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In a challenging market environment, Scotts Miracle-Gro Company (NYSE:SMG) stock has recorded a new 52-week low, dipping to $59.63. According to InvestingPro data, the company maintains a solid 4.35% dividend yield and has consistently paid dividends for 21 consecutive years, demonstrating long-term shareholder commitment despite current challenges. The lawn and garden products manufacturer has faced headwinds, though InvestingPro analysis shows encouraging signs with six analysts revising earnings upwards and revenue growing by 3.61%. Investors are closely monitoring the company’s performance as it navigates through industry-specific challenges and broader economic factors. The recent low marks a critical point for SMG, as stakeholders consider the company’s strategies for recovery and growth, with analyst targets ranging from $70 to $100 per share.
In other recent news, Scotts Miracle-Gro Company reported its Q1 2024 earnings, surpassing analysts’ expectations. The company posted a smaller-than-expected loss of $0.89 per share, compared to a forecasted loss of $1.24 per share. Revenue also exceeded projections, reaching $417 million against an anticipated $392.29 million. This performance was driven by a robust 11% sales increase in the U.S. consumer segment, although the Hawthorne segment saw a 35% decline. The company’s gross margin improved significantly, rising over 750 basis points to 22.7%. Despite these positive earnings results, the stock experienced a pre-market decline. Scotts Miracle-Gro is also considering a potential separation of its Hawthorne business, which could further impact its financial structure. Analysts and investors will be keenly watching how these developments unfold in the coming quarters.
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