MARYSVILLE, Ohio - The Scotts Miracle-Gro Company (NYSE:SMG), a prominent player in the consumer lawn and garden market, has declared a quarterly cash dividend of $0.66 per share. The dividend is slated for distribution on June 7, 2024, to shareholders who are on record as of May 24, 2024.
This announcement comes as part of the company's regular financial activities and reflects its commitment to providing returns to its shareholders. Scotts Miracle-Gro is recognized as a major marketer of branded consumer lawn and garden care products globally, with sales reaching approximately $3.6 billion.
The company's product portfolio includes well-known brands such as Scotts®, Miracle-Gro®, and Ortho®, which lead their respective categories. Additionally, Scotts Miracle-Gro owns The Hawthorne Gardening Company, a subsidiary focused on the indoor and hydroponic growing industry, providing a variety of nutrients, lighting, and other materials essential for this segment.
The declaration of the dividend is consistent with the company's history of sharing profits with its investors and underscores its financial stability and commitment to its shareholders.
Investors and analysts looking to understand the significance of this dividend declaration can view it as an indicator of the company's confidence in its financial health and ongoing strategy to enhance shareholder value.
The information provided in this article is based on a press release statement from The Scotts Miracle-Gro Company.
InvestingPro Insights
The Scotts Miracle-Gro Company's (NYSE:SMG) recent dividend announcement is a testament to its robust shareholder return policy. With a notable PRONEWS24 promocode, investors can explore additional insights and metrics on InvestingPro, which may further illuminate the investment potential of SMG.
The company's commitment to its dividend is underscored by its achievement of maintaining dividend payments for an impressive 20 consecutive years, an InvestingPro Tip that highlights the company's reliability in returning value to shareholders.
InvestingPro Data also reveals some intriguing metrics: SMG's market capitalization stands at $3.85 billion USD, and despite a negative P/E ratio of -9.67, analysts predict the company will be profitable this year.
The company's revenue for the last twelve months as of Q1 2024 is reported at $3.435 billion USD, indicating a significant market presence, albeit with a revenue decline of -11.57% over the same period. Moreover, the company's six-month price total return has surged by 47.05%, reflecting a large price uptick and potentially signaling investor optimism.
For investors interested in a deeper dive into SMG's financials and future outlook, InvestingPro offers a total of 11 tips, including expectations of net income growth this year and a valuation that implies a strong free cash flow yield. These insights could be particularly valuable for those assessing the company's performance and potential in light of the dividend announcement. Interested readers can access these insights and more by visiting InvestingPro with the added benefit of a 10% discount on a yearly or biyearly Pro and Pro+ subscription using the exclusive promocode PRONEWS24.
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