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In a challenging market environment, Scotts Miracle-Gro Company (NYSE:SMG) stock has touched a 52-week low, dipping to $50.75. The $2.86 billion market cap company, which generates annual revenues of $3.56 billion, maintains an impressive 4.97% dividend yield and has consistently paid dividends for 21 consecutive years. The lawn and garden care giant has faced a tough year, with the stock price reflecting a significant downturn. Over the past year, Scotts Miracle-Gro has seen its value decrease by 31.66%, a stark contrast to its previous market performance. According to InvestingPro analysis, the stock appears undervalued at current levels, with analyst price targets ranging from $70 to $100. Investors are closely monitoring the company’s strategies and market conditions, as the stock hits this new low point within its 52-week range. For deeper insights into SMG’s valuation and growth prospects, check out the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Scotts Miracle-Gro reported its Q1 2024 earnings, surpassing expectations with a loss of $0.89 per share compared to the forecasted loss of $1.24. The company’s revenue also exceeded projections, reaching $417 million against the anticipated $392.29 million. Meanwhile, Truist Securities upgraded Scotts Miracle-Gro’s stock rating from Hold to Buy, maintaining a price target of $70.00, citing a positive outlook on the company’s market positioning. Stifel also reaffirmed its Buy rating with a $70.00 price target, expressing confidence in the company’s ability to navigate market challenges despite broader economic concerns. They projected a compound annual growth rate of 23% in earnings per share from FY24 to FY27. Additionally, Stifel analysts had previously upgraded the stock from Hold to Buy while reducing the price target from $78.00 to $70.00, highlighting the stock’s attractive valuation and dividend yield. These developments suggest a strong focus on Scotts Miracle-Gro’s resilience and potential for growth in the coming years.
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