Brokers Set Expectations for The Scotts Miracle-Gro Company’s FY2024 Earnings (NYSE:SMG)

The Scotts Miracle-Gro Company (NYSE:SMG) – William Blair lowered their FY2024 earnings per share estimates for Scotts Miracle-Gro in a research note issued on Wednesday, May 1st. William Blair analyst J. Andersen now expects that the basic materials company will post earnings per share of $2.65 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 issued its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $3.69 earnings per share 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 business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business earned $3.78 EPS. The business’s quarterly revenue was down .4% on a year-over-year basis.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. increased their price target 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. StockNews.com raised Scotts Miracle-Gro from a “sell” rating to a “hold” rating in a research report on Thursday, April 4th. Stifel Nicolaus boosted their price target on shares of Scotts Miracle-Gro from $55.00 to $65.00 and gave the company a “hold” rating in a report on Monday, March 4th. Truist Financial cut shares of Scotts Miracle-Gro from a “buy” rating to a “hold” rating and increased their price objective for the stock from $65.00 to $75.00 in a report on Friday, April 5th. Finally, Raymond James reissued a “market perform” rating on shares of Scotts Miracle-Gro in a research note on Monday, March 25th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Scotts Miracle-Gro has a consensus rating of “Hold” and a consensus target price of $72.57.

Scotts Miracle-Gro Stock Up 2.7 %

SMG opened at $70.53 on Friday. The company’s 50-day moving average price is $68.83 and its 200 day moving average price is $60.96. Scotts Miracle-Gro has a fifty-two week low of $43.67 and a fifty-two week high of $77.95. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of -11.30 and a beta of 1.70.

Scotts Miracle-Gro Announces Dividend

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

Insider Transactions at Scotts Miracle-Gro

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

Hedge Funds Weigh In On Scotts Miracle-Gro

A number of hedge funds have recently modified their holdings of SMG. Rise Advisors LLC lifted its position in shares of Scotts Miracle-Gro by 135.2% in the 1st quarter. Rise Advisors LLC now owns 334 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 192 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Scotts Miracle-Gro in the fourth quarter valued at $29,000. Frazier Financial Advisors LLC purchased a new stake in shares of Scotts Miracle-Gro in the fourth quarter valued at $36,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Scotts Miracle-Gro in the fourth quarter worth $47,000. Finally, Headlands Technologies LLC purchased a new position in shares of Scotts Miracle-Gro during the third quarter valued at $52,000. 74.07% of the stock is currently owned by institutional investors and hedge funds.

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.