The Scotts Miracle-Gro Company (NYSE:SMG) Announces $0.66 Quarterly Dividend

The Scotts Miracle-Gro Company (NYSE:SMG) declared a quarterly dividend on Monday, November 4th,NASDAQ Dividends reports. Stockholders of record on Friday, November 22nd will be given a dividend of 0.66 per share by the basic materials company on Friday, December 6th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Friday, November 22nd.

Scotts Miracle-Gro has raised its dividend by an average of 3.2% annually over the last three years. Scotts Miracle-Gro has a dividend payout ratio of 76.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect Scotts Miracle-Gro to earn $4.09 per share next year, which means the company should continue to be able to cover its $2.64 annual dividend with an expected future payout ratio of 64.5%.

Scotts Miracle-Gro Price Performance

SMG stock opened at $75.18 on Thursday. The company’s 50 day moving average is $81.78 and its two-hundred day moving average is $72.78. Scotts Miracle-Gro has a twelve month low of $53.43 and a twelve month high of $93.90.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SMG. Wells Fargo & Company decreased their price objective on shares of Scotts Miracle-Gro from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. Stifel Nicolaus upped their target price on Scotts Miracle-Gro from $75.00 to $81.00 and gave the company a “hold” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. cut their price target on Scotts Miracle-Gro from $85.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Truist Financial decreased their price objective on Scotts Miracle-Gro from $90.00 to $70.00 and set a “hold” rating for the company in a report on Friday, November 8th. Finally, UBS Group cut their target price on shares of Scotts Miracle-Gro from $90.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $78.60.

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.