Mad Money Spotlight: Scotts Miracle-Gro
With the weather -- and the markets -- continuing to warm up, is now the right time to buy garden supplier Scotts Miracle-Gro (SMG). According to Jim Cramer, yes.
The company said last month that profits climbed 33% in second-quarter profit as consumers looked to spruce up their yards and grow their own produce to save money.
Last week the company also announced it will pay a dividend of 13 cents a share to investors.
While there was some negativity surrounding the company's earnings call from analysts who expected an estimate boost, Jim Cramer said during Mad Money on Tuesday that the stock is headed much higher.
Cramer had Chairman and CEO Jim Hagedorn on the show, who said that shipments to retailer are up 45% in May and sales are strong. Overall, the gardening sector is strengthening. Competitor Central Garden & Pet (CENTA) saw its second-quarter earnings grow over 60% and recorded a 40% boost in its gardening operations. Shares of Central Garden & Pet are also recovering from its 52-week lows of $2.01, closing at $9.00 on Tuesday.Select the service that is right for you!
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