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 stock holdings in the company. The stock, which has shown a strong 21.5% gain year-to-date according to InvestingPro data, currently maintains a "GOOD" Financial Health score and offers a 3.55% dividend yield, having maintained dividend payments for 20 consecutive years. According to a recent SEC filing, Baxter sold a total of 11,359 common shares on December 9, 2024. The transactions were executed at prices ranging from $75.00 to $76.045 per share, resulting in a total sale value of approximately $856,097.
Following these transactions, Baxter retains ownership of 51,630.6641 shares directly. Additionally, he has an indirect interest in 36,993 shares held by the Hagedorn Partnership, L.P., a Delaware limited partnership in which he is a general partner.
In other recent news, Scotts Miracle-Gro has been the subject of several significant developments. Jefferies initiated coverage of Scotts Miracle-Gro, acknowledging the company's management strategies such as supply chain cost optimization and increased retailer support, but tempered this with concerns about ongoing inflation and a growing do-it-for-me market headwind. Jefferies' earnings per share estimates for fiscal years 2025 and 2026 are 3-4% below the Wall Street consensus, reflecting a cautious stance.
In executive news, Scotts Miracle-Gro announced changes to its team, including the promotion of Nate Baxter to President and COO, and Chris Hagedorn to Executive Vice President and Chief of Staff. The company also announced a transition plan for its current CFO, Matt Garth, who will step down at the end of 2024, with Mark Scheiwer stepping in as interim CFO and Chief Accounting Officer from January 1, 2025.
Scotts Miracle-Gro also held its fiscal '24 year-end earnings webcast, led by Chairman, President, and CEO Jim Hagedorn, and CFO Matt Garth. The company provided forward-looking statements and non-GAAP financial measures, while noting that actual results might differ from discussed figures. These are recent developments, providing investors with a snapshot of Scotts Miracle-Gro's current situation.
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