The Scotts Miracle-Gro Company (NYSE:SMG – Get Rating) – Analysts at William Blair lowered their Q4 2022 earnings per share estimates for shares of Scotts Miracle-Gro in a note issued to investors on Wednesday, August 3rd. William Blair analyst J. Andersen now forecasts that the basic materials company will post earnings of ($1.99) per share for the quarter, down from their prior forecast of ($1.28). The consensus estimate for Scotts Miracle-Gro's current full-year earnings is $4.12 per share. William Blair also issued estimates for Scotts Miracle-Gro's FY2023 earnings at $4.35 EPS.
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Scotts Miracle-Gro (NYSE:SMG – Get Rating) last posted its quarterly earnings data on Wednesday, August 3rd. The basic materials company reported $1.98 earnings per share for the quarter, beating analysts' consensus estimates of $1.70 by $0.28. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.23 billion. Scotts Miracle-Gro had a positive return on equity of 36.80% and a negative net margin of 6.36%. The business's quarterly revenue was down 26.3% on a year-over-year basis. During the same period in the previous year, the firm earned $3.98 EPS.
Several other analysts have also commented on the company. UBS Group dropped their target price on Scotts Miracle-Gro from $92.00 to $86.00 and set a "neutral" rating on the stock in a report on Wednesday, August 3rd. Raymond James reduced their target price on Scotts Miracle-Gro from $110.00 to $100.00 and set a "strong-buy" rating on the stock in a research report on Thursday. JPMorgan Chase & Co. cut Scotts Miracle-Gro from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $130.00 to $95.00 in a research note on Thursday, June 9th. StockNews.com cut Scotts Miracle-Gro from a "hold" rating to a "sell" rating in a research note on Saturday, May 21st. Finally, TheStreet cut Scotts Miracle-Gro from a "c" rating to a "d+" rating in a research note on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $113.88.
Scotts Miracle-Gro Stock Performance
Shares of Scotts Miracle-Gro stock opened at $80.75 on Monday. Scotts Miracle-Gro has a 52 week low of $72.58 and a 52 week high of $180.43. The company has a market capitalization of $4.47 billion, a PE ratio of -16.72 and a beta of 1.24. The stock's fifty day moving average is $84.78 and its two-hundred day moving average is $108.56. The company has a quick ratio of 1.13, a current ratio of 2.42 and a debt-to-equity ratio of 7.55.
Hedge Funds Weigh In On Scotts Miracle-Gro
Hedge funds have recently bought and sold shares of the company. WASHINGTON TRUST Co lifted its holdings in Scotts Miracle-Gro by 18.1% in the fourth quarter. WASHINGTON TRUST Co now owns 555 shares of the basic materials company's stock worth $89,000 after acquiring an additional 85 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Scotts Miracle-Gro by 84.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 212 shares of the basic materials company's stock valued at $26,000 after buying an additional 97 shares during the last quarter. Budros Ruhlin & Roe Inc. raised its holdings in shares of Scotts Miracle-Gro by 3.3% during the fourth quarter. Budros Ruhlin & Roe Inc. now owns 3,137 shares of the basic materials company's stock valued at $505,000 after buying an additional 100 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Scotts Miracle-Gro by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the basic materials company's stock valued at $1,246,000 after buying an additional 100 shares during the last quarter. Finally, M&T Bank Corp raised its holdings in shares of Scotts Miracle-Gro by 4.1% during the first quarter. M&T Bank Corp now owns 2,587 shares of the basic materials company's stock valued at $317,000 after buying an additional 102 shares during the last quarter. 62.23% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Scotts Miracle-Gro news, CEO James Hagedorn sold 60,000 shares of the stock in a transaction on Friday, May 13th. The stock was sold at an average price of $97.74, for a total transaction of $5,864,400.00. Following the sale, the chief executive officer now owns 261,816 shares in the company, valued at approximately $25,589,895.84. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP James D. King sold 17,500 shares of the stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $98.42, for a total value of $1,722,350.00. Following the completion of the sale, the executive vice president now directly owns 9,760 shares in the company, valued at approximately $960,579.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James Hagedorn sold 60,000 shares of the stock in a transaction on Friday, May 13th. The shares were sold at an average price of $97.74, for a total value of $5,864,400.00. Following the completion of the sale, the chief executive officer now owns 261,816 shares of the company's stock, valued at $25,589,895.84. The disclosure for this sale can be found here. Insiders own 27.31% of the company's stock.
Scotts Miracle-Gro Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Friday, August 26th will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Thursday, August 25th. Scotts Miracle-Gro's payout ratio is -54.66%.
Scotts Miracle-Gro Company Profile
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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.
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