The Scotts Miracle-Gro Company to Post FY2024 Earnings of $2.65 Per Share, William Blair Forecasts (NYSE:SMG)

The Scotts Miracle-Gro Company (NYSE:SMG) – Investment analysts at William Blair reduced their FY2024 earnings estimates for shares of Scotts Miracle-Gro in a research report issued to clients and investors on Wednesday, May 1st. William Blair analyst J. Andersen now expects that the basic materials company will post earnings of $2.65 per share for the year, down from their prior estimate of $2.75. The consensus estimate for Scotts Miracle-Gro’s current full-year earnings is $2.69 per share. William Blair also issued estimates for Scotts Miracle-Gro’s FY2025 earnings at $3.48 EPS.

Scotts Miracle-Gro (NYSE:SMG) last announced its earnings results on Wednesday, May 1st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.33 by $0.36. Scotts Miracle-Gro had a negative return on equity of 20.97% and a negative net margin of 10.14%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the company earned $3.78 earnings per share. The firm’s quarterly revenue was down .4% compared to the same quarter last year.

SMG has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their price target on shares of Scotts Miracle-Gro from $70.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Raymond James reaffirmed a “market perform” rating on shares of Scotts Miracle-Gro in a research note on Monday, March 25th. Stifel Nicolaus increased their price objective on Scotts Miracle-Gro from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Monday, March 4th. StockNews.com raised Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Finally, Wells Fargo & Company cut their price target on Scotts Miracle-Gro from $85.00 to $83.00 and set an “overweight” rating on the stock in a report on Thursday. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $72.57.

Scotts Miracle-Gro Trading Up 2.7 %

SMG stock opened at $70.53 on Friday. The business’s fifty day moving average price is $68.83 and its 200 day moving average price is $60.96. Scotts Miracle-Gro has a 12-month low of $43.67 and a 12-month high of $77.95. The company has a market capitalization of $4.00 billion, a PE ratio of -11.30 and a beta of 1.70.

Scotts Miracle-Gro Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend is Thursday, May 23rd. Scotts Miracle-Gro’s dividend payout ratio is presently -42.31%.

Insiders Place Their Bets

In other news, major shareholder Hagedorn Partnership, L.P. sold 15,000 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $58.40, for a total value of $876,000.00. Following the transaction, the insider now owns 13,881,368 shares in the company, valued at approximately $810,671,891.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, major shareholder Hagedorn Partnership, L.P. sold 15,000 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $58.40, for a total value of $876,000.00. Following the completion of the transaction, the insider now owns 13,881,368 shares in the company, valued at approximately $810,671,891.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Stephen L. Johnson sold 1,394 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $57.35, for a total transaction of $79,945.90. Following the completion of the transaction, the director now directly owns 22,918 shares in the company, valued at $1,314,347.30. The disclosure for this sale can be found here. Insiders sold 102,750 shares of company stock valued at $6,604,492 in the last ninety days. Insiders own 26.46% of the company’s stock.

Institutional Trading of Scotts Miracle-Gro

Institutional investors and hedge funds have recently made changes to their positions in the company. Markel Group Inc. raised its position in Scotts Miracle-Gro by 7.7% in the 1st quarter. Markel Group Inc. now owns 168,000 shares of the basic materials company’s stock valued at $12,531,000 after purchasing an additional 12,000 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Scotts Miracle-Gro in the first quarter valued at about $72,000. Nicollet Investment Management Inc. acquired a new stake in shares of Scotts Miracle-Gro during the first quarter worth about $966,000. Nordea Investment Management AB grew its holdings in shares of Scotts Miracle-Gro by 18.4% during the first quarter. Nordea Investment Management AB now owns 230,616 shares of the basic materials company’s stock worth $17,218,000 after buying an additional 35,825 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in Scotts Miracle-Gro in the 1st quarter valued at about $87,000. 74.07% of the stock is owned by hedge funds and other institutional investors.

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.