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Scotts Miracle-Gro Co (NYSE:SMG) CFO Randy Coleman presented at the Raymond James Institutional Investors Conference in Orlando on Monday. He shared updates on the Hawthorne hydroponics business and announced the company is considering the sale of its stake in TruGreen.
The Analyst
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Raymond James’ Joseph Altobello maintains an Outperform rating on Scotts Miracle-Gro.
The Thesis
The presentation by the Ohio-headquartered multinational company’s CFO was well attended, Altobello said in research report.
Management mentioned the Hawthorne hydroponics business remained flat year to date, however, the business achieved double-digit sales growth sales or the second consecutive month in February.
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Management indicated the segment was on track to achieving their full-year targets of mid-single-digit sales growth and about $60 million in profits.
Scotts Miracle-Gro is contemplating the sale of its 30-percent stake in private lawn care company TruGreen, Altobello said. The sale could be to the majority owner Clayton, Dubilier & Rice and the after-tax proceeds may be significantly higher than $100 million.
Price Action
Shares of Scotts Miracle-Gro rose 1.1 percent to trade around $82.54 Tuesday afternoon.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.