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Scotts Miracle-Gro Co. (NYSE:SMG), a $4.4 billion market cap company that has maintained dividend payments for 20 consecutive years, recently witnessed significant stock sales by Hagedorn Partnership, L.P., a major shareholder in the company. According to a recent SEC filing, Hagedorn Partnership sold a total of 28,500 common shares over several transactions. The company currently offers a 3.42% dividend yield.
The sales occurred on November 27 and December 2, with share prices ranging from $75.90 to $77.14. The total value of these transactions amounted to approximately $2.16 million. Following these sales, Hagedorn Partnership holds 13,553,274 shares indirectly. According to InvestingPro analysis, the stock appears to be fairly valued, with shares up nearly 26% year-to-date.
The transactions were executed through multiple trades, with the weighted average sales prices provided. The Hagedorn Partnership, which includes general partners James Hagedorn, Katherine Hagedorn Littlefield, Peter Hagedorn, Robert Hagedorn, and Susan Hagedorn, disclaims beneficial ownership of the securities, except for their pecuniary interest. InvestingPro data indicates the stock has shown significant price volatility, with a beta of 1.74.
In other recent news, Scotts Miracle-Gro has announced significant changes to its executive team and its fiscal 2024 year-end earnings. The company has promoted Nate Baxter (NYSE:BAX) to President and COO, and Chris Hagedorn to Executive Vice President and Chief of Staff. Meanwhile, CFO Matt Garth will step down at the end of 2024, with Mark Scheiwer stepping in as interim CFO and Chief Accounting Officer starting 2025.
These changes are part of Scotts Miracle-Gro's growth strategy, which includes strengthening its consumer franchise and its subsidiary Hawthorne Gardening Company. The company also reaffirmed its fiscal 2025 guidance, originally provided in the fiscal 2024 year-end earnings call.
In addition, Scotts Miracle-Gro announced its fiscal 2024 year-end earnings, with the company's leadership expressing confidence in the company's performance and future guidance. However, they acknowledged that actual results might differ from the discussed figures. For more detailed information, the company directed listeners to SEC filings for risk factor details. An archived version of the earnings webcast will be made available on the company's investor relations website. These recent developments reflect the ongoing strategic and financial evolution of Scotts Miracle-Gro.
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