miracle-Gro

In other news, Director Hagedorn Partnership, L.P. sold 31,000 shares of Scotts Miracle-Gro stock in a transaction dated 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 in the company, valued at $957,684,656.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 26.46% of the company’s stock.

Institutional Trading of Scotts Miracle-Gro

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp bought a new stake in shares of Scotts Miracle-Gro during the second quarter valued at approximately $2,229,000. Heritage Family Offices LLP bought a new stake in shares of Scotts Miracle-Gro during the 2nd quarter valued at $227,000. Ridgewood Investments LLC purchased a new stake in shares of Scotts Miracle-Gro in the 2nd quarter worth about $164,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Scotts Miracle-Gro in the 2nd quarter worth about $25,000. Finally, Bank of New York Mellon Corp lifted its position in Scotts Miracle-Gro by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 585,152 shares of the basic materials company’s stock valued at $38,070,000 after acquiring an additional 15,569 shares during the period. Hedge funds and other institutional investors own 74.07% of the company’s stock.

Scotts Miracle-Gro Company Profile

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.