Nathan Eric Baxter (NYSE:BAX), the Executive Vice President and Chief Operating Officer of Scotts Miracle-Gro Co (NYSE:SMG), recently sold a significant portion of his shares in the company. The stock, currently trading at $73.74 with a market capitalization of $4.23 billion, has shown notable volatility while delivering a 20.36% return year-to-date. According to a filing with the Securities and Exchange Commission, Baxter sold a total of 11,359 common shares on December 9, 2024. The shares were sold at prices ranging from $75.00 to $76.045 per share, totaling approximately $856,097. InvestingPro analysis shows the stock currently offers an attractive 3.58% dividend yield and strong free cash flow metrics.
Following these transactions, Baxter holds 51,630.6641 shares directly. Additionally, Baxter is deemed to have a beneficial interest in 36,993 shares held by the Hagedorn Partnership, L.P., where he is a general partner. This indirect ownership reflects his aggregate proportionate interest in the partnership's holdings. For deeper insights into SMG's valuation and financial health metrics, check out the comprehensive research report available on InvestingPro.
In other recent news, Scotts Miracle-Gro has been under new coverage by Jefferies, which acknowledged the company's improved management strategies but expressed concerns about ongoing inflation and the growing do-it-for-me market. The firm set a cautious price target, with earnings per share estimates for fiscal years 2025 and 2026 slightly below Wall Street consensus. Additionally, Scotts Miracle-Gro announced significant changes to its executive team, including the promotion of two key executives and a transition plan for its chief financial officer. These changes are part of the company's next phase of growth strategy, focusing on strengthening its consumer franchise and its subsidiary, Hawthorne Gardening Company.
In recent developments, Scotts Miracle-Gro held its fiscal '24 year-end earnings webcast, providing forward-looking statements and non-GAAP financial measures. The archived version of the webcast is available on the company's investor relations website. The company's leadership expressed confidence in the company's performance and future guidance, but noted that actual results might differ from the discussed figures. These developments offer insight into Scotts Miracle-Gro's recent performance and future expectations.
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